Category Archives: economic news

‘Old jobs’ not as good?

A frequent critic of www.highplainsblogger.com decided to weigh in with a comment about President Biden’s job performance.

He disagrees — not surprisingly — with my assessment of the job growth that has occurred during the Biden administration. My critic says Biden has created “no real new jobs.” That the only jobs being “created” are the old jobs that are being filled again.

Hmm. I rolled that one around for just a moment.

It occurred to me that the old jobs are just as valuable as the new jobs. I mean, those who are filling the old jobs are paying taxes and contributing to the nation’s economic well-being just as much as they would be had they occupied “new jobs.” Isn’t that right?

The critic just cannot seem to grasp that I remain as faithful to Joe Biden as he does to Donald Trump. Except for this important qualifier: Biden defeated Trump in 2020. Oh, and Trump is in a deep pile of dookey over, well … you know.

johnkanelis_92@hotmail.com

Are we better off … ?

The Republican leader of the U.S. House of Representatives sought to make some political hay by asking if we are “better off today than we were two years ago.”

Well, Kevin McCarthy of California, your effort to denigrate Joe Biden’s presidency deserves a look. So … here goes:

  • On Biden’s watch, Congress approved a bipartisan bill — the first in 30-something years — that seeks to stem gun violence.
  • When Russia invaded Ukraine this past February, President Biden was able to present a unified NATO and European Union front in response to the illegal and criminal act of war.
  • The president was able to shepherd through Congress a massive infrastructure improvement bill that seeks to repair our nation’s roads, bridges and airports.
  • Joe Biden nominated and then welcomed the nation’s first Black woman to the U.S. Supreme Court — Justice Ketanji Brown Jackson.
  • We have turned the corner on the international pandemic.
  • Fuel prices, which skyrocketed and led the inflationary surge of recent months, have retreated dramatically.
  • The United States has created more private-sector jobs in the first two years of President Biden’s term than at any similar time in its history.
  • Unemployment currently stands at 3.5%.
  • Congressional Democrats — fighting unanimous Republican opposition — managed to pass the nation’s first-ever meaningful law dealing with climate change; it also seeks to curb health costs and reduce inflation.
  • We have cut by roughly half the nation’s annual budget deficit.

So, taken together, I think I have an answer to Leader McCarthy’s question.

Yes. We are better off than we were when President Joseph R. Biden Jr. took office.

johnkanelis_92@hotmail.com

Democrats have earned it

President Biden is going to get a bill quite soon that won’t have any Republican votes attached to it. The blunt truth is that I wished for at least a smattering of GOP support from Congress to send the Inflation Reduction Act to the president.

Alas, it didn’t happen. However, I am going to say loudly and clearly that Democrats in the Senate and the House have done well for those of they represent across the land.

House Democrats today stood together to enact the IRA. It seeks to reduce inflation, seeks to reduce carbon emissions, seeks to reduce the cost of drugs.

Republicans, of course, say it doesn’t do anything to help us. I will disagree with their bloviating.

The Inflation Reduction Act represents a significant effort to curb climate change. Indeed, it is this nation’s largest-ever investment to help curb carbon emissions.

I have to ask: Why is that a bad thing?

It’s not a bad thing at all! Republican obstructionists, though, remain bound to their commitment to block anything President Biden and Democrats want to accomplish.

It is to their everlasting shame. Democrats, meanwhile, have earned the nation’s gratitude. They have, as Joe Biden once declared, produced a big fu**ing deal.

johnkanelis_92@hotmail.com

Don’t redefine recession

Here’s a bit of unsolicited advice for President Biden’s team of advisers and economic gurus.

Do not seek to redefine what constitutes an economic recession.

The feds this past week reported that the nation’s Gross Domestic Product fell for the second consecutive quarter. Isn’t that metric usually what economists call a recession?

We now hear Treasury Secretary Janet Yellen say that it’s not necessarily preordained that we’re in a recession. President Biden won’t acknowledge the inevitable, either.

In truth, any declaration on the health of the economy is supposed to come from an independent, bipartisan group of economists. That group will meet very soon to issue its proclamation.

I realize that Joe Biden wants the economy to keep humming along. We’re going to get a Labor Department jobs report at the end of the week. Those numbers will tell us a good bit more about whether we’re in a recession … which I believe is the case.

And that will be the case no matter how the administration might seek to spin it.

johnkanelis_92@hotmail.com

Get a Plan B ready

Here’s a word of advice for you, President Biden: Get a Plan B ready in the apparently likely event that your fuel-tax holiday doesn’t make the grade in Congress.

I reluctantly endorsed your idea of suspending the fuel tax for 90 days, Mr. President, only because I want some immediate relief from these monstrous fuel prices. Hey, I just returned from an errand this morning, stopped to put some diesel fuel into my truck, stopped the pump at $35 … and then saw that I barely moved the fuel-gauge needle.

What would suspending the diesel fuel tax do for me? Not much, Mr. President. But it’s something!

Whatever you have on the back burner, sir, well … I am thinking you’d better dust it off and get it ready to present.

I am among those Americans who continues to seethe that Republicans continue to resist every single idea that comes from the White House, Mr. President.

I know that’s why we pay you the big dough, Mr. President. Still, just a little give from the “loyal opposition” would give me a glimmer of hope that good government is still possible.

johnkanelis_92@hotmail.com

Gas tax holiday? Sure, let’s do it!

President Biden is considering a temporary suspension of the federal fuel tax we motorists pay every time we put the go-juice into our motor vehicles.

I have kinda waffled on this one, but I’ve decided that it’s worth doing to give Americans — such as my family and me — some relief from the pain we are enduring at the fuel pump.

The “tax holiday” would save us about 18 cents per gallon of fuel with each visit to the service station. The savings over time isn’t a huge amount, but it’s significant enough to give us a little bit of a break from the gouging (I believe) that is occurring.

Energy companies are raking in huge profits while soaking us at the pump. Joe Biden is trying like the dickens to talk the oil company moguls into drilling for more fossil fuel, which would shore up the supply. He has ordered the release of 1 million barrels of petroleum each day for six months from our Strategic Petroleum Reserve.

Surely, there’s a downside to the tax holiday. The federal fuel tax pays for infrastructure maintenance and improvement. That money will dry up, forcing the government to find other revenue sources to pay for the necessary improvements to our highways and bridges.

For now, though, I will — with reluctance — endorse the idea of a tax holiday … just go get some relief from the pain and sticker shock.

It won’t allow me to continue driving the way I did before this monstrous spike in fuel prices. It just won’t hurt quite as much whenever I park next to the pump.

johnkanelis_92@hotmail.com

Oh, these costs …

Not long ago I posted a blog item that recalled the good old days when Dad would ask the gas station attendant to pump “a buck’s worth of regular” gasoline into his car.

At 25 cents per gallon, that bought Dad about four gallons of fuel. He could run on that for, say, a weekend.

Well, today I pulled into a Shell station in Farmersville, Texas and pumped 4.546 gallons of diesel fuel into Big Jake the Pickup.

The cost of a little more than four gallons of fuel today … roughly the same amount of fuel for which Dad paid a buck?

Twenty-five dollars!

This makes me so mad … I could just spit!

johnkanelis_92@hotmail.com

Shall we slow down to reduce fuel prices?

Of all the possible remedies being discussed on how to deal with the skyrocketing price of motor fuel, I have yet to hear one notion that got a lot of attention in the 1970s when we experienced an earlier form of sticker shock at the gas pump.

Those of us old folks recall when the Middle East oil embargo forced prices to zoom out of sight. Our response then in real time? It was to slow motorists down to 55 mph. Do you recall that? Sure you do!

Congress acted with relative dispatch.

The slowdown on our interstate highways lasted until the mid-1990s when Republicans took control of Congress and then lifted the mandated speed restrictions. We’ve been zooming along ever since.

I want to offer that as a possible talking point in the current climate.

It is clear that slowing down our motor vehicles from 75 and 80 mph to something a good bit less than that results in significant fuel savings. So, if you play that out just a bit you come up with a notion that greater supply and diminished demand on a commodity — such as gasoline or diesel fuel — could drive the price of that product down to more reasonable levels.

I was a huge proponent of slowing motorists in the 1970s. I received plenty of grief from my West Texas friends about my desire to drive more slowly.

Well, I don’t expect anyone to take this seriously. Perhaps the current price spikes are far beyond simple remedies such as what we enacted in an earlier time.

I just would like to see this talking point introduced once again in the public debate on energy policy. Let’s all remember this indisputable fact: Fossil fuels will not last forever.

johnkanelis_92@hotmail.com

Fuel costs take big bite

Well, there’s a first time for everything, I suppose. Consider, therefore, that for the first time in our more than 50 years of married life together, my wife and I are forced to amend our travel plans because — get ready for it — the cost of fuel is making extensive travel unaffordable.

I keep hearing about how the price of motor fuel nationally is averaging $5 per gallon. Then we hear from analysts who tell us there’s “no end in sight” to the skyrocketing price increases.

All I am left to do now is plead with the authorities who can control this madness to get a handle on the price of fuel.

Our sole vehicle — at the moment — is a three-quarter ton, diesel-fueled pickup. The price of diesel in Texas is selling for something a bit north of $5 per gallon. Out west it’s going for a whole more than that. We intend to travel out west sometime this year, but only if the price of motor fuel comes down.

We’re getting a new vehicle soon. It is a gasoline-powered pickup; it’s a smaller vehicle to boot. Its fuel rating is pretty good, about 22 miles per gallon. But that’s when it’s not pulling a travel trailer. Then the fuel-efficiency rating will decline.

I never thought I would have to lament how the price of fuel is affecting our retirement journey.

However … it damn sure is taking a bite out of our best-laid plans.

I am not going to blame President Biden for this cost spike. I do want to insist that the president do whatever he can to pressure whoever he needs to pressure to put an end to this madness.

My bride and I are not alone. We are among millions of Americans living on a fixed income who want to enjoy our time on this good Earth by venturing outside of our North Texas home community. We cannot afford to do much of it now.

johnkanelis_92@hotmail.com

That was then

Ahhh, yes. We remember those days, don’t we. They’re gone forever. As Don Henley once sang, “Don’t look back; you can never look back.”

But this picture does remind me of a more innocent time in the life of our great nation.

I am 72 years of age, which makes me old enough to remember how simple life used to be for all Americans. I remember a time when gasoline sold actually for about half the price shown in the picture attached to this post.

I grew up in Portland, Ore. Dad had this way of talking to gas station attendants — yes, they’re still on the job in Oregon to this day. We would ride in a car he was driving; he would pull up to the gas pump at the station.

The attendant would approach the car and Dad would say, “I’ll take a buck’s worth of regular.” Yep. One dollar’s worth of gasoline in the car.

Let’s do a bit of simple math. Gasoline sold for about 25 cents per gallon in those days. A “buck’s worth” bought Dad about four gallons of gas. If the vehicle he was driving was somewhat fuel-efficient — bear in mind that “fuel efficiency” was hardly on our minds in those days — he could drive, oh, about 60 to 75 miles on just those four gallons of gas.

I am left to simply sigh wistfully.

Those days won’t return. I find myself at this very moment wishing for “less expensive” motor fuel to drop to less than $4 per gallon.

Today we are grumbling at everyone. The president needs to “do something” to stop the skyrocketing price of motor fuel. In truth, the president is virtually powerless to control these prices. We bitch at the oil companies for price gouging. I am inclined to join that crowd, but I certainly understand there is little we can do to fight against what we believe is occurring in oil-company board rooms.

If they’re all doing it, how do we boycott the oil companies?

We are left to wish for worldwide conditions to change and for the worldwide supply to make it a bit more economical just to pump fuel for our motor vehicles.

If only we could turn back the clock.

— johnkanelis_92@hotmail.com