Biden drained US Oil Reserves and Shot Debt up by 5 Trillion - IE - Bidenomics

[BobRyan]

Biden drained strategic oil reserves to the lowest - since 1984

Fact-check: Is US emergency oil reserve at lowest level since 1984?

PolitiFact Texas looked into whether the Strategic Petroleum Reserve is at its lowest level since 1984.

www.statesman.com

Biden added 5 Trillion to US debt to help with his admin
Biden spiked National Debt up by 5 Trillion

Thank you "Bidenomics".

America now has a chance to say "Thank you , may I please have another?"

===========================

Under the Trump Admin - US unemployment hit a 50-year low of 3.5 percent in December 2019.
The price of gasoline has been rising fairly consistently since the end of April 2020, when it was selling for $1.77 a gallon, the lowest weekly price under Trump

 

[BobRyan]

In other words - we should think twice before "asking for a second helping" of Bidenomics.

 

[BobRyan]

The reason why the gas bill went up $100 dollars last month is because of shrinkflation?
Or maybe global warming?
Or junk fees.
Or not enough taxes on corporations
Or too low minimum wage.
Enquiring minds would really like to know.

Or not enough wind farms
OR not enough solar flares
Or not enough water powered cars

Or not enough people driving the $200,000 Tesla electric car.

 

[JosephZ]

Under the Trump Admin - US unemployment hit a 50-year low of 3.5 percent in December 2019.

Unemployment dropped to a 50 year low of 3.4% in January 2023 and again in April 2023.

The price of gasoline has been rising fairly consistently since the end of April 2020, when it was selling for $1.77 a gallon, the lowest weekly price under Trump

The President of the United States doesn't control gas prices. Gas prices are dictated by oil prices and oil prices are dependent upon supply and demand on a global level.

 

[JosephZ]

Biden added 5 Trillion to US debt to help with his admin
Biden spiked National Debt up by 5 Trillion

• During Donald Trump’s whole presidency, the U.S. national debt increased by $8.18 trillion, a percentage increase of 40.43%. This is less than Barack Obama (69.98%) and George W. Bush (105.8%). However, Donald Trump was in office for only 4 years compared to 8 years for both Barack Obama and George W. Bush.

 

[QvQ]

Or not enough people driving the $200,000 Tesla electric car.

My brother bought one.
He doesn't drive it much anymore.
It is parked in the garage hooked up to the charger most of the time.
He has an old gasoline powered truck he can rely on that he drives.
Buyer remorse...you bet!

 

[QvQ]

Trump added 8.4 trillion.

For 4 years.
The debt is increasing $1 trillion dollars every 100 days.
Biden's increase, by the end of 2024 abt $9 trillion

Also part of the debt during Trumps term was Covid, $3.6 Trillion
So Trump's debt was $4.8 Trillion

What this mean is that 4 more years of Biden = $14.6 trillion
It keeps increasing as those trillions are borrowed so the interest is compound so to speak.

 

[JosephZ]

Biden's increase, by the end of 2024 will be equal to or more than Trump's.

Time will tell.

 

[QvQ]

Time will tell.

Time is a factor.
Trump had an outstanding record on job creation and unemployment, then Covid.
That one year changed the final numbers.

There were more layoffs in February 2024 than in February 2009.
The final numbers for Biden to compare to Trump must be 4 years.
Biden is on track for a very bad track record.

 

[Yeshua HaDerekh]

Biden is on track for a very bad track record.

and we do not need another 4 years of that!!!!!!!!!!!

 

[JosephZ]

Trump had an outstanding record on job creation and unemployment, then Covid.

Not really.

Employment had increased by 6.8 million since January 2017, and the unemployment rate had fallen to a 50-year low. But those pre-pandemic job gains were “right in line with what had occurred in the six years leading up to when Mr. Trump became president,” said Jay Bryson, chief economist at Wells Fargo & Co.

Job growth was slightly slower in Trump’s first three years before Covid than it was during the last three years of the Obama administration, when the economy added 2.7 million jobs a year on average. Under Trump, that average was 2.2 million...


Trump’s job growth falls short of Obama’s last three years

Over 31 months Obama added 1.5 million more jobs than Trump

Trump entered office on January 20, 2017 so starting with February 2017 he has been President for 31 months. Total job growth during that time has been 5.345 million or 172,000 per month with those results being helped by the tax cut.

Working back from January 2017, Obama’s last month in office, there had been 6.838 million jobs added or 221,000 per month. The difference for the 31 months is 1.493 million or 48,000 more per month than Trump.



The job deficit created by the pandemic was erased by June 2022. There were 2,697,000 million jobs added in 2023, for an average of 224,800 per month, which is higher than any of the three years under Trump pre-pandemic. So far, 2024 has seen 229,000 jobs added in January and 275,000 added in February. February also marks the 25th consecutive month that the unemployment rate has been below 4%, which is the longest stretch in more than 50 years.

There were more layoffs in February 2024 than in February 2009.

It was the highest total for the month of February since 2009, although on a year-to-date basis cuts so far in 2024 are down 7.6% from the same period last year.

 

[QvQ]

o far, 2024 has seen 229,000 jobs added in January and 275,000 added in February. February also marks the 25th consecutive month that the unemployment rate has been below 4%, which is the longest stretch in more than 50 years.

There were 200,000 jobs created in February 2024
Those jobs were Government jobs or food service.
Manufacturing lost jobs

That is the difference.
That is the $1 trillion every 100 days increase in National Debt

Trump's job creation was in the private sector. Obama and Biden is government.

 

[JosephZ]

There were 200,000 jobs created in February 2024
Those jobs were Government jobs or food service.

The U.S. labor market showed continuing strength in February through broad job creation of 275,000, with one sector leading the charge.

Health care and social assistance saw the largest hiring gains of 90,700 jobs, according to the Bureau of Labor Statistics. The sector got a boost from sharp gains in hospital and ambulatory health-care services...

Ambulatory health care services (+28,000), hospitals (+28,000), and nursing and residential care facilities (+11,000) added jobs.

There were 52,000 government jobs added which includes teachers, firefighters, police officers, correctional officers, mail carriers, and librarians to name a few. These are decent paying jobs with excellent benefits.

Employment in food services and drinking places increased by 42,000, after changing little over the prior 3 months.

Manufacturing lost jobs

In February, manufacturing employment changed little (-4,000).

The manufacturing 1-month diffusion index rose by 3.4 to 57.6 in February. A number above 50 indicates that more manufacturing industries are adding jobs than are losing jobs.

 

[QvQ]

Health care and social assistance saw the largest hiring gains of 90,700 jobs, according to the Bureau of Labor Statistics. The sector got a boost from sharp gains in hospital and ambulatory health-care services...

Ambulatory health care services (+28,000), hospitals (+28,000), and nursing and residential care facilities (+11,000) added jobs.

There were 52,000 government jobs added which includes teachers, firefighters, police officers, correctional officers, mail carriers, and librarians to name a few. These are decent paying jobs with excellent benefits.

Employment in food services and drinking places increased by 42,000, after changing little over the prior 3 months.

Those jobs are Government Operating Expenses $34.4 trillion
The GDP is $27 trillion so taxes are not the answer.
We will not be able to afford the interest on the debt.

Biden is the Patron Saint of Government Spending. Any problem can be solved. Just print more money. Pass more spending bills.
No one knows where this is going to end as traditional models were based on debasement. What is there in the dollar to debase?
Whether the debt is sustainable is the question.
This is where other countries have nationalized the economy.
Every one works for the government. The government owns everything.