Gas Prices

Who in good conscious can ever vote for these clowns.

Remember norms?

I'd love some competence.
 
https://www.foxbusiness.com/politics/white-house-considering-gas-rebate-cards-americans.amp

The White House is reportedly floating the idea of gas rebates for U.S. residents due to record gas prices.

A White House official told FOX Business that the administration has not ruled out the distribution of gas rebate cards. The cards would hypothetically subsidize the price of gas for Americans – many of whom are struggling to make ends meet with fuel now priced at the level of a luxury good.

—————

Lol
 
acesfull86 said:
https://www.foxbusiness.com/politics/white-house-considering-gas-rebate-cards-americans.amp

The White House is reportedly floating the idea of gas rebates for U.S. residents due to record gas prices.

A White House official told FOX Business that the administration has not ruled out the distribution of gas rebate cards. The cards would hypothetically subsidize the price of gas for Americans – many of whom are struggling to make ends meet with fuel now priced at the level of a luxury good.

—————

Lol
Click to expand...

Better they take their lumps politically and let the magic of the pricing system do its work.

https://www.bloomberg.com/markets/commodities
 
acesfull86 said:
https://www.foxbusiness.com/politics/white-house-considering-gas-rebate-cards-americans.amp

The White House is reportedly floating the idea of gas rebates for U.S. residents due to record gas prices.

A White House official told FOX Business that the administration has not ruled out the distribution of gas rebate cards. The cards would hypothetically subsidize the price of gas for Americans – many of whom are struggling to make ends meet with fuel now priced at the level of a luxury good.

—————

Lol
Click to expand...

each day they come up with a dumber idea

I will say it annoys me that after 2 years of government assault on liberty... it was gas prices that that got everyone up in arms
 
acesfull86 said:
https://www.foxbusiness.com/politics/white-house-considering-gas-rebate-cards-americans.amp

The White House is reportedly floating the idea of gas rebates for U.S. residents due to record gas prices.

A White House official told FOX Business that the administration has not ruled out the distribution of gas rebate cards. The cards would hypothetically subsidize the price of gas for Americans – many of whom are struggling to make ends meet with fuel now priced at the level of a luxury good.

—————

Lol
Click to expand...

“Oh yay. I can now afford to take my family on that summer road trip” - millions of people

Supply side problems need supply side solutions.
 
http://gregmankiw.blogspot.com/2022/06/three-reasons-why-gas-tax-holiday-is.html?m=1

News reports say the President Biden may propose a temporary reduction in the gasoline tax, and Secretary Yellen over the weekend said the idea is "worth considering." I would say the idea is worth rejecting, for three reasons.

1) Putting more money in peoples' pockets with any kind of tax cut would increase aggregate demand. It would thereby undermine the Fed's program to get inflation under control.

2) The incidence of the tax cut would fall partly on producers rather than consumers, depending on the elasticities of supply and demand. If it is true that refiners are near capacity, as reports suggest, then supply is relatively inelastic. That means the tax reduction would mainly benefit producers.

3)Given all the externalities associated with driving (climate change, congestion, accidents), the existing gasoline tax is below the optimal Pigovian level. Reducing it would move the tax system in a less efficient direction, That is, it would encourage people to drive more, exacerbating the negative externalities.

——————

Do I think Biden actually understands any of this? Not really.
 
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acesfull86 said:
http://gregmankiw.blogspot.com/2022/06/three-reasons-why-gas-tax-holiday-is.html?m=1

News reports say the President Biden may propose a temporary reduction in the gasoline tax, and Secretary Yellen over the weekend said the idea is "worth considering." I would say the idea is worth rejecting, for three reasons.

1) Putting more money in peoples' pockets with any kind of tax cut would increase aggregate demand. It would thereby undermine the Fed's program to get inflation under control.

2) The incidence of the tax cut would fall partly on producers rather than consumers, depending on the elasticities of supply and demand. If it is true that refiners are near capacity, as reports suggest, then supply is relatively inelastic. That means the tax reduction would mainly benefit producers.

3)Given all the externalities associated with driving (climate change, congestion, accidents), the existing gasoline tax is below the optimal Pigovian level. Reducing it would move the tax system in a less efficient direction, That is, it would encourage people to drive more, exacerbating the negative externalities.

——————

Do I think Biden actually understands any of this? Not really.
Click to expand...
I blame all of this on the West Wing and how many losers that show inspired to pursue a career in politics.
 
acesfull86 said:
http://gregmankiw.blogspot.com/2022/06/three-reasons-why-gas-tax-holiday-is.html?m=1

News reports say the President Biden may propose a temporary reduction in the gasoline tax, and Secretary Yellen over the weekend said the idea is "worth considering." I would say the idea is worth rejecting, for three reasons.

1) Putting more money in peoples' pockets with any kind of tax cut would increase aggregate demand. It would thereby undermine the Fed's program to get inflation under control.

2) The incidence of the tax cut would fall partly on producers rather than consumers, depending on the elasticities of supply and demand. If it is true that refiners are near capacity, as reports suggest, then supply is relatively inelastic. That means the tax reduction would mainly benefit producers.

3)Given all the externalities associated with driving (climate change, congestion, accidents), the existing gasoline tax is below the optimal Pigovian level. Reducing it would move the tax system in a less efficient direction, That is, it would encourage people to drive more, exacerbating the negative externalities.

——————

Do I think Biden actually understands any of this? Not really.
Click to expand...

Tax incidence, and relatedly the importance of the relative magnitudes of elasticity of supply and elasticity of demand, is one of the glories of public finance. The concepts take a little explaining to anyone who is not an economist. Chalk one up for experts and academics. Like Greg Mankiw. Who btw is overdue for his Nobel.

He's also a man of principle.

https://gregmankiw.blogspot.com/2019/10/i-am-no-long-republican.html
 
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nsacpi said:
Tax incidence, and relatedly the importance of the relative magnitudes of elasticity of supply and elasticity of demand, is one of the glories of public finance. The concepts take a little explaining to anyone who is not an economist. Chalk one up for experts and academics. Like Greg Mankiw. Who btw is overdue for his Nobel.
Click to expand...

did you see where you boy Larry Summers blamed inflation on Jan 6 protesters?
 
nsacpi said:
I'm sorry but your twitter feed is a parallel universe to which I don't have access.
Click to expand...

Here ya go.

Quite the expert!

Former US Treasury Secretary Lawrence Summers argued that Republicans who reject the severity of the Jan. 6 attack risk worsening inflation.

"If I can step out of my area for one second, I think the banana Republicans who are saying that what happened on Jan. 6 was nothing, or OK, are undermining the basic credibility of our country's institutions — and that in turn feeds through for inflation," the prominent Democratic economist said in a CNN interview on Sunday.

https://www.businessinsider.com/lar...-jan-6-attack-risk-worsening-inflation-2022-6
 
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