Supply-Side Economics

[finnbow]

Originally Posted by whell

Your friends at WaPo disagree with you. Example, your claim about OPEC potentially releasing more oil is counter to this section of the WaPo article:

Another wild card is the OPEC Plus consortium of oil-producing nations, which meets next week to consider how much oil its members should continue to ship in the coming months. The group could decide to cut its output to drive prices up.

“The OPEC meeting could be the skunk at the picnic,” said Andrew Gross, a spokesman for AAA. “Trying to guess what they are going to do is tricky.”

Oil prices fell on Monday after it was reported Saudi Arabia and other Organization of the Petroleum Exporting Countries (OPEC) are considering increasing their output quotas.

https://www.barrons.com/articles/oil...di-51669044775

Bottom line - We don't yet know what OPEC will do, but prices have come down considerably in the past several weeks thanks, in part, to Biden's policies (and notwithstanding Saudi Arabia's opposition to Biden because of his disapproval of authoritarian regimes (as opposed to Trump's admiration of them)).

[Chicks]

Amusing how Whell appears to be confused about the authoritarian tendencies of his Dear Leader and today's far-Reich "conservatives". Sad.

[Rajoo]

Biden turning to Venezuela for oil did put a major dent in Saudi plans. Now instead of of higher prices & profits, they are more concerned about revenues.

MBS or Maduro? They are both thugs but we do need their oil.

[whell]

Originally Posted by Rajoo

Biden turning to Venezuela for oil did put a major dent in Saudi plans. Now instead of of higher prices & profits, they are more concerned about revenues.

MBS or Maduro? They are both thugs but we do need their oil.

No, we don't. We're sitting on oil and natural gas fields right here at home. Let's use those and not empower the MBS and Maduros of the world.

[whell]

Originally Posted by Chicks

Amusing how Whell appears to be confused about the authoritarian tendencies of his Dear Leader and today's far-Reich "conservatives". Sad.

What are you bloviating about now, Chickie?

[finnbow]

Originally Posted by whell

No, we don't. We're sitting on oil and natural gas fields right here at home. Let's use those and not empower the MBS and Maduros of the world.

The same MBS that paid Kushner $2 billion for investments they knew to be lousy and who partnered with Trump in the new golf league to "sportswash" their reputation?

[Rajoo]

Tax Cuts 102:

In 2002, Vice-President Dick Cheney and the Bush administration’s economic team met to discuss a second round of tax cuts, which would follow Bush’s 2001 cuts. At the meeting, “then-Treasury Secretary Paul H. O’Neill pleaded that the government — already running a $158 billion deficit — was careening toward a fiscal crisis.” Allegedly, Cheney replied by saying that “deficits don’t matter.”

Six years later, the Bush administration’s consistent belief that deficits don’t matter has increased the national debt to over $10 trillion. This is the highest dollar amount ever, and pushes the debt to 69% of the gross domestic product, which is the highest percentage since 1955.

Bush has presided over the largest increase in the debt of any president in history. When he took office, “the national debt stood at $5.727 trillion.” In eight years, there has been an increase of over 70%.

And the Bush administration has seemingly not learned any lessons from this, as the FY2009 budget had a near-record deficit of $407 billion. This deficit was calculated before the administration spent $900 billion rescuing troubled financial institutions and proposed a $700 billion economic bailout. The bailout bill put forth by Treasury Secretary Henry Paulson increased the federal debt ceiling — the amount to which the debt is legally allowed to go — to $11.3 trillion.

As the Center for Budget Policy and Priorities has shown, 42% of the “fiscal deterioration” and explosion of the deficit that occurred under Bush was due to tax cuts:

And the moral of the story is, tax cuts lead to deficits, period.

What we need is tax increases and enhanced collections which the GOP is already sabotaging. Question is why? Do they really want to bankrupt America? Perhaps not, but cutting entitlements is a very enticing prospect.

https://archive.thinkprogress.org/si...-40193bdadd2e/

[Rajoo]

Originally Posted by whell

No, we don't. We're sitting on oil and natural gas fields right here at home. Let's use those and not empower the MBS and Maduros of the world.

Where are these oil fields may I ask? Negative points if you mention Keystone.

[Chicks]

Additional Uses for Your High-School Copy of “Atlas Shrugged”
https://www.newyorker.com/humor/dail...atlas-shrugged

[Chicks]

‘It Looks Like Trump Will Not Be Indicted’: Fox’s Larry Kudlow Predicted No Charges Less Than an Hour Before Indictment News
https://www.mediaite.com/tv/it-looks...dictment-news/

Whell’s kind of “economist” - wrong about everything.