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Percentage of Blame Democrats/Biden get for Current State of the Economy? (1 Viewer)
- Thread starter TripItUp
- Start date
knowledge dropper
Footballguy
100%. Every idea is worse than the previous. They don’t have a clue
IvanKaramazov
Footballguy
I voted 10%. The president can make some differences here and there on the margins, and its certainly possible for a president to tank the economy if he really wanted to for some perverse reason, like by defaulting on the national debt or something. Otherwise, the president does not have a "make gas prices go down" button on his desk. There is no "make stonks go up" button that Biden is just negligently failing to push. Not sure what anybody expects him to do about any of this.
shadrap
Footballguy
The Commish
Footballguy
shadrap
Footballguy
he didn't have to start his first day with Executive orders against oil & gas development. more to it than that but that was hurtful & contributing to records oil prices & his covid stimulus, extending grace periods for rent payments, unemployment benefits, stimulus checks(to dead people also-got two of them for my SIL-been dead for 4 years), et al & I mean et al. This is policy driven mostly & this is on the puppets pulling the strings for Biden, but he will take the fall. IMHO.
Gopher State
Footballguy
I went 20%. Putin caused oil and food shortages, Covid caused supply chain issues, drought problems with South America's crops in Brazil and Argentina started commodity prices rising before Wheat and corn exports were shut down from Ukraine, oil companies are price gouging like they always do when prices start to rise
Dr_Zaius
Footballguy
I voted 40%, although I could be talked into 30%. One reason has already been touched on, in that while the Putin and the war has exacerbated the energy situation, the administration clearly is interested in phasing out the fossil fuel industry, and I think the policies that stem from that have made the energy spike worse than it would have been, which flows into most of the economy because the cost of energy touches almost everything.
The belated reaction to inflation is what aggravates me the most. To be fair, the previous administration was fiscally irresponsible and opened the monetary spigot wide, but that doesn't excuse them for keeping it open and arguing for widening it even more. They are not responsible for the setup, which is years in the making, but they were denying the problem and pushing more spending far past the time when it became obvious that fiscal policy needed to change. It's almost as if after years of deficit hawks being wrong in predicting bad outcomes from loose monetary policy, the powers that be became convinced that there was no amount of liquidity that would ever pose an inflation problem.
The belated reaction to inflation is what aggravates me the most. To be fair, the previous administration was fiscally irresponsible and opened the monetary spigot wide, but that doesn't excuse them for keeping it open and arguing for widening it even more. They are not responsible for the setup, which is years in the making, but they were denying the problem and pushing more spending far past the time when it became obvious that fiscal policy needed to change. It's almost as if after years of deficit hawks being wrong in predicting bad outcomes from loose monetary policy, the powers that be became convinced that there was no amount of liquidity that would ever pose an inflation problem.
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IvanKaramazov
Footballguy
Spot on, IMO. I give Biden a little more slack because of the sheer momentum of the pandemic that he inherited, but you're right about all of this.
A different way to put that would be to say that in the very specific, unique circumstances that were in play shortly after the transition of power in early 2021, if I were asked to err on the side of fiscal overshooting or fiscal undershooting, I would go with overshooting. And hey, we overshot.
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Snotbubbles
Footballguy
Don't care who's fault it is. Biden is in charge, every single move he makes now should be to make things better even if that means pissing off his base.
dkp993
Footballguy
Is it Biden’s fault for the UK’s 40 yrs high 9% inflation too?
https://www.nytimes.com/2022/05/18/business/uk-inflation-economy.html?smid=tw-nytimes&smtyp=cur
https://www.nytimes.com/2022/05/18/business/uk-inflation-economy.html?smid=tw-nytimes&smtyp=cur
quick-hands
Footballguy
Biden gets 80% because he is part of the fundamental change of America.
quick-hands
Footballguy
The momentum started the previous 12 years before trump. This is your blind spot.
The political forum will really miss you when Biden goes to pack the court. Since you will lose interest in politics after that. As you said.
quick-hands
Footballguy
Yes. They have inflation because the US is the world currency. We caused it. We practice keynsian economics. Except the part of shrinking the monetary supply during good times.
The interesting thing is gold value in 1960 will buy the same amount of stuff as gold in 2022.
fruity pebbles
Footballguy
Is Biden responsible for Powell since he reappointed him? If so…..100%.
Manster
Footballguy
He's more worried about appeasing the SJW's and appearing woke. That works when times are good. But once Americans cant afford gas, or groceries, the social issues take a back seat.
knowledge dropper
Footballguy
Wasn’t his FIRST act as President putting rainbow flags at US Embassies? This Administration is too focused on silliness and optics for the far left.
MAC_32
Footballguy
Another way to look at this - while it's important to understand that decades of fiscal irresponsibility and corporate greed are the primary contributors to this I am much more concerned about potential solutions. I agree with team red about most things de-regulation, but that alone won't move any needle.
Stealthycat
Footballguy
Biden wanted the job, in fact, I think everyone in DC who are Democrats right now wanted where they are and they're responsible
What % responsibility does Bill Belichick have as Head Coach of the Patriots? 100% .... all the wins, losses, draft picks, free agent moves ... losing Tom ... all of that is his credit. So are the Super Bowls and Division crowns etc
Same thing with POTUS
What % responsibility does Bill Belichick have as Head Coach of the Patriots? 100% .... all the wins, losses, draft picks, free agent moves ... losing Tom ... all of that is his credit. So are the Super Bowls and Division crowns etc
Same thing with POTUS
fruity pebbles
Footballguy
The kicker is given no checks and balances, he’d make the problem worse.
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Dr_Zaius
Footballguy
Inflation is high in a lot of places, but the US has been running 1.5-3% above Europe for the last 12-18 months (https://www.statista.com/statistics/1034154/monthly-inflation-rates-developed-emerging-countries/). Maybe that will change if the energy shock gets worse or as the US starts to address its inflation, but I think the data thus far are consistent with the idea that there are large factors at play (war, covid), but the US has been more effected than average due to its choices.
quick-hands
Footballguy
Last year approximately 45 billion was invested in energy. This year 9 billion.
Thanks to ESG and this administration they are creating a national emergency.
Thanks to ESG and this administration they are creating a national emergency.
Captain Cranks
Footballguy
Stealthycat
Footballguy
what does that link mean?
if only we had leaders with decades of experience that could see the problems and know how to address them .....
Chaz McNulty
Footballguy
This. Presidents get way too much credit and way too much blame for the economy.
Stealthycat
Footballguy
what would you say are the top 5 things a President can make a difference on if not the economy (which is a huge part of their campaigns) ?
The Commish
Footballguy
2022-1971 <> 12....it's 51. If anyone wants to take an actual look at the policy impacts from that point til now with the understanding that policy takes minimum 3 years to show real impact....most likely 4 (yes, there are some that manifest themselves quicker than this but we're going general rule here), you'll see a clear picture. It's a really interesting study of our fiscal history.
E Street Brat
Footballguy
I usually agree with this. However Biden declared war on the fossil fuel industries on day one. That has got to bump up his % of the responsibility up over 50
Plus he still doesn't seem to grasp the concept that flooding the globe with even more US currency makes inflation worse everywhere.
HellToupee
Footballguy
Both democrats & republicans are fellow travelers and deserve blame but Biden is a special case
knowledge dropper
Footballguy
It’s great seeing 15 posters in the 90-100% range. Progress!!!
BladeRunner
Footballguy
dkp993
Footballguy
15 at the top of the range, about the same at the bottom of the range.
Feels like the same partisan ratio it always is. Then a big group in the middle. Pretty standard imo.
quick-hands
Footballguy
The Commish
Footballguy
Not a big fan of the "too big to fail" concept at all. I was happy to see the regulations put in place (even if it made my job harder at the time). That was at least an attempt to apply the brakes a bit. Then removal of a good many of those in 2017-18 just put us back to square one. It's been a fiasco for a while.
BladeRunner
Footballguy
Maybe. I'd like to see the details of some of these bills they voted against. My guess is the Democrats added a bunch of s*** to them that was not directly related to the actual bill itself.
Kind of like the whole baby formula voting fiasco. It was simply to try to get sound bites so certain posters on this board can come in here screaming, "Republicans are killing babies!"
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timschochet
Footballguy
So I’ve been discussing this question with friends and family in recent days. Many of them are conservative and they want to blame this whole mess on Biden. Some of them are liberal and defend Biden at every turn.
Im liberal, I like Biden and voted for him, but I’m not blind. The second stimulus package that Biden pushed through may have been excessive. It certainly hasn’t helped inflation. There is also a decent criticism that Biden should have tried to fix the supply lines crisis a lot sooner and a lot more forcefully.
But by far the biggest criticism of Biden that I hear from conservatives, surpassing the above two issues, is that he put too many clamps on oil production through executive order. Actually what he did is reverse some of Trump’s loosening of such restrictions- and this is historically typical: Bush loosened restrictions, Obama tightened them, Trump loosened them again, Biden tightened them again. It’s just that now we’re in a crisis so these decisions are magnified where before they were almost never discussed by normal folks- now it’s the only thing on their minds.
And the problem is, at least for me, is that the role these restrictions pay in raising the price of oil, and the role loosening them plays in lowering the price of oil, is very complicated. I don’t understand it, and I don’t think those criticizing Biden understand it either. But even so it’s become the go to rationale for ripping him.
Im liberal, I like Biden and voted for him, but I’m not blind. The second stimulus package that Biden pushed through may have been excessive. It certainly hasn’t helped inflation. There is also a decent criticism that Biden should have tried to fix the supply lines crisis a lot sooner and a lot more forcefully.
But by far the biggest criticism of Biden that I hear from conservatives, surpassing the above two issues, is that he put too many clamps on oil production through executive order. Actually what he did is reverse some of Trump’s loosening of such restrictions- and this is historically typical: Bush loosened restrictions, Obama tightened them, Trump loosened them again, Biden tightened them again. It’s just that now we’re in a crisis so these decisions are magnified where before they were almost never discussed by normal folks- now it’s the only thing on their minds.
And the problem is, at least for me, is that the role these restrictions pay in raising the price of oil, and the role loosening them plays in lowering the price of oil, is very complicated. I don’t understand it, and I don’t think those criticizing Biden understand it either. But even so it’s become the go to rationale for ripping him.
Shula-holic
Footballguy
It's a complicated situation, but I was a financial analyst in the mining industry for about 10 years. That doesn't make me an absolute authority, but I have a pretty good grip on what mining companies go through to approve capital projects and approve new mining operations. To say this is totally on Biden is a fallacy, but I've pointed out the errors his administration has made, and my reasoning for feeling they were errors. I could give paragraphs on them again here but it would be redundant. He's making an admittedly bad issue worse, he needs to change course on this today.
It's fair to say anything he did would not relieve all of the price increase, it's fair to talk about the future of fossil fuels, but there's no reason to jump out of the plane today with no parachute. He doesn't get a pass for that, even though we all know politically he's boxed in from his left on this.
Let me add, I have no want for Biden to fail. Especially not when it comes to our economy and the specific issue of inflation. None of us come out better if he fails.
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