Gas prices will surpass $6 nationwide by August, JPMorgan says.
On Wednesday, the national average hit another record, reaching $4.56 per gallon, according to AAA. That's already up nearly 50 cents from a month ago, and $1.52 from this time last year, according to AAA's recent data.
This would never have happened if Trump were president. Just saying
Delete
He’s a troll but what he said is true
Idk about that
*Gasp* you mean he didn't conform to PC culture?!? You can't say stuff that's true if it triggers people, don't you know the 1st amendment doesn't count for anything anymore unless if supports an alt left agenda?!
The president is literally a scapegoat who doesn’t have control over anything yet everyone swears they have the power of Jesus
This is 100% a result of liberal policies
If you are going to say that liberal policies are to blame, you should support it. Inflation in general, is not a liberal issue nor is it a conservative issue. It is a monetary issue and the Fed is the entity that is suppose to keep it under control, which they have not done. I also do not think you can blame a political party for rising gas prices. We have checks and balances in the US with the house and the Senate. As a result, one party should not take the blame for something like this.
It's also a bipartisan fiscal issue. Republicans don't want to raise taxes and Democrats don't want to cut spending. (And really, the average Republican politician doesn't want to cut spending substantially and the average Democrat doesn't want to raise taxes substantially, since each would cause political blowback.) The bipartisan "solution" is to print money. In the long term, this constrains the Fed's options, since the national debt service gets much more expensive if interest rates go up. Which increases the deficit....which can't be solved by cutting spending or raising taxes for the reasons above...which generates more money printing.
lol wrong. Liberal policies, such as:
- prolonged shutdowns
- mortgage forbearance
- student loan forbearance
- continued unemployment
- continued stimulus checks
- restrictions on business practices per CDC/Vaccine/COVID mandates
- clean energy
is as much a reason for high prices, supply chain issues, inflation, gas , labor crunch, etc. as monetary policy interest rates.
Inflation sucks, but this is reaping what you sow for the past 2 years.
Dems control the House, Senate and presidency and all this inflation stuff happened recently
Inflation is caused by libs with their insane levels of stimulus, how can you possibly not understand this?
Modern liberalism is literally pancreatic cancer
Everything is expensive. It’s totally out of control. It’s like $10 for a soda and a sandwich from Sheetz.
I have a little piece of shit, “healthy” microwave dinner that I eat as a late-night snack instead ordering Uber eats. It just went from 3.50 to $5.50. My black beans cans went from $1.20 to $2.00.
Obviously these items aren’t expensive, but the % increases are massive. Low income families just trying to get by must be feeling the heat in a big way.
Inflation has been tough
SB'ed because I also love Sheetz.
I like to buy a type of French roll from the store. Maybe a month ago the price went up from 75 cents to 99 cents, and a few days ago the size of the rolls shrank by probably 30%. Funny but also not.
Democrats just lack any sense of practical understanding of the economy. Some of this inflation couldn't be prevented but a lot of it should could have been. Hope the Dems are happy, they've always wanted to raise tax rates and what better tax than inflation? Congrats, you've screwed over America -- happy now?
All while being so smug about being the 'party of science' too lmao
Bruh, prices have increased globally -> both Trump and Biden passed fiscal stimuluses and I would argue that central banking policy has played a bigger role in causing inflation.
Get out of here with this nonsense. I'm not in the US right now and the inflation rates here have nothing to do with Democrats in the US.
The point is, when Trump did it, the stimulus was much more warranted (initial lockdowns/shock to the economy/extreme uncertainty). Biden continuing/increasing stimulus really is what fueled a good amount of inflation. Dems were also much more pro-lockdowns (i.e., destroying local/state economies) vs. Republican controlled areas (Florida, Texas, etc.)
They understand the economy. That is why they are so proficient at ruining it.
The only good thing is that while the economy is going to shit, for at least the next two election cycles voters are likely to wreck the Dems. Voters by and large are extremely short term oriented, when they realize the "trans rights" doesn't put food on the table that's when they realize 'crap we need to be practical'
Modern monetary theorists are in so much denial
That's because they're mostly liberals
In a few decades we'll have gone the way of Europe. Rise of the East, fall of the West
do you think we will be less than Europe?
On a site full of people who work in Finance we are blaming inflation and oil prices on political parties. The political tribalism that's overtaken this country is a cancer that I hope we can excise as soon as possible otherwise we may be fucked.
Just move back to Kenya then if you hate it so much here
Get off my dick idk you.
I do not see you complaining when your buddies are trashing the US, which is far worse than what is going on here. The purpose of his comment was to say that and inflation and oil prices are not a democrat or republican issue, which is true. If you think the root of inflation is democrat or republican policies, you can defend your argument by using the same logic that others have used in this topic. To say that he should go back to Kenya, is just straight up racist.
Unfortunately, politics overrides intellect. For example, it makes no sense that shutdowns would substantially increase inflation. If a shut down can cause future inflation, it would have the opposite impact while the shut down actually happened, which it did not.
Higher regulation leads to more small/mid sized businesses folding leading to more market consolidation. A lockdown is quite a taxing regulation.
No sense? It directly stifles supply and pints up demand dude
Politics definitely had a role to pay although it cuts across parties.
I like some of these earlier postings that mentioned how we (as a WSO community, likely to have high incomes) are seeing little changes that are huge and must really be affecting lower-income people. I agree and I just don't know how people are doing it.
I had a bit of a "spooky" experience around this earlier this month. I am WFH and I basically just use my car to haul around my dog a couple miles to the dog park each day and not much else. So I only fill up at the gas station every month or so. I have a 16-gallon tank and it cost me $100 to fill it up. When I first bought my car it was $40 to fill it, it was $50 as recently as last year (approx.). I started to bitch & moan about it but then I thought about how I wouldn't be able to handle this on a lower income, commuting daily. It was super early in the morning at the gas station, so I drove around and looked at all the gas pumps. All of them - and I mean all of them - had exact dollar amounts and none more than $20, some as low as $3-4. Every single one of them was in exact amounts, as in they're going inside to pay and just putting in a few bucks. I was the only pump that had done a complete fill-up and I only have a 16-gallon tank, which is small compared to some SUVs and most trucks.
Obviously, this is anecdotal evidence but it definitely gave me pause on the broader state of how things are starting to get tough.
I was listening to Dan Carlin on Joe Rogan today and he said something profound. It was in the same ballpark of how those who are well off can try and isolate themselves from poor people, but eventually if it gets too bad, the poors will make themselves heard one way or another
Yeah, I agree, that's the part that makes it "spooky" for me. I hate to put it in these terms and sound even remotely elitist, but it holds that "there's more of them than there are of us" and absolutely they will make themselves heard.
V true. The have-nots always want what the haves-have and at some point the former will vastly outnumber the latter. The only way you get away from this is moving countries but I think we're still quite aways away from this becoming a necessity
Why does it constantly feel like every facet of life gets worse and worse
because the US was a fun social experiment that will eventually collapse.
Keep my wife's name out of you damn mouth
JP Morgan says a lot of things…
Why do people think they aren’t doing this on purpose or that Biden is somehow running the country despite being senile?
Hsbc just fired the guy who spoke out against the oil haters so this is a classic example why oil will be permanently expensive. Also why HSBC has and will always have shitty shareholder returns.
I read that story . . . truly insane. The guy's comments were not even that provocative, I would go further.
You are now allowed to have non alt left opinions today in America. Smh, a country that once prided itself on democracy and free speech is becoming totalitarian / mob rule
I say this as a pretty conservative person, but the best thing that ever happened to Trump was losing the 2020 election. If he were President now, inflation would be about the same (perhaps marginally lower due to less stimulus near the end of the lockdowns, but in the same ballpark), and he would be cursing JPow for raising rates and impacting the stock market. In his mind he will be the white knight riding in in 2024 to Save America Again.
This is really good for conservatives as things started getting really bad just after Biden took office and it's a multi-year structural issue. Even if inflation comes down we are likely to go into recession late 2023 / early 2024. So both for this election cycle and next election cycle, Republicans are quite heavily favored. Longer this goes on, the more pain people feel, the more crime there is, etc -- most of which is due to the Dems. So that's probably the one good thing to come out of this
I don't care for Trump in particular that much, but honestly we need to have Republicans in office to hold back the tide of alt left insanity
No offense, but I hate this basic conservative line
Can't make this up - Gavin Newsom's response to this? More stimulus!!!
"California car owners could get $400 stimulus checks to help offset rising gasoline prices under a proposal by California Gov. Gavin Newsom."
Fight inflation with more free money, makes sense...
Was talking with a liberal friend about the college tuition inflation issue (due to unlimited loans that gov supports) -- his solution was literally 'we need to pass a big government spending package to solve this'
You cannot make this stuff up
It is a little scary that a large spending bill may actually happen. I would be fine if we forgave some student debt if we actually cut spending in other places at this point.
Gather 'round kids and let me tell you two stories. One is called the Weimar Republic. The other is called the breakup of Yugoslavia.
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