Tariffs and Potential Inflation

[88man]

In the decade before covid, Uncle Sam ran very large deficits and carried a ton of accumulated debt. Inflation was very tame for the period.

Friedman, like nearly every economist, was right sometimes and wrong at other times.

imo, the recent inflationary period was a mixture of broken supply chains, government stimulus money, and pent up demand coming out of covid. How you want to split up the blame, that's subject to each person's perspective, likely.

You forgot to mention energy costs increased 20 to 50 % . Once energy went up with the attack on fossil fuels in this country all costs increased across the board.

 

[406dn]

You forgot to mention energy costs increased 20 to 50 % . Once energy went up with the attack on fossil fuels in this country all costs increased across the board.

Two things.

If you remember crude prices were below zero as covid took hold. There was literally no spare room in storage for the crude, as the demand crashed for gas and diesel. That led to oil producers reducing production as much as was feasible. I'll include that in the broken supply chain problems the world faced.

Presently we are producing more crude and natural gas than at any time in our history. It is one of the things most responsible for the US's more robust recovery from covid than most any other country. The price for diesel today in the small town I live in was 3.28/gallon this morning. That price is more or less what it was pre covid. One could argue it is less, since the dollar is worth less than pre covid.

 

[Bonasababy]

No one wants to wait until Thanksgiving to find out who won the election. Probably exaggerating, but long drawn out vote counting plants the seeds of distrust in our elections.

That distrust ship has long ago sailed. People can't be persuaded by facts on it anymore.

 

[Bonasababy]

When you have a runoff, the candidates throw more money out to get elected. Happens often in Georgia.

How Georgia’s Senate Runoff Will Work (Published 2022)

The race between Senator Raphael Warnock and his Republican challenger, Herschel Walker, will be decided on Dec. 6.

search.app

Still not understanding you, but maybe we aren't talking apples to apples. There is NO second election in the instant runoff system. The election has been held already--once--all that's left is the counting of votes until a winner is declared. So maybe you are talking about something else?

As others have pointed out this process DOES take longer to produce a winner. From what I understand that might add a day or two though, not weeks--but perhaps those in the few states that have it can enlighten me on that.

Edit--slow on the draw--I see you used the Warnock election a few years back (I think) as an example. That's different, again the instant in instant run off stands for one election--votes keep getting counted until a winner is declared. There is no second election--unless by some miracle a winner is never declared. Seems unlikely!

 

[mevertsen]

Two things.

If you remember crude prices were below zero as covid took hold. There was literally no spare room in storage for the crude, as the demand crashed for gas and diesel. That led to oil producers reducing production as much as was feasible. I'll include that in the broken supply chain problems the world faced.

Presently we are producing more crude and natural gas than at any time in our history. It is one of the things most responsible for the US's more robust recovery from covid than most any other country. The price for diesel today in the small town I live in was 3.28/gallon this morning. That price is more or less what it was pre covid. One could argue it is less, since the dollar is worth less than pre covid.

Fuel prices have been dropping steadily here in Northeastern Nevada over the last couple weeks as well.

Agree certainly cheaper than pre- covid on a dollar value basis.

Diesel at $3.15. Regular at $3.01 to $3.11.

 

[Bonasababy]

I got swamp rat friends across the spectrum. It’s nice to avoid anyone’s bubble.

Me too--but those on one side are "quislings" or "RINO's" these days. They consider themselves still hopeful spectrum members but the party has ostracized them.

Helps to know some who have been there for all the changes in norms in recent decades.

 

[Bonasababy]

Fuel prices have been dropping steadily here in Northeastern Nevada over the last couple weeks as well.

Agree certainly cheaper than pre- covid on a dollar value basis.

Diesel at $3.15. Regular at $3.01 to $3.11.

Regular down into the 2.50's at Costco by me recently.

 

[Sytes]

Person #1: "So who did you vote for?"
Person #2: " Not your business".

Person #2 on public forums...