What do you think about with current News and Opinions?

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Something to understand what nurses think about re the Current News and their opinions!

Specializes in Med-Surg, Trauma, Ortho, Neuro, Cardiac.
48 minutes ago, nursej22 said:

Oil prices have dipped below $100 a barrel: 

https://www.cnn.com/2022/03/15/investing/premarket-stocks-trading/index.html

The pandemic is still influencing the price of oil, and thus inflation. I suppose now conservative pundits will blame this on Biden, too. 

I noticed her gas dropped by $19 a gallon the last couple of days. I do hope this continues. 

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Specializes in Med-Surg, Trauma, Ortho, Neuro, Cardiac.
3 hours ago, toomuchbaloney said:

The article made the point that we haven't had an issue with inflation for decades and then didn't even mention the worst pandemic in a century that killed more Americans than the last pandemic while it upended global economies. 

You digressed into another anti-Trump rant.  Fair enough but I want to address just what I quoted above.

At the end of the day, I won't deny that covid recovery is responsible for inflation for the most part.  

However, the article's intent wasn't to explain away inflation but just present the numbers.  I think people having to come up with an extra $300 a month is significant.  

Second while it's a world wide phenomena for sure, the US inflation rate is one of the highest in the world or it was.  Obviously this might change now that there's a war in Europe.

Japan, the world's third largest economy bucked the trend of inflation plaguing the United States.  As a country that must import 100% of it's energy they are probably going to have some problems now.  I heard gas prices rose there 22% ish?   

However, Japan, knowing they don't produce any oil for themselves, while being the 5th largest consumer of oil has been able to domestically reduce it's demand over the last couple of decades.  

https://fortune.com/2021/11/25/us-inflation-among-highest-in-world-biden-turkey-supply-chain/

https://www.economist.com/finance-and-economics/2021/11/20/the-case-of-the-curiously-quiescent-inflation-rate

https://www.fuelsandlubes.com/fli-article/japans-oil-industry-braces-for-a-much-smaller-domestic-market/

 

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13 minutes ago, Tweety said:

You digressed into another anti-Trump rant.  Fair enough but I want to address just what I quoted above.

At the end of the day, I won't deny that covid recovery is responsible for inflation for the most part.  

However, the article's intent wasn't to explain away inflation but just present the numbers.  I think people having to come up with an extra $300 a month is significant.  

Second while it's a world wide phenomena for sure, the US inflation rate is one of the highest in the world or it was.  Obviously this might change now that there's a war in Europe.

Japan, the world's third largest economy bucked the trend of inflation plaguing the United States.  As a country that must import 100% of it's energy they are probably going to have some problems now.  I heard gas prices rose there 22% ish?   

However, Japan, knowing they don't produce any oil for themselves, while being the 5th largest consumer of oil has been able to domestically reduce it's demand over the last couple of decades.  

https://fortune.com/2021/11/25/us-inflation-among-highest-in-world-biden-turkey-supply-chain/

https://www.economist.com/finance-and-economics/2021/11/20/the-case-of-the-curiously-quiescent-inflation-rate

https://www.fuelsandlubes.com/fli-article/japans-oil-industry-braces-for-a-much-smaller-domestic-market/

 

A Trump rant versus a reminder of who and what Trump is...because conservatives are trashing Biden in an attempt to make Trump look good in comparison. I can't blame people for not comprehending the difference...millions won't catch on until after the republic had been lost and they live in a Trumpian autocracy.

If the article didn't intend to explain away inflation while presenting numbers and facts then it was a bit of a failure.  IMV

A significant percentage of Americans are not at all interested in reducing their individual energy consumption or accepting any personal inconvenience during the Biden administration. Masking was a huge example of the unwillingness of the personal freedom folks to make a small sacrifice for the benefit of the majority. 

 

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7 hours ago, Tweety said:

https://www.nytimes.com/2021/10/18/business/economy/fed-inflation-stimulus-biden.html

https://www.reuters.com/world/us/exclusive-rating-agencies-say-bidens-spending-plans-will-not-add-inflationary-2021-11-17/

I guess there is no way of knowing the impact of the spending plan on today's inflation, but I don't think it's a root cause or a good talking point.

The oil situation is a bit different and a better talking point, but I don't think Biden caused gas prices to "skyrocket" and one has to sift through the rhetoric.

https://thehill.com/opinion/energy-environment/585532-bidens-renewable-energy-rush-is-making-gas-prices-skyrocket

There's also the idea that our underlying "addiction to fossil fuels" is fueling inflation.

https://www.salon.com/2021/11/17/inflation-is-accelerated-by-our-addiction-to-fossil-fuels--bidens-agenda-can-break-that-dependency/

I think there's a truth to be had on both sides.   But broken record here in that the solution lies in getting more energy in the here and now and moving towards fixing our dependence on oil period.

Here what one of Obama's top advisors says about the American Rescue Plan:

“The gamble was it would create a success that would make people want to do more,” said Jason Furman, a Harvard professor and former top economic adviser to President Barack Obama. “But it contributed to inflation that made people want to do less.”

“In some ways, that’s the biggest consequence,” he added. “It was a gamble, and they lost that gamble, and it hurt.”

Inflation hit 7.9% over the last 12 months, the highest in four decades, and Furman estimated that the rescue plan was responsible for about 2.5 percentage points."

https://www.usnews.com/news/health-news/articles/2022-03-11/biden-relief-plan-major-victory-gets-mixed-one-year-reviews

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Mixed reviews are acceptable.  

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'There’s more work to do’: Lawmakers push pandemic probe modeled on 9/11 Commission 

https://www.washingtonpost.com/health/2022/03/15/pandemic-response-oversight-congress/

Let's hope that this gets off the ground running...

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Specializes in Med-Surg, Trauma, Ortho, Neuro, Cardiac.
3 hours ago, Beerman said:

Here what one of Obama's top advisors says about the American Rescue Plan:

“The gamble was it would create a success that would make people want to do more,” said Jason Furman, a Harvard professor and former top economic adviser to President Barack Obama. “But it contributed to inflation that made people want to do less.”

“In some ways, that’s the biggest consequence,” he added. “It was a gamble, and they lost that gamble, and it hurt.”

Inflation hit 7.9% over the last 12 months, the highest in four decades, and Furman estimated that the rescue plan was responsible for about 2.5 percentage points."

https://www.usnews.com/news/health-news/articles/2022-03-11/biden-relief-plan-major-victory-gets-mixed-one-year-reviews

Thanks.  That was what I was looking for.  He seems to be a respectable source and I respect that analysis.

It's been a year, so it's good to look back and perhaps learn.  I do wonder that if a year later it's a big factor in current day inflation.  But we have to concede it was a factor in the months that followed and Machin was right.  

2 hours ago, toomuchbaloney said:

Mixed reviews are acceptable.  

Inflation aside, I ended 2021 with double digit gains in the stock market in my retirement funds and it was one of my best years in many years.   Job creation continued to rise.

It wasn't all doom and gloom.

Of course now all that's gone to hell.  My stocks, have taken a significant and I mean significant hit.  Oh well, prices are low and it's time buy.

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Specializes in Med-Surg, Trauma, Ortho, Neuro, Cardiac.
5 hours ago, toomuchbaloney said:

A Trump rant versus a reminder of who and what Trump is...because conservatives are trashing Biden in an attempt to make Trump look good in comparison. I can't blame people for not comprehending the difference...millions won't catch on until after the republic had been lost and they live in a Trumpian autocracy.

If the article didn't intend to explain away inflation while presenting numbers and facts then it was a bit of a failure.  IMV

A significant percentage of Americans are not at all interested in reducing their individual energy consumption or accepting any personal inconvenience during the Biden administration. Masking was a huge example of the unwillingness of the personal freedom folks to make a small sacrifice for the benefit of the majority. 

 

I think the tides may be turning on Trump, especially when it comes to Ukraine and Russia.  He's increasingly being scrutinized.

https://www.politico.com/news/2022/03/15/2024-republicans-trump-shadow-00017212?fbclid=IwAR0mDNG0EkY5P_2qBA-ZVjbhTu9E3aZagjCldgGsW4G57wJD2KR3pg69glE

I agree that Americans have little tolerance for inconvenience.  I see this every day in entitled patients.  

To answer my question above about whether the past stimulus package is relevant now.  It seems energy more than anything else is the current driver. Although Biden is taken the heat and blame for high energy prices.  

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Most of the February price increase came on the back of higher energy costs. Global oil prices spiked at the end of February as Russia invaded Ukraine. Since the start of the year, US oil prices have risen nearly 30%.

Nearly 40% of the February price increase for finished products were due to higher gas prices, for example. Outside of energy, cars and trucks and dairy products also got more expensive.

Prices for products sold to other businesses, such as parts, also rose -- mostly due to energy costs.

Thus, stripping out energy costs paints a much more restrained picture of producer price inflation.

US consumer sentiment fell more than expected

Without energy, food and trade services, PPI rose a modest 0.2% in February -- markedly less than in January and the lowest level since November 2020 -- and 6.6% over the 12-month period, also a decrease from the start of the year.

That said, the energy price crunch won't go away any time soon, as the geopolitical situation isn't showing any signs of letting up.

https://www.cnn.com/2022/03/15/economy/us-producer-price-index/index.html?fbclid=IwAR1Vk9kpUJ_2VPMjauBMsNeQPHwlATBCJMWQTJGwbMUenM-pbj-P7R-GQLM

 

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In a potentially bit of good news, the increase in so-called core wholesale prices rose a scant 0.2% to mark the smallest advance in 15 months. Stocks rose in Tuesday trades partly in response to a lower core rate.

https://www.marketwatch.com/story/u-s-wholesale-inflation-surges-again-and-jumps-10-in-past-year-11647348016?fbclid=IwAR3u5iV5kE9bQ7yXnouJkOKU0P5FpWhbbtYS2ydzke9V8KBGv_ws_xcKvd8

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Specializes in Vents, Telemetry, Home Care, Home infusion.

When I started driving in 1970, gas was .25 cents/gallon in my Philadelphia suburb --we had 3 refineries in the area. When I graduated in 1973,  OPEC oil embargo started, with gas then .59 cents--more than doubled.

In the year 1970, the average retail price of gas was $0.36. This is equivalent to $2.49 in 2021 dollars with inflation which I paid due to my Shell discount, Tried to get gas there 2weeks ago, up to $3.99; cheaper at Gulf.   This week paid $4.25 @ Exxon--full tank cost $70.00. 

1970 Gas Price in Today's Dollars - DollarTimes.

Gas Prices Through History

The fluctuations are dizzying...

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....The most famous and impacting shock to the oil economy that’s often spoken about is the energy crisis of the 1970s. OAPEC (the Organization of Arab Petroleum-Exporting Countries) shattered policy-makers’ assumptions about their reliance on American trade, and prices shot up from $3 to $12 per barrel. For the average American, drivers went from paying $0.36 per gallon at the pump in 1970 (which is equal to about $1.72 per gallon in today’s dollars) to $1.19 per gallon in 1980 (which is equivalent to about $2.95 per gallon).

In the late ’70s and early ’80s, there was a massive global recession. Unemployment spiked to 9% from 5.1% in 1975. In 1982, it reached its peak at 10.8%, the highest since the Great Depression. Banks and loan companies struggled to get a handle back on the economy. “Reagan’s Recession” also affected other countries, like Japan, which suffered a great deal during that time and famously suffered a huge homelessness problem.

 

Now my investments up 30% over past year, so doing OK.

You tube Prepper community in a tizzy over inflation, gas prices and food shortages with eldest son parroting them while Chef son unfazed --no true food shortage plenty available, just periodic shortage few items per him.

Lived through these cycles before--- refuse to have 55 gallon water barrel in basement ( that amt. in hot water heater) nor need Faraday cage for electronics or underground bunker in home undergoing total 1st floor renovation.  Did buy Potassium iodine pills as Summer camp 10 miles from nuclear power plant --and eased sons nuclear war concern.

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Specializes in Med-Surg, Trauma, Ortho, Neuro, Cardiac.
7 hours ago, NRSKarenRN said:

Now my investments up 30% over past year, so doing OK.

Okay I need to talk to your investor and fire mine.  That's beyond "so doing OK".  That's amazing in this current market.   I did very well in 2022.  He last month, not so well so much of the gains of 2021 are wiping out.

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I find it refreshing that Democrats and Republicans can come together on something.  Hopefully Ms. Pelosi and Mr. McCarthy con bring the house together on this as well.

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The Senate on Tuesday approved a proposal to make daylight saving time permanent, which if passed in the House and signed by President Biden, would mean Americans would never again have to set their clocks back an hour and lose an hour of afternoon daylight in the fall and Winter.

[...]

Senate unanimously approves making daylight saving time permanent  

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27 minutes ago, chare said:

I find it refreshing that Democrats and Republicans can come together on something.  Hopefully Ms. Pelosi and Mr. McCarthy con bring the house together on this as well.

Senate unanimously approves making daylight saving time permanent  

We are celebrating here in Alaska.  It's not clear why this state ever participated in that craziness. 

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