COVID Economy

[pacearrow02]

https://www.cnbc.com/amp/2021/09/10/august-wholesale-prices-rise-8point3percent-on-an-annual-basis-biggest-advance-on-record.html?__twitter_impression=true

Transitory, don't worry.

[forgetful]

https://www.cnbc.com/amp/2021/09/10/august-wholesale-prices-rise-8point3percent-on-an-annual-basis-biggest-advance-on-record.html?__twitter_impression=true

Transitory, don't worry.

Which is exactly why the eviction moratorium, and emergency measures to support low income earners was still needed. Until the world (and the US) gets vaccinated this will continue.

When entire major ports serving the entire world get shut down for COVID, prices rise. When entire plants shut down for COVID, prices rise. This will continue until COVID gets under control, and in the meantime the average wage-earner will suffer.

That is some of the reasons any individual prolonging COVID is a horrible person. Get vaccinated. Promote vaccination, mandate it if necessary. Wear a mask. Promote mask wearing.

[pacearrow02]

Which is exactly why the eviction moratorium, and emergency measures to support low income earners was still needed. Until the world (and the US) gets vaccinated this will continue.

When entire major ports serving the entire world get shut down for COVID, prices rise. When entire plants shut down for COVID, prices rise. This will continue until COVID gets under control, and in the meantime the average wage-earner will suffer.

That is some of the reasons any individual prolonging COVID is a horrible person. Get vaccinated. Promote vaccination, mandate it if necessary. Wear a mask. Promote mask wearing.

Has that been a major issue domestically here?  The shutting down of ports, plants etc? 

[cheebs09]

Has that been a major issue domestically here?  The shutting down of ports, plants etc?

I don't know about full shutdowns. But I've definitely seen ports and plants slowed significantly due to Covid recently in the US.

[jesmu84]

Has that been a major issue domestically here?  The shutting down of ports, plants etc?

Supply chain is global

[forgetful]

Supply chain is global

Exactly. Many on here are far more qualified to discuss the overall impacts, but things like this:

https://www.bbc.com/news/business-58196477

Have significant impact on the supply chain and resulting container costs. Those permeate through the entire economy leading to increases in prices for everyone.

[cheebs09]

Supply chain is global

True. My thought is the point he was trying to make is the US policy was fine without the mandate because we weren't seeing Covid shutdowns at ports and plants like we see in other countries.
My view is purely anecdotal but I have seen it at least limit production in the US recently.

[pacearrow02]

Supply chain is global

Of course it is but not sure we can help with Covid vaccination rates or messaging globally.  Seems our ports here are doing a pretty good job of limiting disruptions due to covid.  Just did a couple quick reads and doesn't seem covid is playing much of an issue for our ports as to why they're so congested.

[pacearrow02]

True. My thought is the point he was trying to make is the US policy was fine without the mandate because we weren't seeing Covid shutdowns at ports and plants like we see in other countries.
My view is purely anecdotal but I have seen it at least limit production in the US recently.

Not sure if my initial post really even had a point other then inflation is here to stay despite our eXPeRTS saying it was transitory.  Forgetful blamed it on covid shutting down ports/plants and i assumed he meant domestic ports as that really is all we can control.

[forgetful]

Of course it is but not sure we can help with Covid vaccination rates or messaging globally.  Seems our ports here are doing a pretty good job of limiting disruptions due to covid.  Just did a couple quick reads and doesn't seem covid is playing much of an issue for our ports as to why they're so congested.

That's just because in the US, we let teachers and workers simply die instead of taking proactive measures such as shutting down facilities, or even requiring masks.

When you remove any legal responsibility for worker welfare from the employers, they put money over lives in operation decisions.

[jesmu84]

Of course it is but not sure we can help with Covid vaccination rates or messaging globally.  Seems our ports here are doing a pretty good job of limiting disruptions due to covid.  Just did a couple quick reads and doesn't seem covid is playing much of an issue for our ports as to why they're so congested.

I was referring to reasons for the inflation. Global supply chain has been severely disrupted. As a result, decreased supply. As a result, consumer good inflation.

Fix the supply chain, it will fix inflation.

That will take time and reduction in shutdowns due to covid spread.

The US policy on covid/vax is unrelated to the above. In fact, if we really wanted the US to help solve covid related supply chain issues, we'd ignore vax patent protections

[Spotcheck Billy]

Of course it is but not sure we can help with Covid vaccination rates or messaging globally.  Seems our ports here are doing a pretty good job of limiting disruptions due to covid.  Just did a couple quick reads and doesn't seem covid is playing much of an issue for our ports as to why they're so congested.

Remember when the Suez canal was blocked and how that disrupted supply chains? Take a port closure/slowdown in China and things get much worse quickly.

You've been  disingenuous posting about inflation and then attempting to blame this administration without allowing for other factors.

[pacearrow02]

Remember when the Suez canal was blocked and how that disrupted supply chains? Take a port closure/slowdown in China and things get much worse quickly.

You've been  disingenuous posting about inflation and then attempting to blame this administration without allowing for other factors.

Guilty as charged.  Do accept the charge you provide cover for this administration by not looking at all the factors as well and focus only on the ones that have nothing to do with domestic policy? 

[Pakuni]

Has that been a major issue domestically here?  The shutting down of ports, plants etc?

Yep.
GM has shut down most of its North American plants due to a shortage of chips coming for Southeast Asia.

https://www.cnn.com/2021/09/03/business/gm-plant-closings-chip-shortage/index.html

[pacearrow02]

Yep.
GM has shut down most of its North American plants due to a shortage of chips coming for Southeast Asia.

https://www.cnn.com/2021/09/03/business/gm-plant-closings-chip-shortage/index.html

Right, but not cause a bunch of workers got Covid at their NA plants?

[Spotcheck Billy]

Guilty as charged.  Do accept the charge you provide cover for this administration by not looking at all the factors as well and focus only on the ones that have nothing to do with domestic policy? 

No because I have considered domestic causes, where did I post otherwise? I never posted the only cause for inflation was port closures.

[MU82]

Not sure if my initial post really even had a point other then inflation is here to stay despite our eXPeRTS saying it was transitory.  Forgetful blamed it on covid shutting down ports/plants and i assumed he meant domestic ports as that really is all we can control.

Jay Powell is the eXPeRT who has repeatedly called inflation transitory. What kind of total maroon of a president could have appointed such a stoopid Fed chair?

[JWags85]

Jay Powell is the eXPeRT who has repeatedly called inflation transitory. What kind of total maroon of a president could have appointed such a stoopid Fed chair?

Powell is a lawyer turned I-banker who somehow was selected to guide economic policy on the Fed Board of Governors by Obama and then promoted to chair by Trump.  Its too early to tell but I will be shocked if his tenure is looked back on favorably.  Dude has never given an ounce of concern towards inflation.

I know it was supposed to be a great Trump GOTCHA burn, but he's had bipartisan support for a decade, bafflingly.

[pacearrow02]

No because I have considered domestic causes, where did I post otherwise? I never posted the only cause for inflation was port closures.

You have never posted what you thought the causes were. Domestic, international, or otherwise so not sure what you have considered.

[Jockey]

Supply chain is global

Apparently everyone knows that except Chico.

[jesmu84]

Remember when the Suez canal was blocked and how that disrupted supply chains? Take a port closure/slowdown in China and things get much worse quickly.

You've been  disingenuous posting about inflation and then attempting to blame this administration without allowing for other factors.

+1

Current inflation problems are transitory directly result of global supply chain issues secondary to covid shutdowns.

Stop the virus> stop the shutdowns>recover the supply chain

[tower912]

As has always been obvious.

[ZiggysFryBoy]

Powell is a lawyer turned I-banker who somehow was selected to guide economic policy on the Fed Board of Governors by Obama and then promoted to chair by Trump.  Its too early to tell but I will be shocked if his tenure is looked back on favorably.  Dude has never given an ounce of concern towards inflation.

I know it was supposed to be a great Trump GOTCHA burn, but he's had bipartisan support for a decade, bafflingly.

🤣🤣🤣🤣

[MU Fan in Connecticut]

Supply chain is global

I deal with the international container delays ongoing and weekly.

What's amazing is people not understanding increase in lead times as a result. 
"No, we can't improve the lead time because I don't have the raw material yet.  Where have you been the last 18 months?"

[MU82]

Powell is a lawyer turned I-banker who somehow was selected to guide economic policy on the Fed Board of Governors by Obama and then promoted to chair by Trump.  Its too early to tell but I will be shocked if his tenure is looked back on favorably.  Dude has never given an ounce of concern towards inflation.

I know it was supposed to be a great Trump GOTCHA burn, but he's had bipartisan support for a decade, bafflingly.

Was just having some fun with the New Chicos ... but yes, thanks for confirming what we all already knew: that the president who constantly claimed to "hire only the best people" appointed this Fed chair that you say will be looked back upon unfavorably.