Wait, you think a high value dollar causes exports now? Or a low value dollar? If you devalue a currency, what happens to prices, assuming that a person consumes both domestically and internationally produced products? Do your overall prices go up, down, or stay the same?
Sure, it makes products cheaper in other countries. What does it do to products consumed in this country when they are produced in other countries?
If you are a high six figure earner or better, you will get your taxes cut under his plan. If you are a married couple making under $200k, you will pay thousands more. Especially with the plan to eliminate the child tax credit.
The fault in your assumption is you don’t seem to understand oil costs money to extract. You can’t just “crank out a bunch more oil” at lower prices, because at a certain price point the oil producers don’t have the profit margins to operate. This is an economic check on oil production, not a “check” so much as the market finding it’s equilibrium. Oil costs at least $40-$50 to get out of the ground here (more in deep wells or environmentally isolated or sensitive areas). $80 retail prices seems like an ok spot, the sustainable floor probably isn’t much lower, so to think $20 domestic oil or some shit is not likely realistic barring some technological advance, we had low energy for awhile starting in 2010’ish due to fracking creating crazy excess capacity in natural gas (nat gas being a byproduct of the fracking process). They were literally burning off natural gas because it had nowhere to go, and this was all happening under that commie Obama. Now pipelines and export infrastructure exists, so the gas does have somewhere to go. I don’t think we can necessarily expect a “breakthrough” or an excess capacity situation like that again (nor should we particularly want that).
Biden and the Democrats haves lied too often about the economy and they want to increase taxes that will exacerbate inflation. Not a good idea. The Dems wet dream is to run the economy through the government... meaning that want to tax all the money earned at the highest possible rate and then disperse the money though goverment handouts.
Tax increases don't increase inflation. All taxes collected by the government are spent on government priorities. Not a new concept.
Maybe so, but we increase our GDP.. Exporting oil and and not spending our money on foreign oil is good for our overall trade deficits.
Ahh, so you are for Biden's policy of putting oil from the SPR into gas for consumer sale. Good to know.
If we raise the taxes right now it will not help inflation. How can people with less money be good for the economy and prices? Limiting the amount of demand for goods and services by staving people of cash just to make prices go down is not a good way to bring down inflation.
Isn't the argument that you all propose on inflation that people were given too much money and that is what caused inflation? Would you consider purposefully devaluing the money that they have now so that they can't buy imported goods except for higher prices a good way to bring down inflation?
When people stop spending, providers of goods and services have to drop their prices to encourage them to buy from them. This lowers inflation. It probably isn't good for the economy but it does not increase inflation like you said. It lowers it.
The US is currently producing far more oil than it ever has. U.S. Field Production of Crude Oil (Thousand Barrels per Day)
I meant SPR not SPF. I fixed it. I'm talking about this: White House will 'make sure gas prices remain affordable' heading into summer, Biden advisor says
That might work in theory, but it's NOT a good way to bring prices down becasue it brings hardship to millions of Americans. Why not just make things cheaper by drilling for domestic oil?
There is more to inflation than just one product. And the Fed has something to do with that too... the Fed and consumer confidence seem to work hand in hand. The fed need to cut rates faster than they are in order to give our economy a boost. And then we have to hope consumer confidence follows.
