Out of altitude, airspeed, and ideas. Joe Biden’s economic team seems to have adopted this old saying that the root cause of every plane crash is the same one.
No matter what standard you use, the economy is headed into recession. If we are fortunate.
The panicked response to the Wuhan virus has not stopped the supply chain problems. Pilot and other major East Coats truck stop chains have warned their customers about the possibility of diesel shortages this summer. The housing market is becoming more like 2007. Our GDP is decreasing.
The Atlanta Fed just dropped GDP nowcast for Q2 to 0.0%. pic.twitter.com/NYZJ7AZfZd
— Phil Kerpen (@kerpen) June 15, 2022
All of President Trump’s hard-fought gains in the labor force participation rate have been lost.
Why can’t employers find enough employees?
Labor force participation rate doesn’t explain it really. Maybe a 1% drop from pre-pandemic.https://t.co/94BguFLkRB
— Honey Badger (@SalsaPrice) June 12, 2022
Since the beginning of the year, the Dow Jones has lost 7,000 points.
Inflation is the root cause of all these problems. Inflation is making a mess of our lives. It is currently at just below 9%, which is a 40-year-high (New Inflation Statistics Come Busting in like the Kool-Aid Man and Completely Contrary to the White House Narrative). People who study this stuff think it is extremely understated.
In what alternative universe does this add up to an 8.6% inflation rate? pic.twitter.com/PI5cmnWU8Y
— Wall Street Silver (@WallStreetSilv) June 11, 2022
Because of the potential impact on the 2022 elections, the Fed under Bidens is hesitant to take the necessary steps to reverse this spiraling inflation.
Biden and his minions may talk about stopping inflation but the only solution is to send money out to voters so that this mob can win the election.
After 2 year of the craziest stimulus ever created, over $5 Trillion in stimulus, the Dow Jones Industrial Average in only 2,97% higher than it was before the COVID-19 collapse. pic.twitter.com/e7h82w562I
— Ran NeuNer (@cryptomanran) June 13, 2022
All of this meant that it was not surprising that the Biden White House had a big idea to handle high gas prices. They sent out “gas rebate cards”, to random people who have mailboxes.
In recent days, senior White House aides looked at new ways to respond to rising gas prices. They also revisited some they had previously dismissed in an effort to show voters that the administration is working to reduce frustration at rising fuel costs.
Biden officials are reexamining whether the federal government could send out rebate cards to millions of American drivers to pay for gas. This idea was first considered months ago, but it has been ruled out. Two people familiar with the matter stated that aides had concluded that there would be a shortage of U.S. chips to make enough rebate cards. According to another source familiar with the matter, White House officials fear that consumers will not be able to use them for gasoline purchases. Even if the administration accepts the proposal it will likely need congressional approval. This would be difficult for lawmakers who are wary about spending more money.
It is amazing to see the sheer stupidity of those who thought that giving rebate cards to consumers was a solution. This was in contrast with the Biden policies which have caused a fuel shortage and almost doubled the gasoline price in just two years. The war in Ukraine has nothing to do with it. Before the Russian invasion of Ukraine, fuel price increases were already well underway.
It is too ironic to be saved from an inflationary and stupid policy by a faulty supply chain.