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Drudge Retort: The Other Side of the News
Thursday, November 11, 2021

What looked like a big jump in workers' wages during October turned into just another gut punch after accounting for inflation.

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Thanks Corporate America and the CEO/executive class! --------!

#1 | Posted by a_monson at 2021-11-11 03:24 PM | Reply

Anyone know how this might affect the price of gas?

Exxon, Chevron target billions in share buybacks as cash flow surges
By KEVIN CROWLEY on 10/29/2021
HOUSTON (Bloomberg) --Exxon Mobil Corp. and Chevron Corp. are plowing windfall profits into share buybacks as soaring energy prices boost their cash flow.
www.worldoil.com

#2 | Posted by snoofy at 2021-11-11 03:33 PM | Reply

Someone wake Sloppy Joe and tell him he's worse than Carter and entering Obama territory. Worst president ever.

#3 | Posted by visitor_ at 2021-11-11 03:55 PM | Reply | Funny: 1

"Someone wake Sloppy Joe and tell him he's worse than Carter"

Someone take Vernon's Calculator away from Visitor. It's only capable of Republican Math.

#4 | Posted by Danforth at 2021-11-11 03:58 PM | Reply | Funny: 2 | Newsworthy 2

#2 | POSTED BY SNOOFY AT 2021-11-11 03:33 PM |

I don't know the answer to that question. There have been two refinery closures this year, both in Louisiana. Shell, Convent refinery and Phillips 66. Do you know what that will do to gas prices?

#5 | Posted by lfthndthrds at 2021-11-11 04:04 PM | Reply

#2 | POSTED BY SNOOFY AT 2021-11-11 03:33 PM | FLAG: You missed this info about Exxon:Mobil

During the quarter, the company paid down gross debt by an additional $4 billion. Year to date, ExxonMobil has reduced gross debt by $11 billion, and improved the total debt to capital ratio to 25%.Oct 29, 2021

ExxonMobil earns $6.8 billion in third quarter 2021

#6 | Posted by MSgt at 2021-11-11 04:55 PM | Reply

"I don't know the answer to that question."

You don't see a connection between "windfall profits" and prices at the pump.

Hey, I believe you!

#7 | Posted by snoofy at 2021-11-11 05:14 PM | Reply | Newsworthy 2

Trump's tax cut is a $6 billion gift to Exxon

money.cnn.com

A quarter of free money!

#8 | Posted by Corky at 2021-11-11 08:37 PM | Reply

The CCC can't kickazz soon enough.

To hell with money give people food shelter and skills they can use when they're done helping to undo the damage of the last two republican Presidents.

#9 | Posted by Tor at 2021-11-12 12:36 AM | Reply

"You don't see a connection between "windfall profits" and prices at the pump."

I can make a connection between firms no longer being able to transport oil cheaply and efficiently, instead having to hire trucks to move it in an environment already desperately short of trucks.

#10 | Posted by madbomber at 2021-11-12 04:03 AM | Reply

#10 | POSTED BY MADBOMBER AT 2021-11-12 04:03 AM | FLAG:

People aren't ready for real BI where many variables have small inputs.

There has to be 1 solution we can finger point at, and a political party can wave a magic wand and fix. If we can't do that, it's not 'Merica.

#11 | Posted by sitzkrieg at 2021-11-12 07:53 AM | Reply

"I can make a connection between firms no longer being able to transport oil cheaply and efficiently"

How?
"No longer" implies they once could.
Biden didn't close an existing pipeline.

#12 | Posted by snoofy at 2021-11-12 08:44 AM | Reply

#12. But he did shut down drilling leases. Amazing how quick you change your tune. Anything like this happened under Trump you would call for him to be impeached, except it didn't. Biden doesn't give a crap about gas prices or inflation. If it doesn't affect him he could care less.

#13 | Posted by fishpaw at 2021-11-12 09:37 AM | Reply

"#12. But he did shut down drilling leases."

He temporarily postponed new lease sales. And only on Federal lands and waters.

It didn't stop any active production.

#14 | Posted by snoofy at 2021-11-12 09:44 AM | Reply

Anything like this happened under Trump you would call for him to be impeached

1. No I wouldn't.
2. Something like this would never happen under Trump.
3. Fossil fuel production on Federal lands shouldn't be leased to the private sector. It should be nationalized. And all the profits currently made by oil companies could be spebt on clean energy R&D.

Private companies are buying America for pennies on the dollar and you cheer it on because you don't know any better.

#15 | Posted by snoofy at 2021-11-12 09:48 AM | Reply | Newsworthy 1

A quarter of free money!

#8 | POSTED BY CORKY AT 2021-11-11 08:37 PM | FLAG: No, that was earned money that they kept, just as the Trump tax cuts allowed those of us, who pay Federal Income Taxes, to keep more of our money [my wife and I dropped from the 24% tax bracket to the 22% bracket].

#16 | Posted by MSgt at 2021-11-12 10:14 AM | Reply

" No, that was earned money that they kept"

Not when we're running deficits already.

In that case, (i.e., in THIS case) the "tax cuts" represent NEWLY BORROWED MONEY.

Basically, we're borrowing extra money so the world's 1% can get a massive tax cut. You know...Actual Math.

#17 | Posted by Danforth at 2021-11-12 10:24 AM | Reply | Newsworthy 2

Did anybody here NOT expect this exact reality to happen?

It's not a reason to raise wages nor a justification to not increase minimum wages in many locales, especially the higher cost of living locales, but it's a very normal outcome.

#18 | Posted by eberly at 2021-11-12 10:38 AM | Reply

3. Fossil fuel production on Federal lands shouldn't be leased to the private sector. It should be nationalized. And all the profits currently made by oil companies could be spebt on clean energy R&D.

#15 | POSTED BY SNOOFY AT 2021-11-12 09:48 AM | FLAG:

You wouldn't make any profits. Buy American + Davis Bacon mandates = a completely uncompetitive oil company in a global market.

#19 | Posted by sitzkrieg at 2021-11-12 10:49 AM | Reply

Did anybody here NOT expect this exact reality to happen?

... but it's a very normal outcome.

#18 | POSTED BY EBERLY

Absolutely expected. And if the GOP continues to block any and all efforts of the Democrats to help then I fully EXPECT IT TO GET EVEN WORDE BEFORE IT GETS BETTER. Especially after a year's long public health emergency and as the result of global pandemic supported and sponsored by the Death Cult GOP (now known as the Party of Trump).

Trumpy LET the virus rage out of control because he didn't want to create "panic".

(The virus and the economy are directly related)

According to Trump, the move was strategic. "I wanted to always play it down," Trump told Woodward mid-March. "I still like playing it down, because I don't want to create a panic."

Trumpy allowed the pandemic to rage out of control. Getting things under control again will take time.

Assuming we ever get any cooperation from (POT) the Party of Trump.

#20 | Posted by donnerboy at 2021-11-12 11:00 AM | Reply

WORDE = worse

Carry on!

#21 | Posted by donnerboy at 2021-11-12 11:01 AM | Reply

"Buy American + Davis Bacon mandates = a completely uncompetitive oil company in a global market."

So you're saying private oil companies only earn profit through paying labor less than the prevailing wage. That's their only margin.

You can't be serious.

#22 | Posted by snoofy at 2021-11-12 11:06 AM | Reply

"No, that was earned money that they kept, just as the Trump tax cuts allowed those of us, who pay Federal Income Taxes, to keep more of our money"

Which means the government had to borrow money, since they didn't tax enough to pay for all they spend.

Which means inflation.

"Is there more risk of higher inflation and higher interest rates than there would have been without the deficit spending-funded pandemic support and now infrastructure? Yes, there is. Does the risk of inflation and higher interest rates grow if deficits and the debt continue to grow as shares of GDP? Yes, it does." www.forbes.com

#23 | Posted by snoofy at 2021-11-12 11:12 AM | Reply

#22 | POSTED BY SNOOFY AT 2021-11-12 11:06 AM | FLAG:

In practice you get stuck with a 19% higher labor cost than private industry. Your plan would combine that with a bureaucracy that can't reasonably be expected to be anymore efficient than the Pentagon or Postal Service. Feels like a safe assumption that money won't go to public-private partnerships for R&D, we (I'm in this too now comrade) will need a second bureaucracy for that, and they'll hyper focus only on undermining the value of their own funding. Mmm, okay.

#24 | Posted by sitzkrieg at 2021-11-12 12:19 PM | Reply

Which means the government had to borrow money, since they didn't tax enough to pay for all they spend.

Trump did the worst possible combination.

He cut taxes AND increased spending for his "greatest economy in the history of the world!".

Where were Republicans during this?

You have to be naive to believe these above actions haven't contributed greatly to where we are right now.

#25 | Posted by brass30 at 2021-11-12 01:34 PM | Reply

"Where were Republicans during this?"

They were celebrating, knowing that the inflation was coming, and that Republican voters will always blame it on Democrats.
Inflation helps Republicans win elections.

Fiscal responsibility is how republicans lose elections!
"Read My Lips: No New Taxes" lost George Bush the election.

#26 | Posted by snoofy at 2021-11-12 01:50 PM | Reply

Where's YAV he was really proud of the wage gains that were reported earlier?

#27 | Posted by visitor_ at 2021-11-12 02:00 PM | Reply

#27 - I still am. This would be really horrible without them. I lived through that "staglation" period.

I still hold this is temporary and we'll be out of it by the middle of next year. That is if we do the right things now.

This is supply/demand inflation, not monetary policy inflation. We're facing what's classically termed "asset inflation" with, perhaps a little big of "wage inflation" thrown in, though the latter linkage is weak.

By the way, how did I come to live in your head?

#28 | Posted by YAV at 2021-11-12 02:30 PM | Reply

"stagflation"*

#29 | Posted by YAV at 2021-11-12 02:30 PM | Reply

-You have to be naive to believe these above actions haven't contributed greatly to where we are right now.

what do you mean? The wealthy paying too little in taxes is why we have inflation exceeding wage gains?

How do we get from that to now?

#30 | Posted by eberly at 2021-11-12 03:44 PM | Reply

-That is if we do the right things now.

What right things? What do we do right now?

#31 | Posted by eberly at 2021-11-12 03:45 PM | Reply

"What right things? What do we do right now?"

Tax the rich.

#32 | Posted by snoofy at 2021-11-12 03:56 PM | Reply

"The wealthy paying too little in taxes is why we have inflation exceeding wage gains?"

Today, on Questions Republicans Can't Answer:
Inflation is being driven by two things, increase in energy costs and increase in housing costs.

America achieved energy independence, but it didn't reduce energy costs.
How is this possible? Why did Republicans want energy independence if this is the outcome?

Meanwhile, all those tax breaks for the rich fuels real estate speculation, driving prices up.
How is this possible? Why did Republicans want tax breaks for the rich if this is the outcome?

#33 | Posted by snoofy at 2021-11-12 04:02 PM | Reply

Gas was 2.099 at station that Rittehouse saved from fire.

#34 | Posted by visitor_ at 2021-11-12 05:13 PM | Reply

Gas was 2.099 at station that Rittehouse saved from fire.

You never did post that video. At least now you're saying it was, apparently, Kenosha and not related at all to gasoline prices. At least you're being a bit more honest. Unintentional as it was.

#35 | Posted by YAV at 2021-11-12 05:25 PM | Reply

Oh - and I forgot!
"saved from fire"

LMAO!!!!!!!!!!!

#36 | Posted by YAV at 2021-11-12 05:26 PM | Reply

www.statista.com

Womp Womp

#37 | Posted by visitor_ at 2021-11-12 06:04 PM | Reply

www.statista.com
Womp Womp

#37 | POSTED BY VISITOR_

Demand goes up for oil.
Prices goes up with Demand.
Visitor drops out of Middle School.
Visitor is stunned by 9th Grade Economics.

#38 | Posted by Sycophant at 2021-11-13 09:18 AM | Reply

He cut taxes AND increased spending for his "greatest economy in the history of the world!".
Where were Republicans during this?
#25 | POSTED BY BRASS30

Kissing Trump's large ass so they couldn't see what was going on.

#39 | Posted by Sycophant at 2021-11-13 09:20 AM | Reply

Biden doesn't give a crap about gas prices or inflation. If it doesn't affect him he could care less.

#13 | POSTED BY FISHPAW

Biden can't do anything about gas prices or inflation.

It's a WORLD economy. Inflation is hitting every country hard right now.

#40 | Posted by Sycophant at 2021-11-13 09:21 AM | Reply

He could slightly ease the government's boot off the neck of the fossil fuel industry, and the rest of too for that matter.

#41 | Posted by visitor_ at 2021-11-13 09:41 AM | Reply

Thr fossil fuel industry has its boot on our neck. They have known and lied about global warming twice as long as Rittenhouse has been alive.

---- 'em.

#42 | Posted by snoofy at 2021-11-13 10:07 AM | Reply

Meanwhile, all those tax breaks for the rich fuels real estate speculation, driving prices up.
How is this possible? Why did Republicans want tax breaks for the rich if this is the outcome?

#33 | POSTED BY SNOOFY AT 2021-11-12 04:02 PM | FLAG: In case you missed it on the 'Nooner':

"The non-partisan Tax Policy Center found that two-thirds of people making more than $1 million a year would see an average tax cut of $16,800 next year.

That's largely because a coalition of House Democrats are seeking to repeal a Trump-era limit on state and local tax deductions as part of President Biden's signature economic plan

#43 | Posted by MSgt at 2021-11-13 11:30 AM | Reply

#43 Not just that, it's almost all going to millionaires in Blue States, where state and local taxes are highest. Because that's where most millionaires live. In places like New York, California, New Jersey, and Connecticut.

Trump's repeal of SALT was not about fiscal responsibility. It was an attempt to punch millionaires who dare live in Blue States in the shorts. Pure politics via the tax code.

"As prior blog installments have discussed, the SALT deduction cap became a political lightning rod in 2017 when a Republican-controlled Congress passed the Tax Cuts & Jobs Act. Four years later, here we go again. Interestingly, for the SALT deduction's first 150 years, it was not a partisan issue. It has become so only in about the last 5 years. So what happened? Here's the nutshell version of the deduction's history and some thoughts on how we got here:" www.chamberlainlaw.com

#44 | Posted by snoofy at 2021-11-13 11:41 AM | Reply

"Not just that, it's almost all going to millionaires in Blue States, where state and local taxes are highest."

In the big equation, four Blue States pay the net for the SALT cap: NY, CA, NJ, and DE. The authors have purposely admitted they were "trying" to "hurt" Blue States.

#45 | Posted by Danforth at 2021-11-13 12:11 PM | Reply

It really speaks to their mythology that they think they can harm the economy of Blue States by making Blue State Millionaires play a few thousand more in taxes.

Like, they really thought that would trickle down. That raising taxes on millionaires in Democrat states would cause enough economic harm in Democrat states to make Democrats become Republicans.

They're drinking their own Kool-Aid. As Death Cults do.

#46 | Posted by snoofy at 2021-11-13 12:28 PM | Reply

Taxes aren't punishment, they're a duty. The wealthy need to pay more.

#47 | Posted by visitor_ at 2021-11-13 02:08 PM | Reply

The price at the pumps is a result of the OPEC nations recouping from the bath they took during Trumpvid, when people worked from home and nobody was travelling. The rest of inflation is caused by supply chain shortages, since we don't build anything in this country anymore thanks to corporate America, it has to be shipped from countries that were also shut down during Trumpvid. Increased wages plays a small part in that more people have disposable income to travel and buy things, however, the main drivers of inflation are oil prices and supply chain problems neither of which President Biden has much say in. The good thing is that once inflation drops, the wage gains will for the most part continue.

#48 | Posted by _Gunslinger_ at 2021-11-13 02:13 PM | Reply

And yet if Trump were president they would be his fault like the Novel Virus. Hypocracy much?

#49 | Posted by visitor_ at 2021-11-13 03:01 PM | Reply

Can't call it hypocrisy if it didn't actually happen.

#50 | Posted by rstybeach11 at 2021-11-13 04:26 PM | Reply

I think it is hypocrisy to blame Trump for his handling of the the Novel Virus and give Biden a pass for not knowing enough Econ 101 to prevent the cluster EFing of the economy.

#51 | Posted by visitor_ at 2021-11-13 05:12 PM | Reply

Hey Visitor_,

Why is hypocrisy such a perennial favorite with you?

#52 | Posted by snoofy at 2021-11-13 06:49 PM | Reply

Wage stagnation is a Republican effort.

They're the ones who time and again vote against living wages.

This wage increase doesn't reflect current inflation and leaves poor people still living paycheck to paycheck and choosing between food and utilities/rent.

#53 | Posted by ClownShack at 2021-11-13 06:50 PM | Reply

#51 righty morons are back to thinking a POTUS can literally do anything.

How old are you? Seriously ...

#54 | Posted by jpw at 2021-11-13 07:32 PM | Reply

Like stop a pandemic?

#55 | Posted by visitor_ at 2021-11-13 07:33 PM | Reply

"Like stop a pandemic?"

No.

But how about mitigation?

It's not The Trump Virus, but it's certainly the Trump response.

Please answer this: did Trump make mask-wearing, then science, and finally vaccines...political?

#56 | Posted by Danforth at 2021-11-13 07:42 PM | Reply

No. The left did.

#57 | Posted by visitor_ at 2021-11-13 07:56 PM | Reply

#57 --------.

#58 | Posted by jpw at 2021-11-13 08:05 PM | Reply

"No. The left did."

I'm very sorry you can't be truthful about what we all experienced first-hand.

#59 | Posted by Danforth at 2021-11-13 09:27 PM | Reply

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