The Economy, stupid

[Cknolls]

GAS futures rose from $2.62 to $2.90 in April, a rise of 11%. Do they think we're morons?

 

Deflation in the things we want.

 

Inflation in the things we need.

[NorthSideSox72]

$129.07?

 

[StrangeSox]

Over $130 this morning. Hooray!

[southsider2k5]

Over $130 this morning. Hooray!

 

$131

 

$132

[southsider2k5]

<!--quoteo(post=1643243:date=May 21, 2008 -> 06:05 AM:name=StrangeSox)-->

<!--quotec-->Over $130 this morning. Hooray!

 

$131

 

$132

 

$133

[southsider2k5]

$133

 

$134

 

$135

[kapkomet]

$134

 

$135

It's getting ridiculous. I mean seriously.

[StrangeSox]

Oil has about doubled in price over the last year, and its up ~38% just since February 22nd.

http://www.oil-price.net/index.php?lang=en

 

Edited May 22, 2008 by StrangeSox

[southsider2k5]

It's getting ridiculous. I mean seriously.

 

Its back down under $133 now, so that should get stocks going today.

[Mplssoxfan]

This oil supply update is bad news.

[southsider2k5]

This oil supply update is bad news.

 

that's what set the crude rally in motion yesterday.

[southsider2k5]

http://www.rasmussenreports.com/public_con...ica_s_best_days

 

The latest Rasmussen Reports national telephone survey found that 62% of voters would prefer fewer government services with lower taxes. Nearly a third (29%) disagrees and would rather have a bigger government with higher taxes. Ten percent (10%) are not sure.

 

Those numbers have changed little over the past month.

 

Republican voters overwhelmingly prefer fewer government services—83% of the GOP faithful hold that view while just 13% prefer more government involvement. Democratic voters are evenly divided on this question: 46% prefer more government services, while 43% prefer less government services.

 

Not surprisingly, conservative voters like less government while liberal voters favor a bigger government. Fifty-seven percent (57%) of politically moderate voters prefer smaller government. A separate survey found that most adults (56%) are worried that the next president will raise taxes too much.

 

Sixty-two percent (62%) of voters think American society is generally fair and decent. Twenty-seven percent (27%) think it is unfair and discriminatory. Those numbers have become slightly more positive over the past month.

 

Three quarters of voters (75%) think people who move to America from other countries should adopt the nation’s culture. Just 13% think they should maintain their home country’s culture (see video report).

 

Forty-three percent (43%) of voters think the nation’s allies should do what the United States wants more often. Last month, 47% held that view. Twenty-eight percent (28%) think the U.S. should do what the allies want more often. A related survey found that most voters say bringing the troops home from Iraq should be a higher priority than winning the war.

 

Finally, nearly half of voters (47%) say American’s best days have come and gone. That number has not changed since last month. Thirty-nine percent (39%) of voters think the nation’s best days are still to come.

 

See survey questions and toplines. Crosstabs and Historical Data available for Premium Members only.

[southsider2k5]

Wanna blame someone for high gas prices? Try a little closer to home...

 

http://cbs2chicago.com/politics/gas.prices...s.2.729939.html

 

Truth In Politics: Illinois Gas Prices And Taxes

Reporting

Mike Flannery

CHICAGO (CBS) ― Tired of seeing the price at the pump jump every time you need to buy gasoline? Well, the record-high price of gasoline in the Chicago area is linked to a record-high rate of taxation: nearly 20 percent of the Chicago price.

 

As CBS 2 Political Editor Mike Flannery reports, tax refugees wait in long lines on Indianapolis Boulevard in Northwest Indiana. They jockey for position at a pump, lured by prices that are 20 cents a gallon or more cheaper than just a few blocks away back in Illinois.

 

"It was $4.20. I can come over here and get it for $3.93," said Tikvah Wadley, one of the many fleeing Illinois taxes.

 

Illinois Sen. Dick Durbin complained to oil company bosses at a hearing on Capitol Hill about Chicago having the highest gasoline prices in the United States. Largely ignored was the role taxes are playing -- an astounding 10 levels of taxation.

 

"Does it trouble any of you when you see what you're doing to us?" Durbin asked..

 

In the city, Motor Fuel Taxes originally for building roads currently go to the Feds, Illinois, Cook County and Chicago. The 9.25 percent sales tax is split among Illinois, Chicago and Cook County's share of the state sales tax; a county home rule tax; RTA transit tax and a Chicago home rule levy.

 

The watchdog Civic Federation says that on a $4 gallon of gas, the total tax is 79.2 cents. That compares to 77 cents in Los Angeles and 65 cents in New York City.

 

"Every time the price of gas goes up, the tax goes up with it," said one motorist.

 

And that, of course, is exactly the point for the politicians. Gov. Blagojevich, for example, is counting on the high price of gasoline to bring at least an extra $220 million in the State Treasury in the fiscal year that begins this July. Most of that will be used to balance the way-out-of-balance budget.

 

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

Get More From cbs2chicago.com

[mr_genius]

Chicago area is linked to a record-high rate of taxation: nearly 20 percent of the Chicago price.

 

As CBS 2 Political Editor Mike Flannery reports, tax refugees wait in long lines on Indianapolis Boulevard in Northwest Indiana. They jockey for position at a pump, lured by prices that are 20 cents a gallon or more cheaper than just a few blocks away back in Illinois.

 

"It was $4.20. I can come over here and get it for $3.93," said Tikvah Wadley, one of the many fleeing Illinois taxes.

 

Illinois Sen. Dick Durbin complained to oil company bosses at a hearing on Capitol Hill about Chicago having the highest gasoline prices in the United States. Largely ignored was the role taxes are playing -- an astounding 10 levels of taxation.

 

"Does it trouble any of you when you see what you're doing to us?" Durbin asked..

 

classic Dick Durbin. Does it bother you what YOU are doing to us, Dick?

[NorthSideSox72]

classic Dick Durbin. Does it bother you what YOU are doing to us, Dick?

Its always been bizarre to me, how Durbin could be so cunning and smart with insider politics (and he is), and yet consistently be so dumb in his public political moves (which he also is). Weird.

 

Also, another thought on this... The Chicago mass transit train systems (CTA and Metra) actually receive less money per mile of rail and less money per passenger from government (all levels) than any other system in the country. And yet, the gas taxes here are the highest. Where the hell is that money going?

 

[Balta1701]

Its always been bizarre to me, how Durbin could be so cunning and smart with insider politics (and he is), and yet consistently be so dumb in his public political moves (which he also is). Weird.

 

Also, another thought on this... The Chicago mass transit train systems (CTA and Metra) actually receive less money per mile of rail and less money per passenger from government (all levels) than any other system in the country. And yet, the gas taxes here are the highest. Where the hell is that money going?

I'm sure some goes in to the general funds, but you know all those roads that people like to drive on? The money for those doesn't just appear out of thin air like it does to fund the Iraq war.

[mr_genius]

I'm sure some goes in to the general funds, but you know all those roads that people like to drive on? The money for those doesn't just appear out of thin air like it does to fund the Iraq war.

 

yea but the highest rate in the country? something is up. 20% is way too much, there is no way all that money is going back into the infrastructure.

 

also nice to see you try to hijack this thread into yet another Iraq argument

Edited May 22, 2008 by mr_genius

[Balta1701]

also nice to see you try to hijack this thread into yet another Iraq argument

I enjoyed that one.

[jackie hayes]

Since this is the "economy" thread, it should be pointed out that the consensus among economists is that the gas tax should be considerably higher. Just saying.

[southsider2k5]

yea but the highest rate in the country? something is up. 20% is way too much, there is no way all that money is going back into the infrastructure.

 

also nice to see you try to hijack this thread into yet another Iraq argument

 

It tells me that all of the studies I have read that estimate the waste factor of government being 10-15% are probably really low in Chicago. Higher taxes do not mean more stuff gets done. All you have to do is look at Chicago and its crumbling infrastructure to go with sky high taxes in pretty much every sector of life, not to mention all of the fees and fines they collect.

[Mplssoxfan]

During our just-finished meeting, our delivery manager stated that a number of drivers have threatened to quit if the delivery charge isn't raised.

 

People are always going to drink, though, so my job's safe.

[NorthSideSox72]

Unemployment Rate rises from 5% to 5.5% - the largest increase since 1986.

 

Let me lay this out for the next President... investing in new, renewable energy technologies means creating new jobs (read: lowers unemployment rate), lowering energy costs (read: slows inflation, bolsters value of dollar), improving air quality (read: lower health care costs), and putting the US in a position to be global technological leaders (read: better leverage overseas, better balance of trade).

 

See how that works? See how the investment will more than pay for itself, economically and politically?

 

For the love of God, please, do this, and in a serious way.

 

[lostfan]

Forty-three percent (43%) of voters think the nation’s allies should do what the United States wants more often. Last month, 47% held that view. Twenty-eight percent (28%) think the U.S. should do what the allies want more often. A related survey found that most voters say bringing the troops home from Iraq should be a higher priority than winning the war.

I would be willing to bet money that this question on the survey was phrased in such a way that it was impossible for a lot of people to convey their actual feelings or thoughts on the war.

 

People who want the war to end don't feel that way because they are hoping we fail.

[southsider2k5]

crude $135

 

$136

 

For perspectives sake since hitting an intraday low of $121.20 yesterday morning we are up over $15.00 a barrel. In other words if you had bought one crude oil futures contract at that time, you would be sitting on a $15,000 profit...

 

So who wants to form a commodity fund with me?

[Balta1701]

So who wants to form a commodity fund with me?

Didn't you tell us like 2 weeks ago that you bought in at $131 or something around that level?