US bankruptcy filings surge in first half of 2023

You are welcome. Incidentally did he ever say that or is it just a leftist opinion?

 

So , Trump and 26 republican Gov did shut down the country and as a result we have inflation today. I just want to make sure we got the fact straight.

Biden was a privet citizen in 2020 and had no power to shut down anything. Biden is not to blame for inflation but Trump.

I am glad we got the fact straight.

 

The fact is that I and pretty much every Democrat ( and I assume you), supported lockdowns, and in many cases felt they should have been done faster and harder.

So you can't blame a party for the lockdowns, and it's pathetic to try to do so.

No one is going to take your attempt to score a point seriously.

 

Apparently, you do not understand how inflation works. During Covid it was the CDC that recommended all the masks and shutdowns and isolation. Many states followed the guidelines, and some didn't. Inflation during that period was only about 2%. It wasn't until after that, when it was realized, the CDC was wrong. People started getting back to their lives. They started spending and buying things, eating out, taking vacations. That added to a robust economy which demanded more energy. Unfortunately, we had a new President who shut down pipelines and canceled leases for future oil production and gas production. Energy costs skyrocketed, which in turn, was passed on to the consumer. New spending programs passed in Congress had finally broken the bank. The only recourse was for the Federal Reserve to start raising interest rates. They are not done yet, but, those near the bottom of the economic curve are showing strong weakness in their ability to pay their debts. Next year plan for a recession. Will it be a soft one or a hard one? This time around the government will not be in position to dole out free money for those in need. So, I think it will very chaotic Do not be surprised if the government stops making coinage and every person will be given an account number with all purchases recorded and money inflow
recorded. Taxes will be deducted from each persons account. The IRS has already said that they hope to do away with paper filing by 2025. I would not be surprised to see gold go to 2500 - 3000 and silver 65 - 75. This is almost a given if the Democrats win in 2024 but only slightly better if the Republicans win.

 

Fair enough. Then can we agree it is not Biden’s fault either?

Not only in America but worldwide the shutdown created a domino effect in economy. Many small businesses not only in America but around the world shut down during pandemic and never survived. Even when everything opened up , demand skyrocketed overnight but there was not enough supply. Those businesses which closed during pandemic didn’t get replaced by new business immediately. This is part of the problem contributed to inflation. Earlier this year I was in a conference talking to group of people from south east Asia. Every country in southeast Asia are developing country. They were saying they have been noticing shortage of experience professional after the pandemic. Many, many “close to retirement age” professionals who can afford financially left the workforce which created a vacuum of experience professionals. No amount of education, training will replace 35 years’ experience. This is the story around the world since pandemic. I have seen similar situation the company I work for. Many people who are in their 60s left the work force. They just didn’t want to deal with the remote/ work 3 days from office schedule. Many of them had the habit of coming to work and work 7-4 pm for 30= years and now company says “ work 2 days from home 10 hours, 2 days from office and Friday early day off blha blha..” and they are like “ hell with this..” .

Unfortunately, republican wants to ignore everything and blame Biden.

 

I never said it was Biden’s fault. I think he’s done a great job.

 

Apparently you don’t understand something. The pipeline which Biden shut down was gong to take another 4-5 years to come online. So that didn’t contribute to gas price hike. But as a republican blame Biden for a pipeline which will not be in production for next 5 years

Biden also “ canceled lease of future oil production” . again that didn’t contribute to any thing because there are more then 5k lease sitting in oil companies hand to drill oil, but they are not drilling because oil is too cheap. Biden canceling future lease or not cancelling future lease doesn’t change a thing. Oil company will not invest billions and billion in new drilling because any gas price under $3.50 is not profitable.

But as a talking point from conservative media – blame Biden.

 

The price of oil today is the same as it was in September of 2007, and that's not even adjusted for inflation.

 

Bankruptcy filings. Just my observation, but people don’t file bankruptcy until things start to improve. It’s counterintuitive, but maybe it’s because they have something to protect.

 

What’s going on now is NOTHING compared to what happened under Trump. You understand that a wall preventing people from entering wouod have already done wonders? Anyone attempting to bypass it..instantly get tossed back over. Eventually starvation and dehydration will solve a lot of their problems.

 

We were exporting oil when Trump left office but now, we buy low grade oil from overseas which contributes to more pollution. As for oil production, the regulations that one has to go through makes those leases useless. I feel lucky because I shop at a supermarket where I get a $1.00 off each month on gas. Yet I'm still paying 2.79 Gal. which is cheap compared to other parts of the country. When Trump left office, I was paying around $1.99 a Gal. Why would a oil company want to explore for more oil when at the whim of politicians, they may be shut down at any time.

The headlines I've been reading don't bode well for those in power right now. When people cannot afford to pay for fuel to go to work, have to resort to eating Ramen noodles and soup because they cannot afford meat, have to forego some prescriptions because they have hit the donut hole, are maxing out their credit cards hoping to stay afloat week to week, but worse of all have to look their kids in the eye and tell them they will have to do with what they have because there is no extra money. You read every day about this company and that company laying off thousands of high paying jobs, and you wonder, is my job safe? In my own city we cannot even get enough drivers to haul away our trash which we pay the city to do through fees. Restaurants now add a 17% - 20% fee on their bills before you even order your meal to cover the extra cost of bus boys and kitchen staff, this on top of the 10% city food tax. Panhandlers are on just about every corner where there is a light or an entrance to a store or mall. Homelessness is becoming a real thing, not just for the mentally ill and addicts, but for families who no longer cannot afford the rent.

We have become a society of lazy blind blamers, uninformed, uneducated, in different and hardened against what is going around us. Yet we keep electing the same people who are feeling no pain, but, know how to play the blame game which pits us all against each other. Anyone who has ever taking typing class should remember the first thing they tried to teach us "Now is the time for all, good men and woman, too come to the aid of our country".

 

We could just have armed drones kill anyone who crosses illegally.

 

Or just have “good guys with guns” mow them down. Because that’s the moral thing to do.

 

Most of MAGA would support a policy of killing people who cross illegally. They just need someone with the balls to propose it.

 

Now you completely went to different topic.

Your claim Biden administration put restriction on oil company and that made gas price high. As I have said suspending Keystone pipeline has zero impact in oil price. The pipeline wouldn’t be operational for another 5-6 years. Suspending new lease has zero impact on oil price , because getting oil out of a new lease takes 5-7 years.

It is true the highest oil production in US history was under Trump. February 2020 US crude oil production was the highest 12,850 thousand barrel per day , in August 2023 it is 12,275 thousand barrel a day.

107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.

Over 100 oil and gas companies went bankrupt in 2020 - OGV Energy

This contributed to oil production in US not Biden’s restriction in pipeline or new lease.

But these are the facts. Conservatives has no interest in facts but blame Biden for oil price.