Economics 101 and blame game
Current Events, Just musing

Economics 101 and an Administration full of contractictions and blame game

In today’s episode, I start with some basics of economics. Sometimes we hear terms like record sales and record profits, but do we understand what that means? And how does profit margin factor into whether or not a company is raking in the dough? Plus, do corporations really pay taxes?

Once that baseline is established, we can dive into a White House full of contradictions and in constant “blame game” mode. We have to deal with Press Secretary Karine Jean-Pierre who three times evoked the word “patriotic” in a effort to guilt the oil and gas companies into “doing their part.” She quote sales figures and uses the word profit a lot, but without context or understanding, it sounds as if she wants the American people to believe those corporations are taking advantage us.

Secretary of Energy, Jennifer Granholm appeared on CNN with John Berman and first asserted Oil is selling for the same $120/barrel today as it was a few months ago, yet prices continue to rise. She does that as a means of blaming the oil companies for making money by raising prices when their costs are the same. Then, in the same segment, says, the price of gasoline always goes up in the summer due to the driving season and demand goes up. Then she says the oil companies are lacking around 100 rigs being used since before Covid, saying they need to get them up and running to meet supply.

So, she admits, there is more demand and less supply, but has the audacity to suggest they are purposely raising the price at the pump for no other reason than to make record profits. She also fails to admit that the Administration put policies in place preventing those rigs from going online, preventing new drilling and preventing the means to get the oil to the refineries, either through pipelines, roads or other infrastructure.

ExxonMobil, sick of being made a scapegoat, put out a statement to Business Wire, explaining how much they have invested and how much they have lost during the pandemic. They go on to say that “clear and consistent” policies for energy development, such as “regular and predictable lease sales, as well as a a streamlined regulatory approval and support for infrastructure such as pipelines” would allow them to meet the requested demand.

Joe Biden still thinks excess spending has nothing to do with inflation, even though President Obama’s former economist blames exactly that for our inflation levels. Senator John Kennedy (R-LA) provides a short bite of how misguided the Joe Biden Administration has been, totally out of touch with the average American, doing the exact opposite of what we need to fix inflation and domestic policy. And contrary to Biden’s assertion that Americans are making more and have record savings to weather the storm, CNN’s John King, along with his panel, show the exact opposite is happening for all but the elites in our country.

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