What did Joe Biden do to cause so much inflation, and what should Joe Biden do to curb inflation?

[initforme]

Increasing worker wages has zero effect on inflation.

 

[White 6]

Trump had approved the Willow Project.

Who started the Willow Project and when?​

ConocoPhillips is a Houston-based energy company that has been exploring and drilling for oil in Alaska for years. The company is the only one that currently has oil drilling operations in Alaska’s National Petroleum Reserve, though its two operating projects are smaller than Willow would be.

Willow was proposed by ConocoPhillips and originally approved by the Trump administration in 2020. ConocoPhillips was initially approved to construct five drill pads, which the Biden administration ultimately reduced to three. Three pads will allow the company to drill about 90% of the oil they are pursuing.

The Biden administration felt its hands were tied with the project because Conoco has existing and valid leases in the area, two government sources told CNN. They determined that legally, courts wouldn’t have allowed them to fully reject or drastically reduce the project, the sources said. If they had pursued those options, they could have faced steep fines in addition to legal action from ConocoPhillips. (end)

Biden reduced the project by 40% percent. But you did not mention that.

He could not get it past the courts. Lots of people approve of lots of things, but it is like drilling for oil. It is not about who talks about drilling. The credit goes to who brings it in and starts pumping.

 

[Robert W]

Maybe you are different. Most of the Trumpers on here would open the Alaskan Wildlife refuge for drilling tomorrow, as they value the proven reserves there, far above any conservation of wildlife anywhere in the country, if they could. I like having both good energy policy as well has good conservation policy. I was just brought up in the outdoors and still love to Backpack, camp, Kayak, etc, though have given up climbing.

If the early moratorium on drilling in the Gulf was bothering you, you might remember it didn't last a year. You might also like this article.
View attachment 879106

https://www.reuters.com/business/energy/us-hold-gulf-mexico-oil-auction-after-string-delays-2023-12-20/

Willow still is not functioning. And due to more legal action, Trump should be back as the president to help get it going.

Did approving the Willow Project break a campaign promise Biden made?​

Yes. During his 2020 presidential campaign, Biden vowed to end new oil and gas drilling on public lands and waters – which he initially carried out as part of an early executive order.

However, the drilling pause was struck down by a federal judge in 2021, and since then the Biden administration has opened up several areas for new drilling. Several of these new oil and gas drilling areas have been challenged in court by environmental groups.

https://www.cnn.com/2023/03/14/politics/willow-project-oil-alaska-explained-climate/index.html

 

[Meister]

Mortgage rates and the cost of loans dependent on the prime rate. The feds can address that by lowering the prime rate. Not much anybody can do about the cost of other consumer products such as food or gas.

Well....yeah......;.that's what I've been saying about inflation and interest rates, Arlette.

There are two ways the prime rate affects you.

First, the interest rate on nearly every loan, including mortgages and credit cards, is affected by the prime rate. Financial institutions and large lenders will base their interest rates on the prime rate, generally establishing their current rates at an amount that is higher than prime to cover their larger risk of default. If the prime rate rises, the interest rates on your loans and adjustable-rate credit cards will rise as well.

Second, the prime rate affects liquidity in the financial markets. When the rate is low, liquidity increases. This means funds are more readily available because loans are less expensive and easier to qualify for. This, in turn, generates a growing economy as businesses expand.

Conversely, when the prime rate is high, liquidity is low and loans are hard to come by, thus slowing the economy down.

https://www.clearviewfcu.org/Resour...e rate rises,rate is low, liquidity increases.​

 

[Robert W]

He could not get it past the courts. Lots of people approve of lots of things, but it is like drilling for oil. It is not about who talks about drilling. The credit goes to who brings it in and starts pumping.

So now you do not credit Biden for Willow since it still is not pumping.

 

[Couchpotato]

Increasing worker wages has zero effect on inflation.

Of course it does if it’s done artificially. An hour of ditch digging has the same inherent value today as it did 100 years ago. If you madate that its paid more than its intrinsic value you are devaluing the dollars paid to the person doing the work.

 

[Robert W]

Mortgage rates and the cost of loans dependent on the prime rate. The feds can address that by lowering the prime rate. Not much anybody can do about the cost of other consumer products such as food or gas.

Not true for Mortgage rates. Investors back them and they call the shots.

 

[justoffal]

Increasing worker wages has zero effect on inflation.

It doesn't feel like that when the wage increases get passed on to the consumer though.

 

[White 6]

Willow still is not functioning. And due to more legal action, Trump should be back as the president to help get it going.

Did approving the Willow Project break a campaign promise Biden made?​

Yes. During his 2020 presidential campaign, Biden vowed to end new oil and gas drilling on public lands and waters – which he initially carried out as part of an early executive order.

However, the drilling pause was struck down by a federal judge in 2021, and since then the Biden administration has opened up several areas for new drilling. Several of these new oil and gas drilling areas have been challenged in court by environmental groups.

https://www.cnn.com/2023/03/14/politics/willow-project-oil-alaska-explained-climate/index.html

You believed that campaign promise. Boy, you are simple. You obviously have no idea how much money is made in that industry, and how important it is to US exports.

You guys live in a fairy tale world where numbers don't matter. I was a business major. The numbers always tell the story and the bottom line is the bottom line.

 

[Couchpotato]

It doesn't feel like that when the wage increases get passed on to the consumer though.

That never happens….

 

[Stormy Daniels]

Inflation is a global phenomenon, out of the control of presidents and prime ministers – indeed, trying to ‘do something’ about it would be a mistake.

That's not entirely true. Policy decisions absolutely can impact inflation.

 

[Arlette]

Well....yeah......;.that's what I've been saying about inflation and interest rates, Arlette.

There are two ways the prime rate affects you.

First, the interest rate on nearly every loan, including mortgages and credit cards, is affected by the prime rate. Financial institutions and large lenders will base their interest rates on the prime rate, generally establishing their current rates at an amount that is higher than prime to cover their larger risk of default. If the prime rate rises, the interest rates on your loans and adjustable-rate credit cards will rise as well.

Second, the prime rate affects liquidity in the financial markets. When the rate is low, liquidity increases. This means funds are more readily available because loans are less expensive and easier to qualify for. This, in turn, generates a growing economy as businesses expand.

Conversely, when the prime rate is high, liquidity is low and loans are hard to come by, thus slowing the economy down.

https://www.clearviewfcu.org/Resources/Learn/Blog/What-Is-the-Prime-Rate-and-Why-Does-It-Matter#:~:text=If the prime rate rises,rate is low, liquidity increases.​

So let's say the prime rate is 5% and your loan from a lender is 12% that means the lender is taking you to the cleaner

 

[OhPleaseJustQuit]

“What did Joe Biden do to cause so much inflation?”

Nothing, he didn't 'cause' inflation.

“…and what should Joe Biden do to curb inflation?”

Nothing – there’s nothing President Biden can do.

Inflation is a global phenomenon, out of the control of presidents and prime ministers – indeed, trying to ‘do something’ about it would be a mistake.

And the Fed’s policies are working as inflation has cooled and prices are coming down, it shouldn’t even be an ‘issue.’

.

Lame-ass loser.

Keep it coming.






.

 

[Robert W]

You believed that campaign promise. Boy, you are simple. You obviously have no idea how much money is made in that industry, and how important it is to US exports.
View attachment 879114

You guys live in a fairy tale world where numbers don't matter. I was a business major. The numbers always tell the story and the bottom line is the bottom line.

Why do you completely ignore his executive orders yet you credit him for Willow Production that is now, pure fiction?

He shot his wad in executive orders and but for the Courts nothing approved would be approved.

Just take Willow that you claim Biden approved. So what? It is not being drilled. It has no production. And there are lawsuits being filed to stop it. Do you think then Biden will fight it being stopped?

 

[Robert W]

So let's say the prime rate is 5% and your loan from a lender is 12% that means the lender is taking you to the cleaner

Depends totally on the lenders source of funds. Banks for example lend funds that belong to consumers. Not to the Feds. And they must cover profit and overhead costs. Then if they plan new banks, funds to construct those. So it may look like a rip off yet from the view of the consumer quite attractive. For example consumers love new cars more than they love their own money.

 

[Stormy Daniels]

It isn't rocket science.

See, that's the problem. You seem to think you're some kind of master economist because you've mastered grade school math. You've constructed your own economic theories that, at best, amount to repeating fancy word you've heard people say over the years.

 

[White 6]

So now you do not credit Biden for Willow since it still is not pumping.

Construction is already underway, with about 800 employees and contractors at work on the project, according to the company. I am pretty sure the construction and drilling come first. Have you written Conoco-Phillips to complain, or just complaining to me?

 

[Robert W]

See, that's the problem. You seem to think you're some kind of master economist because you've mastered grade school math. You've constructed your own economic theories that, at best, amount to repeating fancy word you've heard people say over the years.

Isn't cock your primary source of income? So your knowledge of economics is based on cock.

 

[White 6]

Why do you completely ignore his executive orders yet you credit him for Willow Production that is now, pure fiction?

He shot his wad in executive orders and but for the Courts nothing approved would be approved.

Just take Willow that you claim Biden approved. So what? It is not being drilled. It has no production. And there are lawsuits being filed to stop it. Do you think then Biden will fight it being stopped?

What is the number of the excecutive order you wish me to see? Is it still in effect? Or are you just rattling?

 

[Robert W]

Construction is already underway, with about 800 employees and contractors at work on the project, according to the company. I am pretty sure the construction and drilling come first. Have you written Conoco-Phillips to complain, or just complaining to me?
View attachment 879118

I am not complaining. Merely relying on due diligence by looking up articles and other reports. The article claiming it is not functioning yet clearly is wrong. Oh wait, that happened when Trump was president and my articles are current. In fact the photos shows a lot of what Trump approved. Good deal huh?