Biden says there's nothing he can do to bring down gas or food prices in the near term...

Finance85

HR Legend
Oct 22, 2003
17,322
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So the 2 stimulus packages Trump passed did nothing to increase inflation but only the Biden stimulus package did?

LOL. You are clueless on this finance. And I usually agree with many of your takes FTR
Look at the timeline. The data doesn't lie.
 
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Rifler

HR Legend
Jan 26, 2011
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If Trump had won, do you think the last stimulus would not have gone out? He pushed hard for it while in office.

I think the last one that he was able to squeeze out before Biden came in would have been it,.. Stimulus was falling out of favor with Republicans and the Democrats hated all things Trump, so they wouldn't have provided much support.
 

Speedway1

HR Heisman
Dec 23, 2012
5,257
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CNN — President Joe Biden said Wednesday there is little he can do to lower the cost of gasoline or food in the immediate term, an acknowledgment that prices for those goods will remain high as he works to bring down other costs incurred by families.

"There's a lot going on right now but the idea we're going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to food," Biden said at the White House, where he was holding an event on the infant formula shortage.

Biden and his team are seeking to place heavy emphasis on the economy in the coming weeks as the President looks to demonstrate his commitment to reining in inflation, even as he says there's not much he can do. The President has tasked his aides with improving the administration's messaging as he watches his approval ratings sink.

His plan has centered on allowing the Federal Reserve the necessary independence to combat inflation through monetary policy.

But Biden conceded there was little he could do alone to bring down the highest profile cost spikes.

"We can't take immediate action that I'm aware of yet to figure out how we're bringing down the prices of gasoline back to $3 a gallon. And we can't do that immediately with regard to food prices either," he said.

He pointed to the Russian invasion of Ukraine, and the ensuing effect on energy and grain, as the culprit.

"We're in a situation where because of a war in Ukraine, gas prices and food prices are extremely high," he said.

"For example, we got millions of tons of wheat that is not able to get out and get to market. It's causing everything from a loaf of bread to cost so much money, to food shortages all across the world," he said. "And so we're trying to work through a war, we're trying to work through how we can get that harbor opened. And get the, you know, tens of thousands of tons of grain that are there."

"The same with gasoline," he went on. "We have the issue that is occurring now, you have Europe deciding they're going to further curtail the purchase of Russian oil and there's a whole lot of consideration going on about what can be done to maybe even purchase the oil even at a limited price so that it has to be sold, overwhelming need for the Russians to sell it, and it would be sold at a significantly lower price than the market is generating now."

Biden said instead of direct action to bring down gas or food prices, he was looking to ease financial burden in other areas, like drugs and child care.

"But we can compensate by providing for other necessary costs for families by bringing those down. That reduces the inflation for that family," he said.


He said he would discuss the issue further on Thursday.



Don't forget student loans, Joe!

Why is he able to take direct action there, or with child care, or with drug prices, but not something that helps everyone?

LOL, what a windbag.
Yup he is a Keeper. Moves into 1st Place past Carter and Obama as the worst ever.
 

DFSNOLE

HR Legend
Sep 25, 2002
18,884
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I think the last one that he was able to squeeze out before Biden came in would have been it,.. Stimulus was falling out of favor with Republicans and the Democrats hated all things Trump, so they wouldn't have provided much support.
I highly doubt that. Trump campaigned for that and would've pushed for the GOP leadership to pass it and they would've caved like they always did and still do.
 

Finance85

HR Legend
Oct 22, 2003
17,322
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I think the last one that he was able to squeeze out before Biden came in would have been it,.. Stimulus was falling out of favor with Republicans and the Democrats hated all things Trump, so they wouldn't have provided much support.
This ^

Many GOP Governors had already started cutting off the double unemployment benefits by then.
 
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DFSNOLE

HR Legend
Sep 25, 2002
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Lower Alabama
This ^

Many GOP Governors had already started cutting off the double unemployment benefits by then.
Wrong. Biden signed the American Rescue plan into law on March 11, 2021. Montana was the first state to stop the extra federal benefit on May 4th. Others followed but those benefits didn't stop until June 12th.

Google can be your friend.
 
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unIowa

HR Legend
Gold Member
Dec 30, 2008
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He could advocate to cut Federal government spending in Washington. Follow Bill Clinton's example. That would reallocate resources, mainly labor, to the private sector and help with supply. There are other things on the fiscal side that can be done as well.

Another idea would be to reduce payroll taxes and replace with a sales tax. That would put downward pressure on consumption and reward work.

SS is already in a world of hurt so I don't think reducing payroll taxes is a great option. He SHOULD cut federal govt spending though.
 
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hwk23

HR All-American
Nov 22, 2010
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SS is already in a world of hurt so I don't think reducing payroll taxes is a great option. He SHOULD cut federal govt spending though.
I was suggesting to replace payroll tax with sales tax, still going towards SS, to reduce consumption and reward work. Payroll taxes are a big drag on the working class.
 
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Titus Andronicus

HR Legend
Gold Member
Sep 26, 2002
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Some portion of that mystery surcharge is probably due to the California Cap and Trade program. Producers can refine all the want to, but must buy "Carbon Credits" in the open market. The cost of these is passed through. I am not sure if these numbers are separately disclosed in their financial reporting.

I suspect that is affects us in Nevada, since most of our gasoline is brought in from California.