I’m sure Joe will be laser focused on fixing it, right?
In case anyone thought that sky-high inflation would be easy to control this year, Bank of America has some bad news for you.
“The inflation genie is out of the bottle,” researchers at the bank wrote in a Wednesday research note, adding that it could be a long time before it goes back to normal.
The team of analysts, led by Athanasios Vamvakidis, studied cases of inflation in advanced economies above 5% from the 1980s to 2000s. They found that on average it took 10 years to bring inflation down to 2%.
“The consensus still expects G10 inflation to drop to 2% by 2024, but we are concerned it could take longer,” analysts wrote.
They added that with formidable rates around the world—the U.S. year-over-year inflation rate is at 8.3%, while the UK’s is at 9.9%— central banks around the world are “not in full control” of inflation, and wrote that policy tightening has its limits.
I’m sure Joe and the Democrats will pass legislation that will totally help the situation, right? Or, they could let in more migrants who deflate earnings while the cost of living goes up
The analysts did not give an exact timeline for when they believed U.S. inflation could be brought under control. But out of the two possible scenarios—either positive a “soft landing” for the economy if interest rates go down, or a negative “hard landing” if they continue to increase and the Fed is forced to continue to raise rates—the researchers offered an ominous prediction.
“Our baseline is the positive scenario, but risks for the negative scenario are increasing, in our view,” the team wrote, adding that the rest of the year’s inflation data would help them decide which scenario would unfold.
I don’t want to hear any Biden voters, nor the “Republicans” who were Never Trumpers, complain. This is on you.
Oh, and the Democrats, along with some idiot Republicans, are not helping
(AP) In a major action to address climate change, the Senate on Wednesday ratified an international agreement that compels the United States and other countries to limit use of hydrofluorocarbons, highly potent greenhouse gases commonly used in refrigeration and air conditioning that are far more powerful than carbon dioxide.
The so-called Kigali Amendment to the 1987 Montreal Protocol on ozone pollution requires participating nations to phase down production and use of hydrofluorocarbons, also known as HFCs, by 85% over the next 14 years, as part of a global phaseout intended to slow climate change.
The Senate approved the treaty, 69-27, above the two-thirds margin required for ratification.
In normal times, this wouldn’t be a problem, but, now, this will significantly raise the cost of air conditioning and anything remotely involved.
So a ‘genie’ causes inflation? Is the same BOA that received a $20 billion bailout and $100 billion guarantee during the Bush Great Recession?
The world has been through a lot of shit in the past few years. A global pandemic. A wrecked global supply chain. An increasingly erratic Russian madman. China is beset with economic problems (lockdowns, supply chain, housing). We have a MAGAt-destabilized USA. All on top of global warming.
Sorry, child, wrong again. The ones doing the destabilizing are the ones in power.
Aw, let him whine.
It’s what Rimjob does best.
Sound like someone we know?
Mumbles McShitpants: “Where am I?
Where do I go?”
https://twitter.com/SteveGuest/status/1572702418407919616
Quoting the Bible to dowd is like giving a Muslim a bacon cook book.
Have another snort, Alky. All you putz’s can do is deny facts.
Donald Q Trump gave a sizable minority of bigoted, ignorant Americans hope for a nice, white, christian authoritarian America.
And the replacements will be more expensive and less efficient. All to (theoretically) prevent a miniscule change of the planet’s temperature.
Actually, that was to prevent ozone depletion. You haven’t heard about that for a few decades because it didn’t happen… even though most of the world still used HFCs for refrigeration and HVAC. So “they” switched to climate change since it would never need any proof to claim catastrophe is imminent.
You haven’t heard about ozone depletion for a few decades because it didn’t happen! LOL. And why did ozone depletion slow and stop? Any guesses?
Here’s another unexplainable science mystery! Smallpox used to be a scourge but now just disappeared, and hardly anyone ever talks about it now.
And remember all that talk about acid rain? People stopped talking about it because it just stopped happening.
Anyway, global warming (and stratospheric cooling!) likely helps to slow ozone depletion. The irony!
Ozone hole is still there, only now over the pole and associated with melting ice. Big deal. We didn’t cause it and certainly can’t fix it.
Acid rain still there, still associated with sulfur products, I know as I measure it’s effects on my pool.
Climate change is real, been present for ever. Not associated with the carbon god.
President Ford was bedeviled by inflation, and the ‘misery index,’ the inflation rate plus the unemployment rate, helped to get President Carter retired after a single, miserable term. Inflation was finally beaten, in the early 1980s, but only after a deep recession in 1981-82.
With a 1.6% gross domestic product contraction in the first quarter, followed by a 0.6% contraction in the second, the US met the normal definition of a recession, but the Biden Administration and its willing sycophants in the credentialed media said that no, that definition didn’t really apply, and that we weren’t in a recession.
The latest guesstimates from several sources put together by the Federal Reserve Bank of Atlanta is for a very small amount of GDP growth for the third quarter, 0.3%, but if they’re off, and it’s a 0.1% contraction, will the left finally admit it is a recession?
Our esteemed host concluded:
Air conditioning? Air conditioning? You peons won’t be allowed to have air conditioning, which will be reserved for Our Betters, especially as the government takes control of your thermostats!
But the distinguished Mr Teach kind of missed it: the heat pumps that the
global warmingclimate change activists want us to use for heating, getting rid of all of those evil natural gas furnaces, use those same refrigerants as part of the heat extraction from outside air to heat our homes as well as cool them. Heat pumps are already somewhat strained to provide sufficient heat when outside temperatures dip into the teens and below, and any switch to a less efficient refrigerant will only exacerbate that problem. Less efficient refrigerants would be less of a problem with geothermal heat pump systems, but those are much more expensive to install, and are limited by whether you have sufficient property in which to install the systems.That becomes even more of an issue, when we consider that the
global warmingclimate change activists all want us to move into more densely populated urban areas, because It’s For Our Own Good, but as they want to restrict property sizes, they are concomitantly restricting the available land for the installation of geothermal heat pump systems.No one NEEDS air conditioning. Enlightened places like Malibu, Sweden and Germany don’t have AC and they are just fine. Only wasteful greedy Americans need AC.
More, if we are required to switch to less efficient refrigerants, then heat pumps will have to run longer to provide the same amount of heating and cooling, meaning more natural gas or coal being burned at the power plants!
Desire for the South to secede again. Just eliminate air conditioning.