Quote:
Originally Posted by Paul D
.6% of GDP really brought on a recession, and slowed growth to a stand still like 2008's meltdown.
Yeah, what was the price spike that month after the storm? $4-5? From $55 to $60? We do that in a week today. So, while pretending energy spikes don't hamper growth, you basically admit that a very tiny blip, well... kinda did. $70 billion for one storm, no less.
It's adorable watching you learn as you go along, while maintaining undying loyalty to the baseless theory that growth is magical.
But where did I say one storm would "slow growth to a standstill," you fraud? Gambool must be proud of his pupil over your progress with the straw-man learning curve. ... Too bad your camp is likely doing a collective face-palm at your fail premise here.
That's just one storm, one tiny uptick in global WTI price, which the futures markets understood would be from a temporary refinery bottleneck. Kinda different from a spike that results from supply constraints in source nations due to, you know, geology and civil war, and stuff.
Further, you realize that costs for natural disaster "recovery" literally count towards GDP, yes? But what does disaster clean-up matter to free market zealots? That cost input is always someone else's problem. And if it counts toward the illusion of growth, all the better!
Anyhoo, here's more relevant perspective ... that you undoubtedly won't read:
High Oil Prices Are A Bigger Problem Than You Realize
Another factor in the slow uptake of high oil prices is the fact that governments can temporarily hide some of the effects of high-priced oil through unemployment benefits and stimulus programs. This temporary cover-up cannot continue for long, though, because governments (such as the US and other oil importers) soon run into problems with high deficits (as is happening now). When governments raise taxes or reduce benefits to solve their financial problems, the deferred high-priced oil problems return, showing that the problem never really left.