Gas Prices Skyrocketing Thanks Biden!

[Up In Smoke]

Mea culpa, it wasn't an annual increase but projected $570 billion more in revenue between 2018-2027 according to the CBO. They had originally projected a revenue shortfall of $1.5 trillion in that period but are now saying the tax cuts were successful. By the way Nancy Pelosi said in 2017 that the tax cuts were a $2 trillion scam.

If the Fed resumed QE we'd have hyperinflation. You're just going to have to settle for less stock profits while they try to correct the government's many mistakes.

I can't remember who posted it, but sometime earlier this year the CBO re-scored the TCJA. They determined an additional 2.5-2.7T of additional dollars will be added to the Federal deficit through it's lifetime. The initial 1.5-1.65T dollars of revenue shortfalls were intended to be covered by issuing Treasury securities, but with Covid causing the government to spend those dollars plus trillions more, the TCJA was left unfunded.

Funny how many members of the right cheered Great Britain's now resigned PM when she announced rate cuts, tax cuts and subsides for citizens to combat inflation. (McCarthy, Kudlow and Varney to name a few). That announced move cratered the Pound, sent the markets south and threatened the pension funds across the country. Thankfully, she resigned and the plan scraped before the damage could be done.

 

[vantexan]

I can't remember who posted it, but sometime earlier this year the CBO re-scored the TCJA. They determined an additional 2.5-2.7T of additional dollars will be added to the Federal deficit through it's lifetime. The initial 1.5-1.65T dollars of revenue shortfalls were intended to be covered by issuing Treasury securities, but with Covid causing the government to spend those dollars plus trillions more, the TCJA was left unfunded.

Funny how many members of the right cheered Great Britain's now resigned PM when she announced rate cuts, tax cuts and subsides for citizens to combat inflation. (McCarthy, Kudlow and Varney to name a few). That announced move cratered the Pound, sent the markets south and threatened the pension funds across the country. Thankfully, she resigned and the plan scraped before the damage could be done.

The CBO according to the Washington Post and others is now saying the tax cuts have resulted in a revenue surplus, not shortfall. Trump was right all along.

 

[Up In Smoke]

The CBO according to the Washington Post and others is now saying the tax cuts have resulted in a revenue surplus, not shortfall. Trump was right all along.

The June 28th 2022 CBO reports shows an additional 2.7T dollars of debt will be added through 2028. The findings are posted by The Committee for a Responsible Federal Budget.

 

[UnionStrong]

The June 28th 2022 CBO reports shows an additional 2.7T dollars of debt will be added through 2028. The findings are posted by The Committee for a Responsible Federal Budget.

Cut spending.

 

[Up In Smoke]

Cut spending.

That would be nice, but every administration can't seem to stop.

 

[PT Car Washer]

Cut spending.

Including the Central States bail out?

 

[vantexan]

The June 28th 2022 CBO reports shows an additional 2.7T dollars of debt will be added through 2028. The findings are posted by The Committee for a Responsible Federal Budget.

And that's not because of Trump's cuts. You'll have to take that up with the current administration.

 

[Up In Smoke]

And that's not because of Trump's cuts. You'll have to take that up with the current administration.

The report was a re-score of the TCJA, so the 10 yr spending act is definitely traced back to the previous administration. Similarly the ACA will always be Obama's spending. Administrations love to spread their spending over multiple years so they can scream about debt when not in control.

 

[vantexan]

The report was a re-score of the TCJA, so the 10 yr spending act is definitely traced back to the previous administration. Similarly the ACA will always be Obama's spending. Administrations love to spread their spending over multiple years so they can scream about debt when not in control.

Yes debt will be added. That's not due to the tax cuts. That's new spending above and beyond. The CBO said at the start of the tax cuts that they would add $1.5 trillion to the debt. They're now saying the cuts over that timeframe will add $570 billion in revenue, that they were wrong before. The cuts spurred economic activity which ultimately gives the government more revenue. The Biden administration has created new spending. And they flooded the country with money and caused this inflationary spike.

 

[Up In Smoke]

Yes debt will be added. That's not due to the tax cuts. That's new spending above and beyond. The CBO said at the start of the tax cuts that they would add $1.5 trillion to the debt. They're now saying the cuts over that timeframe will add $570 billion in revenue, that they were wrong before. The cuts spurred economic activity which ultimately gives the government more revenue. The Biden administration has created new spending. And they flooded the country with money and caused this inflationary spike.

The yearly cost to revenues was originally 550B per year for ten years. The premise was economic growth would offset the 550B in revenue short fall. It didn't happen as revenues grew less than 100B per year for three years and Covid spending sidetracked the Treasury's plan to offset deficit with Securities auctions. The US money supply grew from 14T to 20T from 2017 through 2020 and has leveled off at 21.5T since then. QT is purging the Treasury Notes outstanding and reducing their balance sheet. I believe the ultimate goal is to removed about 5T from the money supply.

 

[vantexan]

The yearly cost to revenues was originally 550B per year for ten years. The premise was economic growth would offset the 550B in revenue short fall. It didn't happen as revenues grew less than 100B per year for three years and Covid spending sidetracked the Treasury's plan to offset deficit with Securities auctions. The US money supply grew from 14T to 20T from 2017 through 2020 and has leveled off at 21.5T since then. QT is purging the Treasury Notes outstanding and reducing their balance sheet. I believe the ultimate goal is to removed about 5T from the money supply.

Are you taking into account all the Covid stimulus spending? And the CBO says through 2027 the Trump tax cuts will add $570 billion in revenue, not a shortfall. Funny that you want to go back to Trump's administration saying they look at 10 years but when looking at whether the tax cuts ultimately paid off you want to stop at 2020 going forward from 2017. What I can't figure is why you're so adamantly defending Biden when numerous economists including Larry Summers who's liberal warned Biden that the trillions in new spending would cause inflation.

 

[Up In Smoke]

Are you taking into account all the Covid stimulus spending? And the CBO says through 2027 the Trump tax cuts will add $570 billion in revenue, not a shortfall. Funny that you want to go back to Trump's administration saying they look at 10 years but when looking at whether the tax cuts ultimately paid off you want to stop at 2020 going forward from 2017. What I can't figure is why you're so adamantly defending Biden when numerous economists including Larry Summers who's liberal warned Biden that the trillions in new spending would cause inflation.

Not defending Biden, the spending from this administration was/is ridiculous and coming off what was spent in 19-20 it's insane. Multiple Fed Governors predicted inflation following the spending in those years. I follow the Fed, Treasuries and debt/deficit spending as my measure of economic strength. I leave out 2020 because it was such a outlier. We are in an inflationary cycle even though spending is down (money not released) and revenues are up.

 

[newolddude]

Shell, Awash With Cash, to Boost Dividend, Share Buybacks

The oil giant said it plans to boost its dividend and buy back another $4 billion of its shares in the coming months, as it continues to benefit from strong demand for natural gas in difficult-to-navigate markets.

www.wsj.com

 

[Darmark7]

Shell, Awash With Cash, to Boost Dividend, Share Buybacks

The oil giant said it plans to boost its dividend and buy back another $4 billion of its shares in the coming months, as it continues to benefit from strong demand for natural gas in difficult-to-navigate markets.

www.wsj.com

Remember when we had a president that told companies to get their prices down? Not anymore.

 

[Up In Smoke]

Remember when we had a president that told companies to get their prices down? Not anymore.

No, but I remember a President that paid subsidies to keep prices down.

 

[Darmark7]

No, but I remember a President that paid subsidies to keep prices down.

I guess the news you watched didn't show him telling OPEC to get the prices down? He also didn't go over there and fist bump and beg them to help so I guess your news source didn't show that? I guess you also didn't see him telling drug manufactures to lower their prices? But I bet you know about Russian collusion and insurrection.

 

[Up In Smoke]

I also remember China in response to the US tariffs, canceling oil purchases from US oil companies. This action created the largest trade imbalance ever, but did lower oil prices because of extra inventory. When demand is down, prices will follow.

 

[Darmark7]

I also remember China in response to the US tariffs, canceling oil purchases from US oil companies. This action created the largest trade imbalance ever, but did lower oil prices because of extra inventory. When demand is down, prices will follow.

Maybe Biden should try that. What he is doing isn't working.

 

[Over70irregs]

You have countries that want our throat. If you cannot see that

Not defending Biden, the spending from this administration was/is ridiculous and coming off what was spent in 19-20 it's insane. Multiple Fed Governors predicted inflation following the spending in those years. I follow the Fed, Treasuries and debt/deficit spending as my measure of economic strength. I leave out 2020 because it was such a outlier. We are in an inflationary cycle even though spending is down (money not released) and revenues are up.

Yeah you cannot spend that much $ in such short time and not have a problem. People have no concept that we have exported that inflation abroad. Short sighted.

 

[vantexan]

I also remember China in response to the US tariffs, canceling oil purchases from US oil companies. This action created the largest trade imbalance ever, but did lower oil prices because of extra inventory. When demand is down, prices will follow.

It was agricultural commodities that they canceled and we already had more than half a trillion imbalance as it was. Trump was willing to address that because it hurt American workers. Our government and many of our corporations had sold out our workers to line their pockets.