The Center of the Universe

St Croix, United States Virgin Islands

MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Gas Prices Plunge to New 2012 Low

Posted by WARREN MOSLER on December 18th, 2012

This has been helping the US economy some vs the cliff thing

Gas Prices Plunge to New 2012 Low

18 Responses to “Gas Prices Plunge to New 2012 Low”

  1. Dan Says:

    Any ideas to why the new low price?

    Reply

    WARREN MOSLER Reply:

    crack spreads narrowing some as wti stays low?

    Reply

  2. Art Says:

    This won’t help: “Significantly in his newest plan, Obama dropped his attempt to extend payroll tax cuts, which means there’s likely to be at least some tax increase for a wide swath of Americans.”
    http://www.businessinsider.com/report-obama-tax-rate-threshold-400k-2012-12

    Reply

    AP Reply:

    Irony: “A typical middle class family of four would see its taxes rise by $2,200 starting in 2013. Middle-class families can’t afford that.” http://www.whitehouse.gov/issues/taxes/tax-cuts

    Reply

    AP Reply:

    Perhaps Dems and the White House are counting (erroneously) on QE5+. Japan here we come?

    “What would happen if the payroll cut went away entirely? The move would result in an immediate tax increase of $920 for more than 122 million workers on average, according to the non- partisan Tax Policy Center. That financial bite would slow growth by 0.6 percentage point, according to estimates by Goldman Sachs Group Inc. and Moody’s Corp. To put it all in context, this is about the same rate of economic lift the Federal Reserve is trying to achieve through its bond-buying program. In other words, ending the payroll-tax holiday would essentially neuter the Fed’s efforts.” http://www.bloomberg.com/news/2012-12-16/don-t-prematurely-end-payroll-tax-cut-jobless-benefits.html

    Reply

    WARREN MOSLER Reply:

    yes, bad

    Monica Smith Reply:

    @AP, It strikes me that putting out bad proposals is akin to a reporter stating a false premise in a question in order to get a reluctant witness to tell the truth in the process of contradicting the error.
    How to deal with contrarians? That is the question. If the party of no is predisposed to negate everything the President proposes, then, at least, their negativity will be exposed.
    How else to demonstrate to the country that the deprivators reside on Capitol Hill?

    Ed Rombach Reply:

    @AP,

    Can you remind again what positive effects the Fed’s efforts are having?

    WARREN MOSLER Reply:

    keeping (false) hope alive?
    keeping the dollar strong?
    ;)

    Vincent Reply:

    @AP,
    Good of them to come clean , years later, about the scope of the bush tax cuts.

    Reply

    WARREN MOSLER Reply:

    agreed

    Reply

    Vincent Reply:

    @WARREN MOSLER,
    does anyone have a sense what’s going on? why would obama throw a brick at the economy, just to reduce a week’s worth of deficit?

    Reply

    Dan Kervick Reply:

    @Vincent, I really have no idea. All I can figure is that he is convinced that the only real problem now is the sleeping confidence fairies, and that to wake them up he needs to be seen as working with the Republicans to solve the super-scary fiscal cliffhanger problem they both conspired to create. And he wants to clean the slates going into inauguration and his second term. So any POS deal will do.

    WARREN MOSLER Reply:

    he’s a right of center out of paradigm lawyer

    Ed Rombach Reply:

    @Art,

    But I thought President Obama said he wouldn’t raise taxes on the middle class.

    Reply

    WARREN MOSLER Reply:

    point?
    ;)

    Reply

  3. Mark Plus Says:

    I guess someone at the money-printing machine turned the knob the wrong way or something.

    Reply

  4. Potomac Oracle Says:

    Warren’s phrase, “cynical subversion” is apt at this juncture in the Kafkaesque advisory services provided by Geithner to POTUS. Yet, few if any MSMers call him out on allowing the President to repeat the nonsense about “We’re Running Out of Money.” Now, we have this betrayal to raising revenue thru harvesting the senior poor. When you’re trapped into believing and acting on false premises you can only fail. As the sign reads “Too big has failed.”

    Reply

Leave a Reply

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>