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The Economy: Joe Biden vs. Jimmy Carter – Jimmy Wins?

The Economy: Joe Biden vs. Jimmy Carter – Jimmy Wins?

A new CNN poll has found that Biden has a 44% approval rating on his economic rating, versus a 55% disapproval. In fact, an average of polls in December give Biden an average of -13% net approval on his economic performance. This was worse than any of his predecessors. Jimmy Carter’s worst approval rating was a net -8%.

So let’s see if we can understand why. Jimmy Carters’s economy experienced massive inflation because of an oil shock that started when Iranian oil workers went on strike. It hit 11% in 1979 and nearly 14% in 1980. He was not a good president (in my opinion) but this was largely out of his control.

Biden’s inflation and other economic problems are of his own making. We no longer are energy self-sufficient, specifically because of Biden’s initial executive orders regarding oil production in the U.S. Biden’s passage of expensive and unnecessary spending packages ensures that inflation will be sustained and much worse.

And worst of all, the excess payments to workers to keep them home and away from COVID has produced a massive shortage of labor, creating a loss of productivity, which in turn means that there are fewer products to be bought. Inflation will keep going up.

Our supply chain problems are a direct result of political decisions, they were not an imbalance that no one foresaw. In fact, pretty much everyone saw this coming.

The Biden Administration, and Janet Yellen, Secretary of the Treasury and former Chairman of the Federal Reserve are claiming that inflation can be controlled. Yellen is planning interest rate increases in the next year, which is the normal method to control inflation. The economy slows, people buy less, and the demand for goods slows to the point where the prices don’t rise.

The problem however is that the national debt is now so large that any increase in interest rate will put a massive burden on the Federal Government and push our deficit spending beyond our ability to raise revenues from taxes. This will not only not control inflation, but it will also propel inflation rates higher. And our economy is not booming, our productive resources are not engaged, and these artificially suppressive productive resources are demanding goods that are caught in transportation delays.

Ladies and Gentlemen, we are screwed.

https://www.newsmax.com/us/jimmy-carter-economy-pandemic-covid-19/2021/12/21/id/1049573
https://www.foxbusiness.com/politics/inflation-crisis-joe-bidens-vs-jimmy-carters
https://www.cnn.com/2021/12/21/politics/joe-biden-jimmy-carter-economic-ratings/index.html
https://www.cnn.com/2021/12/15/politics/cnn-poll-economy/index.html

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21 Comments

  1. frank stetson

    Joe, I would suggest either using numbers or just staying away from them.

    First you say: “Biden’s inflation and other economic problems are of his own making,” humorous that suddenly the entire economy seems to be in Joe’s hands. Then you make the BOLD, yet silly spin, that we are no longer energy self-sufficient and that too is solely based on Biden.

    From a comment I made on Larry’s oil tome: “First Larry, the US has NEVER really been really oil independent. Interdependent would be more like it. North America has been independent, the US has not. Why Republicans keep annexing Canada is beyond me…. Yes, we are a net exporter since 2020, and that’s a fantastic accomplishment on Trump’s watch. But we still import, mostly from North America, 62% of which comes from Canada and Mexico, and in 2020 was over 3M barrels each day, NET import…….. we have more to drill NOW — just need to resume the production we had in 2019. No existing leases have been terminated I believe, there are no restrictions that I know of on existing fields that I can find….. what polices are stopping the US oil industry to return to 2020 production levels? …… As far as I can see, Biden EO’s stop future drilling on new leases on National Lands, it does not stop agreements made during the Trump Fire Sale of our National Parks, Wildlife Refuges, and other National Lands…… the US oil industry produces less today than in 2020 and certainly, 2019. IOW, they appropriately matched production to pandemic demands and now can’t get back up to speed again to normal, much less a post-pandemic spike…….the EIA readout for first half 2021 stating: “The United States exports more refined petroleum products than it does crude oil. Petroleum product exports averaged 5.5 million b/d in the first half of 2021, up from 5.3 million b/d in the first half of last year. Exports of petroleum products include motor gasoline, distillate, and propane exports. Both imports and exports of select petroleum products mainly consumed as transportation fuels—distillate fuel oil, motor gasoline, and jet fuel—altogether decreased in 2020 compared with 2019. Now, granted it was getting closer in the 1H21: “The United States was a net importer of crude oil and petroleum products (imported more than it exported) in the first of half of each year until the first half of 2020, when the United States became a net exporter (exported more than it imported) by 432,000 b/d of crude oil and petroleum products. This year marks only the second time the United States has been a net total petroleum exporter in the first half of the year. The United States has been a net exporter of petroleum products alone since 2011.”

    https://www.eia.gov/todayinenergy/detail.php?id=49596

    Facts are our friend Joe. Self-sufficient, sure, but we get a lot of oil from Canada. Net exporter in 2021. Yes, by a tiny bit based on a single September buy to cover lack of production by US producers. They did not produce in 2021 what they did in 2020 or 2019. Exxon is playing a Shell game taking advantage of OPEC prices increases to jack our prices to being about 1/3rd of the entire inflation basket. Biden policies did not affect current leases, just new ones on Federal lands. Any oilman worth his salt would have sealed that deal before January 2021 to have existing leases for 2021 if not beyond.

    And yes, I do think the mixed economic results, the debt, deficits, spending, and inflation, are huge issues Biden must use every tool in the chest to attack. But opening up National Lands ain’t gonna fix the oil inflation problem, Exxon is already making more dough than ever, is taking the profits and buying back their stock, increasing exploration by billions (how can they do that with Biden policies?).

    Exxon (and others) is playing a Shell game taking advantage of OPEC prices increases to jack our prices to being about 1/3rd of the Biden policies did not affect current leases, just new ones on Federal lands. Any oilman worth his salt would have sealed that deal before January 2021 to have existing leases for 2021 if not beyond. Their 3q financials are stellar, buying back stock, paying increased dividends, putting billions into exploration (even with Biden policies). And while not at it’s 5 year peak, XOM has steadily increased all year. Although I bought in 3.20, sold in 3.21 so it’s a bit pricey for me. But gotta love those 6% dividends, and that’s before this year’s dividend increase.

    No, I don’t think Joe owns the price increase on oil.

    • ClifforD mckinney

      More lies from Frank to coddle slow joe. His approval ratings are like his IQ. Lowwwww. And his stupidity is huge among his cult followers

      • Frank stetson

        That just doesn’t make much sense.

        What lies? Show us your stuff.

        How low an iq? Lower than the Don’s?

        Funny cult; we are the majority.

        Just doesn’t make sense

        • Joe Gilbertson

          You didn’t actually read the article, did you…

    • Joe Gilbertson

      He sure as hell does. Let’s see. Under Trump we were energy independent. Under Joe we are not. Hmmmm…

  2. Ben

    Here’s a look at average GDP growth rates under the last six U.S. presidents:

    Jimmy Carter (D): 3.25%
    Ronald Reagan (R): 3.48%
    George H.W. Bush (R): 2.25%
    Bill Clinton (D): 3.88%
    George W. Bush (R): 2.2%
    Barack Obama (D): 1.62%
    Donald Trump (R): 0.95%

    No wonder you didn’t compare Cater or Biden to trump.

    • Donald

      Who was Cater?

      • Mike brewer

        Donald don’t mind the trolls. They make it up as they go. They are professional liars trying to sell communism They would lie to their own mothers

        • Ben

          Mike,
          I don’t think Joe is lying per say, just making a partisan argument as to why his guy was better. I agree that the radical right would lie to their own mother, but in this case Joe just kinda tried to make things rosier for trump. It’s kind of the way this blog works. They for sure troll, but they simply omit and pick and choose their facts.

        • Frank stetson

          Show us the lies.

          Crickets.

          • Joe Gilbertson

            Your lies are already posted.

      • frank stetson

        Maybe “Welcome Back Cater?”

  3. frank stetson

    And to sally forth:

    How does a labor loss affect productivity?
    Which political decisions directly affected supply chain?
    I got all my stuff for xmas on time, UPS and FEDEX have like 97% on time status, USPS is faster than during the reign of Trump. How about you?

    Now, I agree that the debt is too high, thank you Mr. Trump and the now-cost-conscious Republicans who ran the yugest deficits ever, adding the most to the debt ever, and then put a giant tax cut for the rich on top, and that rising interest MIGHT slow demand. But so did Trump by giving the money to the rich who didn’t spend in on goods and services. And now that Biden wants to add a bit, it’s a different story? While I do agree, it’s the cumulative effect, not Biden that caused it, and Trump was the yugest contributor with only four years.

    IMO, the answer is to first reign in spending. Here, we agree. But I say do it across the board. Each program, including bbb should be on the table for pruning. Thank you Joe M. Tighten the entire belt, not just bbb because you hate Biden. Let’s be businessmen and judge things on their merits. For example, BBB is ten years at 1.7T, or 170B a year, probably front-end loaded. The Defense budget is 700B a year; you can’t tell me there’s not 70B, or half of BBB, of fat in there. Second, raise the minimum wage so we all pay our fair share. Is it inflationary, damned tootin. But it’s also fair. We should not pay welfare, from tax dollars, to full time Walmart, Mcd’s, and Amazonians. That’s just a whack welfare economy foisted on us by businesses like Walmart to artificially keep their prices low, profits high, while the tax payer blithely foots the bill with every Big Mac. We should pay at the cash register, not in April. Third, Social Security is in trouble, but it’s out there and the fund is self-funding so OK for now. But Medicare is bleeding red, rightfully so, but was passed to be paid-for from the General Fund so it’s a real budget suck. Need to realign the funding to be like SS, self-funding, and get it off our books. Yes, this means, like SS, we will all pay more, get less, etc. but it’s fair. Right now, we get it all from the General Fund and therefore, there is zero priority to fix any part of it including the driving forces of medical prices and inflations. And lastly, this is a tough one, pass a multi-year balanced federal budget that can ONLY be broken for emergencies (spelled out before you pass), or payment/GDP like metrics. As in, pay down early and drop the BB since you cleared the bar. Multi year so it’s not Constitutional, metric driven so the finance guides us, not politics. Rad, eh? Yeah, well us Clintonian Democrats, a dying breed, brought you the best economy in years because we listened to you. You should remember what you used to live instead of these Bush/Trumpian suckwad tax cut and spender financial fools.

    On this topic Joe, Trump and the Republicans should reflect on what they have done before they throw stones. Be like Joe M., make it a teachable moment. Biden’s budgetary estimates for spending and deficit are far better than Trump’s, Bush’s, etc. So were Obama’s economic results. He actually slowed the deficit and debt increase until the Great Bankrupter got into office who promise giant GDPs and NEVER delivered. And that’s the bottom line: to avoid the sky is falling scenario you embrace, the first step is to follow the mantra of the Great Communicator and lower the increase. We don’t have to stop, our t-bills are still the safest and best deal in the world, loved by governments everywhere. But we have to show our intent, we have to slow the increase, get the GDP up, and that will start the rest.

  4. Ben

    Joe, thanks for bringing this up !
    Jimmy Carter’s economy smoked trumps. I would not have known this if it weren’t for your article.

    • Mack ewing

      Ben you have really stepped in it now. I lived in the Carter days and I know damned well what it was like. So explain why Reagan smoked Carter’s ass You really are a moron. And I was hoping that it’s all an act. You pathetic loser Merry Christmas If your daughter in law allows you to celebrate Christmas.

      • Ben

        Larry,
        Since you didn’t respond to my post in the Don Lemmon blog, I will bring it to your attention again.

        You readers talked the same shit about your black grandson as they do my son’s wife. These are the people that you are aligned with. Hate and bigotry fills the radical right, of which you seem to enjoy.

        • Elmer Hodges

          Interesting. I haven’t seen any hate on this topic discussion And nothing about Larry’s grandson

      • Ben

        Mack, you are a one trick pony. You bigoted piece of shit

  5. frank stetson

    Merry xmas all.

    Still waiting for someone, like mike brewer, to show us those lies. No more crickets…..

    As far as Carter’s economy smoking Trump’s, not IMO. Coming of age in the 70’s, Carter’s economy was rocky at best, disastrous for older folks on fixed incomes, sort of like Trump’s was mixed and really not so good for middle, but fantastic for the rich. Myself, coming of age, it had it’s perks. Raises were great, I could not believe it starting out. At one point, the boss man said “we can’t keep giving you the same % increase, you’re making tooooo much.” I left a week later, why not, someone else could meet the %, easy. It was grand for a beginner. While unemployment was fairly high, it wasn’t terrible and jobs for beginners were in demand. Glorious as I stepped out of construction mud and into the office. Yes, construction crashed, but not in DC that was growing by leaps and bounds (big government continues!).

    Now on Trump’s economy, I basically did well but Trump put a target on NJ’s back via the reductions in deductions like the property tax credit. Having highest property taxes in the land, combined with a nice place really hurt. Could deflect in year one via prepayment, but now I am in it. Cutting WAH deductions also costs me a pretty penny, worse in pandemic times. But, as Mom used to say: did you make a profit? If so, suck it up buttercup and move on.” I never liked that.

    So, these economies are mixed blessings and curses and there’s no doubt that inflation hurts, especially for fixed income and those in the lower brackets. Even the rich don’t like it although mostly can adapt.

    Elmer, not sure what you are smoking. Perhaps not a hate crime, but ad hominem all over the place. You must have thick skin and not able to see name calling for what it is. The act of a bully who can not forge a decent argument.

    • Joe Gilbertson

      Ok, showing you the lies now (can’t resist).

      As far as Carter’s economy smoking Trump’s, not IMO. Coming of age in the 70’s, Carter’s economy was rocky at best, disastrous for older folks on fixed incomes, sort of like Trump’s was mixed and really not so good for middle, but fantastic for the rich. Myself, coming of age, it had it’s perks. Raises were great, I could not believe it starting out. At one point, the boss man said “we can’t keep giving you the same % increase, you’re making tooooo much.” I left a week later, why not, someone else could meet the %, easy. It was grand for a beginner. While unemployment was fairly high, it wasn’t terrible and jobs for beginners were in demand. Glorious as I stepped out of construction mud and into the office. Yes, construction crashed, but not in DC that was growing by leaps and bounds (big government continues!).

      Now on Trump’s economy, I basically did well but Trump put a target on NJ’s back via the reductions in deductions like the property tax credit. Having highest property taxes in the land, combined with a nice place really hurt. Could deflect in year one via prepayment, but now I am in it. Cutting WAH deductions also costs me a pretty penny, worse in pandemic times. But, as Mom used to say: did you make a profit? If so, suck it up buttercup and move on.” I never liked that.

      So, these economies are mixed blessings and curses and there’s no doubt that inflation hurts, especially for fixed income and those in the lower brackets. Even the rich don’t like it although mostly can adapt.

      Elmer, not sure what you are smoking. Perhaps not a hate crime, but ad hominem all over the place. You must have thick skin and not able to see name calling for what it is. The act of a bully who can not forge a decent argument.

      • frank stetson

        Actually, you reprinted my piece I guess intimating that it’s all a pack of lies without proving a single lie using any evidence at all.

        Once again, you ASSume I am a liar. You can’t and didn’t prove anything. And once again, without a single fact, you expect others to believe an ex-CIA-big-government-Iraq’s got WMDs, college-elitist-Falun Gong-it’s just the flu newshound who has been on stage many times acting out no doubt.

        Prove it or stfu.

  1. Larry, Good luck with that. I am in the same situation. VAXXED to the MAX Moderna and in age category…