Biden gas prices $3->$4->$5->$6?

RQA wrote:

kingstonlake wrote:
We’re five years into corporate tax cuts that we were told would be used to re-invest in America

Tax revenues are at record levels. If you don't like how they are being spent complain to your democrat controlled president and congress.

Interesting. So in spite of the Trump tax cuts, there are record tax revenues? The Biden economy must be pretty good then. I remember you recently said we were in a recession.

Other Teams Pursuing That wrote:

Travis of the Cosmos wrote:That’s a serious question if I’ve ever seen one

These wells rejects can do better than this, right?

No. They are more disappointing than the 2002 football team.

kingstonlake wrote:

aualum06 wrote:


Corporations are rolling in profits and won't stand to lose a cent of them. Raise minimum wage and instead of losing slight profits the company raises prices and that raise as an employee means nothing because you are paying more for goods. The rich get richer and the rest get fucked.

I’d be curious to know how many refineries have been built since corporate tax cuts were signed into law. You know, stuff we were promised would be done with the billions they were given to make America great again.

That would be zero. Actually, I believe I read a couple of them have shut down in the last few years. And I just saw tonight that production in the US is at record levels, but there is not enough refineries to get it to consumers. Brilliant!

PennSpartan wrote:

kingstonlake wrote:

I’d be curious to know how many refineries have been built since corporate tax cuts were signed into law. You know, stuff we were promised would be done with the billions they were given to make America great again.

That would be zero. Actually, I believe I read a couple of them have shut down in the last few years. And I just saw tonight that production in the US is at record levels, but there is not enough refineries to get it to consumers. Brilliant!

There were a cople of reports that caught my attention. One about the effect on gas prices if Line 5 was shut down. It was one cent. The other that the tar sand oil from Canada is now running in Line 3, appearntly that other line wasn't needed after all, and the refineries are not able to process it.

PennSpartan wrote:So in spite of the Trump tax cuts, there are record tax revenues?

Nope.

Because of the tax cuts....

PennSpartan wrote:I remember you recently said we were in a recession.

We may well be. Will have to wait for the Q2 GDP report.

RQA wrote:

PennSpartan wrote:So in spite of the Trump tax cuts, there are record tax revenues?

Nope.

Because of the tax cuts....

lol, pretty sure that has been proven false a million times over the last 40 years. Economics is a science.
https://www.cbpp.org/research/tax-cuts-myths-and-realities

RQA wrote:

PennSpartan wrote:So in spite of the Trump tax cuts, there are record tax revenues?  

Nope.  

Because of the tax cuts....

And this whole premise relies on the false belief that more money in the hands of the investor class means more money for investments into business' for everyone which means more taxes... Also wrong.

https://www.forbes.com/sites/annemarieknott/2019/02/21/why-the-tax-cuts-and-jobs-act-tcja-led-to-buybacks-rather-than-investment/?sh=6d24da4f37fb

RQA wrote:

PennSpartan wrote:So in spite of the Trump tax cuts, there are record tax revenues?  

Nope.  

Because of the tax cuts....

Show the math.  And please explain why, if the tax cut caused higher revenues, it took years for corporate tax revenues to rise above the level they were at before the corporate tax cut.

AND If it were true, wouldn't also be the leading reason the inflation is going crazy if you base inflation on the amount of money available? (assuming every person invested in productivity gains, which they didn't)

Feels like you are talking in circles with much of this shit.

RQA wrote:

PennSpartan wrote:So in spite of the Trump tax cuts, there are record tax revenues?  

Nope.  

Because of the tax cuts....

The high P/E ratios and thus stock prices are due to the stock buy backs paid for with the tax cuts and Fed QE program. As an aside, the real reason for stock prices dropping is the planned shrinking of the Fed's balance sheet. The EU Central Bank just announced it too will be shrinking its balance sheet, which will further affect stock prices.

The profits, and thus tax revenue, are just because the energy companies & others can raise prices due to lack of competition.

The tax revenues are due to the recovery of the economy, which is mostly due to the covid relief acts.  Also affecting tax revenue is the aging up the Millennials, a "baby boom" all their own which is larger that the "baby boom" was, into higher paying jobs, a demographic shift that was predicted long ago.

If lower tax rates cause higher tax revenue, how much tax revenue would there be with a tax rate of zero?

RQA wrote:

PennSpartan wrote:I remember you recently said we were in a recession.

We may well be.   Will have to wait for the Q2 GDP report.  

The Q1 GDP report was considered misleading by most economists, due to technical issues with how GDP is calculated.

The ironic thing is the lack of true competition is what is killing us right now. Mergers and shitty FTC rulings (let alone licensing monopolies set up in certain sectors) are killing competition which force prices down... but I don't see any Rs taking on Big (Insert industry here) to promote a healthy free market economy (more hypocrisy).

AvgMSUJoe wrote:The ironic thing is the lack of true competition is what is killing us right now. Mergers and shitty FTC rulings (let alone licensing monopolies set up in certain sectors) are killing competition which force prices down... but I don't see any Rs taking on Big (Insert industry here) to promote a healthy free market economy (more hypocrisy).

Winner, winner, chicken dinner.

The lack of competition is due to the changes to the anti-trust laws made during the Reagan Administration, which allowed many markets to be consolidated into a handful of very large corporations.  

Sadly, both the Republicans & Democratics bought into this from the 1980's until Biden was elected.  Obama nibbled at the edges but didn't really change the direction.  

Biden has instructed his DOJ Anti-Trust unit to be more vigilant, but to create a true "free market" for producers they need to be broken up into dozens of independent companies, and that has to start with big finance, which is controlling what the big corporations are doing.

RQA wrote:

PennSpartan wrote:I remember you recently said we were in a recession.

We may well be. Will have to wait for the Q2 GDP report.

So the economy may be in recession, but that same economy is raking in record tax revenues. This is rich, even for you RQA.

Meanwhile wages are up 5.2%. And there are plenty of jobs available. That’s a weird recession.

https://www.marketplace.org/2022/06/03/wages-are-still-growing-in-many-sectors-that-need-that-growth/

PennSpartan wrote:Meanwhile wages are up 5.2%.

Meanwhile inflation is >8%.

RQA wrote:

PennSpartan wrote:Meanwhile wages are up 5.2%.

Meanwhile inflation is >8%.

And nobody has died from it, like Trumpvirus.

PennSpartan wrote:Meanwhile wages are up 5.2%. And there are plenty of jobs available. That’s a weird recession.

https://www.marketplace.org/2022/06/03/wages-are-still-growing-in-many-sectors-that-need-that-growth/

Wage increases are making more problems than they are solving sadly. Profit margins aren't going anywhere so people are basically paying more costs to make more wage.

aualum06 wrote:

PennSpartan wrote:Meanwhile wages are up 5.2%. And there are plenty of jobs available. That’s a weird recession.

https://www.marketplace.org/2022/06/03/wages-are-still-growing-in-many-sectors-that-need-that-growth/

Wage increases are making more problems than they are solving sadly. Profit margins aren't going anywhere so people are basically paying more costs to make more wage.

So you would prefer wages go down?

PennSpartan wrote:

RQA wrote:

Meanwhile inflation is >8%.

And nobody has died from it, like Trumpvirus.

Trumpvirus as been gone for awhile now. All of the current variants happened under Biden. More people have died of Bidenvirus than Trumpvirus despite old Joe saying he was going to put an end to it.

PennSpartan wrote:

aualum06 wrote:

Wage increases are making more problems than they are solving sadly. Profit margins aren't going anywhere so people are basically paying more costs to make more wage.

So you would prefer wages go down?

I'd prefer profits for the rich would go down to pay for the wage increases

True????

[tw]1535660700676378626?t=q2aRkmeP5dP3_LuExVfAGw&s=19[/tw]

RQA wrote:

PennSpartan wrote:
And nobody has died from it, like Trumpvirus.

Trumpvirus as been gone for awhile now. All of the current variants happened under Biden. More people have died of Bidenvirus than Trumpvirus despite old Joe saying he was going to put an end to it.

Biden is to thank for the decline of Trumpvirus. Trump handed Biden a mess, like Bush handed Obama. Democrats are always cleaning up Republican messes, like FDR did with the Depression. It will take some time for Joe to clean up on aisle Trump, but he’ll get it done.

PennSpartan wrote:
Biden is to thank for the decline of Trumpvirus.

Nope, vaccines developed under President Trump led to the decline of COVID. Sadly Biden has botched the management of variants and so more people have died of COVID since Biden took office than before. Biden may go down as the worst president of all time given Bidenvirus, Bideninlfation, Bidenbearmarket, Bidenrecession, Bidengasprices.

RQA wrote:

PennSpartan wrote:Meanwhile wages are up 5.2%.

Meanwhile inflation is >8%.

Real Income* growth for the bottom 50% of incomes in the US was 3.4% in Q1 2022.

*Real income is after inflation, which basically means take that 8% and add another 3.4% to it to get income growth of 11.4%

RQA wrote:

PennSpartan wrote:
Biden is to thank for the decline of Trumpvirus.

Nope, vaccines developed under President Trump led to the decline of COVID. Sadly Biden has botched the management of variants and so more people have died of COVID since Biden took office than before. Biden may go down as the worst president of all time given Bidenvirus, Bideninlfation, Bidenbearmarket, Bidenrecession, Bidengasprices.

Recent studies are showing the people who are dying are those who have been convinced by Fox to not take vaccines.

Unless you are saying Biden should send out the Army and force everyone to take their vaccine, which I suspect you are not, your point of view is stupid.

The next person that says with bidenvirus or trumpvirus should punch themselves in the dick then take a few days off from message board posting, go in the woods, and really reassess your life

PennSpartan wrote:

RQA wrote:

Trumpvirus as been gone for awhile now. All of the current variants happened under Biden. More people have died of Bidenvirus than Trumpvirus despite old Joe saying he was going to put an end to it.

Biden is to thank for the decline of Trumpvirus. Trump handed Biden a mess, like Bush handed Obama. Democrats are always cleaning up Republican messes, like FDR did with the Depression. It will take some time for Joe to clean up on aisle Trump, but he’ll get it done.

Remember when Trump repeatedly claimed he inherited a mess?

Pervis Muldoon wrote:

RQA wrote:

Nope.  

Because of the tax cuts....

Show the math.  And please explain why, if the tax cut caused higher revenues, it took years for corporate tax revenues to rise above the level they were at before the corporate tax cut.

Seriously, RQA, I'm interested in knowing why it took four years and a change of president for corporate tax revenue to rise above where it was before your party's giant corporate tax cut.  Revenue took a big hit right after the cut.  Please explain this - and try not to use Covid as an excuse, since that didn't happen until a couple years after your party's gift to their corporate executive donors.

RQA wrote:

PennSpartan wrote:
Biden is to thank for the decline of Trumpvirus.

Nope, vaccines developed under President Trump led to the decline of COVID. Sadly Biden has botched the management of variants and so more people have died of COVID since Biden took office than before. Biden may go down as the worst president of all time given Bidenvirus, Bideninlfation, Bidenbearmarket, Bidenrecession, Bidengasprices.

No, Republicans refused the vaccine. Remember? They have been dying in droves until Biden.

Pervis Muldoon wrote:If lower tax rates cause higher tax revenue, how much tax revenue would there be with a tax rate of zero?

If higher tax rates cause higher tax revenue, how much tax revenue would there be with a tax rate of 100%?

RQA wrote:

Pervis Muldoon wrote:If lower tax rates cause higher tax revenue, how much tax revenue would there be with a tax rate of zero?

If higher tax rates cause higher tax revenue, how much tax revenue would there be with a tax rate of 100%?

You first, please.

The assumption that people work more if they are paid more per how worked, the basis for the idea that lower tax rates increase tax revenue, aka the anti-tax arguments, isn't that simple.

Here are basic graphs showing both that idea and an opposing idea, the idea that people work to obtain a certain income and then, when the achieve that income trade working hours for other activities.



The existing data shows both effects do exist ...

Pervis Muldoon wrote:

Pervis Muldoon wrote:

Show the math.  And please explain why, if the tax cut caused higher revenues, it took years for corporate tax revenues to rise above the level they were at before the corporate tax cut.

Seriously, RQA, I'm interested in knowing why it took four years and a change of president for corporate tax revenue to rise above where it was before your party's giant corporate tax cut.  Revenue took a big hit right after the cut.  Please explain this - and try not to use Covid as an excuse, since that didn't happen until a couple years after your party's gift to their corporate executive donors.

RQA, I decided not to chase dodging cowards around on this board as I occasionally did on Wells, so I'll give you one more chance to explain why it took four years and a change of president to finally rise above the corporate tax revenues we had before your beloved corporate tax cut.  Dodge again and I will mark you down as a failure on the subject of taxation.

Double post

RQA wrote:

Pervis Muldoon wrote:If lower tax rates cause higher tax revenue, how much tax revenue would there be with a tax rate of zero?

If higher tax rates cause higher tax revenue, how much tax revenue would there be with a tax rate of 100%?

If lower tax rates are better for business, why do the oil companies need to raise the price on a gallon of gas?

One further comment on the graph above.

It is reasonable to assume that the top income earners' actions are not governed by the "level of income reducing hours worked effect" since they are earning Billions but just keep going.  

For that it can be seen that taxing their income will have no effect on how hard they work.

Thus, the question is if their use of that money is more productive for the country than if it were taxed and used for something else.

An interesting set of data which is suggesting that inflation in being caused by more economic activity due to lower-level incomes having more disposable income suggests that a higher GDP would occur if wages were higher for lower-level incomes, and it would benefit all as the higher income people would profit via higher profits.

Special Report: Trump told Saudi: Cut oil supply or lose U.S. military support - sources

WASHINGTON/LONDON/DUBAI (Reuters) - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.

In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.

Biden's gas prices my ass