Uncle Joe

[dolomite]

Egg prices have begun to decline since hitting its peak average price of $4.82 in Jan. 2023. As of October 2023, the average cost of a dozen Grade A eggs is $2.07, according to data from the U.S. Bureau of Labor Statistics, retrieved from the Federal Reserve Bank of St. Louis, or FRED.

This go here?

https://apnews.com/article/egg-producer ... 046d0f2c9d

Fully acknowledge that this lawsuit covered a different period, but.

From Oct 4, 2023: Cal-Maine's Profit Plunges 99% as Egg Prices Slump

(Cal-Maine being one of the co.s involved in the price-fixing lawsuit in your link.)

LOL if someone thinks Joe Biden is responsible for the increased supply of eggs.(I.e. the reason for lower egg prices)

[dolomite]

There are many reasons for lower gasoline prices. What would we do without the government to regulate the supply? (I believe to be a bigger factor than demand)

[zsn]

LOL if someone thinks Joe Biden is responsible for the increased supply of eggs.(I.e. the reason for lower egg prices)

LOL if someone thinks Joe Biden is responsible for the decreased supply of eggs.(I.e. the reason for higher egg prices)

But morans do moran things……..

[jfish26]

I believe I read this morning that domestic oil production is higher now than at any time during the Trump presidency, and is something like 250% of its highest level during the Obama administration.

"Drill, baby, drill" isn't the issue. "Refine, baby, refine" is.

[zsn]

Big Oil didn’t build a single new refinery in several decades, in order to keep the capacity low and prices high. Of course, blaming environmental regulations is a convenient red herring.

[jfish26]

Big Oil didn’t build a single new refinery in several decades, in order to keep the capacity low and prices high. Of course, blaming environmental regulations is a convenient red herring.

It’s only a convenient red herring because passing along costs to consumers, and letting consumers choose what to buy and do - you know, a market - is not something the industry is willing to even CONSIDER.

And the reason for that is very much a both-sides thing. Both sides have made conscious decisions for the government to effectively subsidize gas prices to the point that consumers don’t even realize they’re not paying market rate.

[zsn]

Oh, it’s “market rate” alright - but only because the market has been manipulated beyond recognition!

[Overlander]

Big Oil didn’t build a single new refinery in several decades, in order to keep the capacity low and prices high.

This.

It was predicted 20 years ago that this would be the case.

[twocoach]

Big Oil didn’t build a single new refinery in several decades, in order to keep the capacity low and prices high. Of course, blaming environmental regulations is a convenient red herring.

From a business standpoint, why would they spend tens of millions of dollars to drive the cost of their own product down? I get why they don't; it's because they don't have to. They are making record profits and Republicans are shielding them from any consequences of their self-serving policies and actions/inactions.

[pdub]

By most standard measures, the American economy is going gangbusters. GDP grew at a nearly 5% annualized pace in the third quarter, the best since late 2021. Unemployment sits at just 3.9%. Inflation, which had peaked at a 7.5% annual rate in January 2022, has fallen to 3.2%. Joe Biden can trumpet the fact that just under 14 million jobs have been created since he took office, a record for an American president. Over the comparable period in Donald Trump’s term — before the Covid-19 pandemic — fewer than 6 million jobs were created.

And people are certainly acting like the economy is good: Consumer spending is strong, and Americans are starting new businesses at the highest rates since the Census Bureau began tracking this data in 2006. Yet when pollsters ask people how they think the economy is doing, they don’t just express concern. They say the economy is terrible.

Every day, more ink is spilled exploring this “disconnect,” this “mystery,” this “puzzle.” Many of the factors analysts suggest as they try to explain are perfectly reasonable, and probably contribute to dim views of the economy. But most of the time, the most obvious and important explanation is overlooked: The polling data doesn’t show that Americans think the economy stinks so much as it shows that Republicans say it stinks.

It’s hard to know whether Republicans actually believe this. But it’s beyond doubt that partisanship plays a key role in what people tell pollsters about the economy.

Some partisanship has always existed in polling about the economy: When there’s a Democrat in the White House, Democrats are more likely to say the economy is good than Republicans, and both sides change their opinions when the White House changes hands. But this difference has grown in recent years — and grown unequally. A pair of economists who examined decades of polling data concluded, “While both Republicans and Democrats view the economy more favorably when their party controls the White House, the magnitude of this partisan bias is roughly two and a half times larger for Republicans than for Democrats.”

Sorry.
I don’t buy this.
Jobs in my field and related have been hiring but at lower salaries. Raises have been frozen for years. Lay offs have been abundant. Freelance work is set at cheaper and cheaper prices. Everything is more expensive and I’m not saving as much as I used to despite earning more.

I hate the GOP in its current iteration.
This angle of “the economy is great” blame the pubs doesn’t do it for me.

The economy as they are measuring it might be robust, it means little to most of us.

[randylahey]

The economy is heading in the wrong direction and we all know it. EVERYTHING is more expensive that it was not long ago. Has anyone been Christmas shopping yet? Costs of basic things like clothes etc are way up

[randylahey]

Let's skip the blame game of dems/pubs. The 2 party system is what is fucking over our economy. Irresponsible government spending is causing inflation and it might be intentional

[twocoach]

The economy is heading in the wrong direction and we all know it. EVERYTHING is more expensive that it was not long ago. Has anyone been Christmas shopping yet? Costs of basic things like clothes etc are way up

Everything is always more expensive than it was a few years ago. It has always been that way. Have some companies exploited the pandemic to squeeze out competition and better manipulate the markets so they can screw the American public and make record profits in the last few years? Yes.

[randylahey]

The economy is heading in the wrong direction and we all know it. EVERYTHING is more expensive that it was not long ago. Has anyone been Christmas shopping yet? Costs of basic things like clothes etc are way up

Everything is always more expensive than it was a few years ago. It has always been that way. Have some companies exploited the pandemic to squeeze out competition and better manipulate the markets so they can screw the American public and make record profits in the last few years? Yes.

Yes. Since the creation of the Fed, varying levels of inflation has pretty much been a constant. And the dollar continues to lose its value

[randylahey]

But does that mean inflation is good or necessary? No

If you compare the inflation of housing, groceries, tuition etc to the inflation of salaries/wages.... it's pretty grim. And we all know it

[jfish26]

(It is well-settled that, for reasons that go beyond tweet-length, modest (but real) and stable inflation is a good and necessary thing.)

[MICHHAWK]

By most standard measures, the American economy is going gangbusters. GDP grew at a nearly 5% annualized pace in the third quarter, the best since late 2021. Unemployment sits at just 3.9%. Inflation, which had peaked at a 7.5% annual rate in January 2022, has fallen to 3.2%. Joe Biden can trumpet the fact that just under 14 million jobs have been created since he took office, a record for an American president. Over the comparable period in Donald Trump’s term — before the Covid-19 pandemic — fewer than 6 million jobs were created.

And people are certainly acting like the economy is good: Consumer spending is strong, and Americans are starting new businesses at the highest rates since the Census Bureau began tracking this data in 2006. Yet when pollsters ask people how they think the economy is doing, they don’t just express concern. They say the economy is terrible.

Every day, more ink is spilled exploring this “disconnect,” this “mystery,” this “puzzle.” Many of the factors analysts suggest as they try to explain are perfectly reasonable, and probably contribute to dim views of the economy. But most of the time, the most obvious and important explanation is overlooked: The polling data doesn’t show that Americans think the economy stinks so much as it shows that Republicans say it stinks.

It’s hard to know whether Republicans actually believe this. But it’s beyond doubt that partisanship plays a key role in what people tell pollsters about the economy.

Some partisanship has always existed in polling about the economy: When there’s a Democrat in the White House, Democrats are more likely to say the economy is good than Republicans, and both sides change their opinions when the White House changes hands. But this difference has grown in recent years — and grown unequally. A pair of economists who examined decades of polling data concluded, “While both Republicans and Democrats view the economy more favorably when their party controls the White House, the magnitude of this partisan bias is roughly two and a half times larger for Republicans than for Democrats.”

spam.

[jfish26]

By most standard measures, the American economy is going gangbusters. GDP grew at a nearly 5% annualized pace in the third quarter, the best since late 2021. Unemployment sits at just 3.9%. Inflation, which had peaked at a 7.5% annual rate in January 2022, has fallen to 3.2%. Joe Biden can trumpet the fact that just under 14 million jobs have been created since he took office, a record for an American president. Over the comparable period in Donald Trump’s term — before the Covid-19 pandemic — fewer than 6 million jobs were created.

And people are certainly acting like the economy is good: Consumer spending is strong, and Americans are starting new businesses at the highest rates since the Census Bureau began tracking this data in 2006. Yet when pollsters ask people how they think the economy is doing, they don’t just express concern. They say the economy is terrible.

Every day, more ink is spilled exploring this “disconnect,” this “mystery,” this “puzzle.” Many of the factors analysts suggest as they try to explain are perfectly reasonable, and probably contribute to dim views of the economy. But most of the time, the most obvious and important explanation is overlooked: The polling data doesn’t show that Americans think the economy stinks so much as it shows that Republicans say it stinks.

It’s hard to know whether Republicans actually believe this. But it’s beyond doubt that partisanship plays a key role in what people tell pollsters about the economy.

Some partisanship has always existed in polling about the economy: When there’s a Democrat in the White House, Democrats are more likely to say the economy is good than Republicans, and both sides change their opinions when the White House changes hands. But this difference has grown in recent years — and grown unequally. A pair of economists who examined decades of polling data concluded, “While both Republicans and Democrats view the economy more favorably when their party controls the White House, the magnitude of this partisan bias is roughly two and a half times larger for Republicans than for Democrats.”

spam.

Go on. Please elaborate on the sampling or analytical error(s) that make the economists’ conclusion false.

[KUTradition]

psa:

when someone says something akin “everyone knows it”, odds are its veracity is questionable at best

[jfish26]

psa:

when someone says something akin “everyone knows it”, odds are its veracity is questionable at best

I think it is absolutely, 100% true that the nature of big numbers is that, if the big numbers describe a particular phenomenon, you would not expect that phenomenon to be precisely uniform at all data points; we’re essentially talking, with inflation (or CPI, whatever), about a line of best fit. An imperfect but useful way of taking a very very very zoomed out snapshot.

But there is something precious about MICH more or less validating the study in question (which suggests Rs carry even more partisan bias on this subject than Ds) by saying the economic data is wrong because trust me.