Biden’s Economic Approval Dives To Lowest Point Of His Presidency: POLL

[rjs330]

What specifically? I don't see a recession coming as a result of anything Biden did. Though they do come around every few years, the last being Trump's.

While that is true it was triggered by COVID and a complete shutdown of much of the economy. Can't really blame a president for that one. Well you can, you just did, but it's not quite fair.

 

[USincognito]

Gas continues dropping and since our right leaning friends believe the President directly controls gas prices, I hope they'll join me in thanking him.

Thanks President Biden!

 

[Gene2memE]

US average regular gasoline prices (nominal and inflation adjusted) for 2015 to October 2023

Forecast is that prices are likely going to stay in a range of 3.50-3.85 for the next 12 months. But, oil price forecasts are about as accurate as stock price forecasts.

 

[HARK!]

US average regular gasoline prices (nominal and inflation adjusted) for 2015 to October 2023

View attachment 337716

Forecast is that prices are likely going to stay in a range of 3.50-3.85 for the next 12 months. But, oil price forecasts are about as accurate as stock price forecasts.

Wow! That is some wild and crazy inflation under the Biden administration!

 

[Gene2memE]

Wow! That is some wild and crazy inflation under the Biden administration!

About 17.5%.

Regular gas prices (inflation adjusted) for each of the last presidential terms:

Reagan T1: $3.92
Reagan T2: $3.35
GHW Bush: $2.48
Clinton T1: $2.29
Clinton T2: $2.25
GW Bush T1: $2.58
GW Bush T2: $4.03
Obama T1: $4.23
Obama T2: $3.72
Trump: $3.01
Biden (to Oct-23): $3.54

Average since 1981: $3.22

 

[Vambram]

Let's not forget how much the price of groceries has changed within the last 2 1/2 years.
The Biden administration policies should get a lot of credit for that.

 

[USincognito]

Let's not forget how much the price of groceries has changed within the last 2 1/2 years.
The Biden administration policies should get a lot of credit for that.

How so? And be specific.

 

[Vambram]

My grocery bill has increased by about 20% since the Biden administration took over. This has become a common issue for almost all families in America.
Please don't pretend that this isn't true.

 

[DaisyDay]

My grocery bill has increased by about 20% since the Biden administration took over. This has become a common issue for almost all families in America.
Please don't pretend that this isn't true.

But which specific policies were responsible for which specific price increases?

 

[Vambram]

But which specific policies were responsible for which specific price increases?

All of them. Each and everyone of the Biden administration's economic policies has made prices increase faster than the prices would have gone up under other administrations.

 

[DaisyDay]

All of them.

Not a serious reply.

Each and everyone of the Biden administration's economic policies has made prices increase faster than the prices would have gone up under other administrations.

As if by magic!

 

[NxNW]

All of them. Each and everyone of the Biden administration's economic policies has made prices increase faster than the prices would have gone up under other administrations.

Which policies?

 

[NxNW]

Wow! That is some wild and crazy inflation under the Biden administration!

Looks like gas has decreased in price about 28% since summer of 2022, thanks to Biden getting us out of the Trump Recession.

 

[wing2000]

My grocery bill has increased by about 20% since the Biden administration took over. This has become a common issue for almost all families in America.
Please don't pretend that this isn't true.

That much is true. Look at the profits for Proctor and Gamble and other mega corporations riding the "blame it on inflation" wave. People need to stop buying their products at such inflated prices. There *are* alternatives!

 

[Vambram]

Not a serious reply.


As if by magic!

Nope. It ain't magic at all. It's the result of the current administration's woefully inept economic policies.

 

[Vambram]

Looks like gas has decreased in price about 28% since summer of 2022, thanks to Biden getting us out of the Trump Recession.

Much of the decrease of the price of gas at the pump is because American's strategic oil reserves have been used up and drained. This was stupidly done in order to decrease the cost of gas at the pump. However, it was very dumb to do so because those strategic oil reserves are best used for national and global emergencies, instead of using them for political purposes.

By the way, the price of gas is still too high.

 

[wing2000]

Much of the decrease of the price of gas at the pump is because American's strategic oil reserves have been used up and drained.

The current decrease?
As I recall, the strategic reserves were drawn down last year.

 

[NxNW]

Much of the decrease of the price of gas at the pump is because American's strategic oil reserves have been used up and drained. This was stupidly done in order to decrease the cost of gas at the pump. However, it was very dumb to do so because those strategic oil reserves are best used for national and global emergencies, instead of using them for political purposes.

Americans feel otherwise.

By the way, the price of gas is still too high.

Do you oppose the concept of supply and demand?

 

[Gene2memE]

Much of the decrease of the price of gas at the pump is because American's strategic oil reserves have been used up and drained.

Ehhhh, kinda. But not "much". More like, "a bit".

About 285 million barrels of oil have been released from the SPR since the start of the Biden Administration. That translates to about 132.1 million barrels of gasoline (as on average 46% of a barrel of oil is cracked for gasoline).

That's helped smooth out some fluctuations and clip some peaks (which are both among the reasons the SPR was originally created), but not really reduced prices overall.

US gasoline consumption is just short of 9 million barrels per day. So, that 132.1 million barrels is about 14 1/2 days worth of gas use, maybe 15 1/2 if you include slower consumption in 2021/2022.

So, the entire SPR release accounts for about 1.5% of total US gasoline use since the Biden Administration started.

As for being "used up and drained", there are still 351 million barrels remaining in the SPR (it's up about 5 million barrels since July). There are also another 430 million barrels sitting in commercial inventories (up from a low of 414 million barrels in late August).

This was stupidly done in order to decrease the cost of gas at the pump. However, it was very dumb to do so because those strategic oil reserves are best used for national and global emergencies, instead of using them for political purposes.

I hate to both sides this, but the Trump administration did the same thing, and largely for the same reasons. They put about 65 million barrrels from the SPR out into the market between early 2017 and the end of 2019. Then, when oil prices cratered during the pandemic, they purchased about 20 million barrels.

The only other time it was done like that was in 1996-97 by the Clinton administration.

 

[Vambram]

Ehhhh, kinda. But not "much". More like, "a bit".

About 285 million barrels of oil have been released from the SPR since the start of the Biden Administration. That translates to about 132.1 million barrels of gasoline (as on average 46% of a barrel of oil is cracked for gasoline).

That's helped smooth out some fluctuations and clip some peaks (which are both among the reasons the SPR was originally created), but not really reduced prices overall.

US gasoline consumption is just short of 9 million barrels per day. So, that 132.1 million barrels is about 14 1/2 days worth of gas use, maybe 15 1/2 if you include slower consumption in 2021/2022.

So, the entire SPR release accounts for about 1.5% of total US gasoline use since the Biden Administration started.

As for being "used up and drained", there are still 351 million barrels remaining in the SPR (it's up about 5 million barrels since July). There are also another 430 million barrels sitting in commercial inventories (up from a low of 414 million barrels in late August).



I hate to both sides this, but the Trump administration did the same thing, and largely for the same reasons. They put about 65 million barrrels from the SPR out into the market between early 2017 and the end of 2019. Then, when oil prices cratered during the pandemic, they purchased about 20 million barrels.

The only other time it was done like that was in 1996-97 by the Clinton administration.

This is an informative post. May please see the research backing up this interesting information?