Just a thought.
Sunday, November 21, 2021
Fight...
Saturday, November 20, 2021
Crashed...
Trump's interventionist approach continued in April 2020 when oil prices crashed below zero for the first time ever.
Realizing that dirt-cheap oil prices threatened jobs in key Republican states, Trump did an incredible shocking 180 and successfully urged OPEC slash oil production.
Who...
Shocked...
Stampede...
Biden policies have detonated this inflation bomb. Biden signed a $1.9 trillion stimulus spending plan, which was completely unnecessary because we already had nearly $1 trillion of unspent COVID-19 relief funds in the pipeline.
Then Biden declared war on American oil, gas and coal. As a result, domestic oil production has fallen by roughly 2 million barrels a day from when Donald Trump was president. So, at $83 a barrel, this means we are losing about $165 million per day from the pockets of hard working Americans.
Biden has canceled the Keystone XL pipeline and now wants to shut down a major Midwestern pipeline that is already operative. Biden reversed a Trump administration directive to allow drilling in oil-rich Alaska a few weeks ago.
The most urgent step to stop the stampede of higher prices is to kill his $3.5 trillion social welfare spending bill, which will worsen inflation. Yet the Godzilla bill “will cost nothing it’s free.”
Biden’s false claims, he continues to assure the public that he won’t raise taxes on those who make less than $400,000. But, Mr. President, inflation is a tax. You’re paying this Biden tax every time you fill up your gas tank or buy food.
Mirror...
The economy under Jimmy Carter experienced inflation and unemployment that were both in the double digits as the result of an oil price shock that began when Iranian oil workers went on strike.
When Jimmy Carter took office in 1977, the US economy was still recovering from the severe 1973-75 recession. However, it was doing so at a fast pace. The period of 1977-78 saw the creation of a million net new jobs and real median household income growth by 5%.
The 1970s were bookended by oil shocks that brought soaring prices for gasoline. Meat prices also spiked. On the popular sitcom All In The Family, Archie Bunker was reduced to eating meatless spaghetti.
Ultimately, it took a crackdown by cigar-chomping Fed chairman Paul Volcker to break the cycle of rising prices and wages. Volcker slammed the brakes on the economy by raising interest rates to 20% , tough medicine to prove he was serious about getting inflation under control.
Friday, November 19, 2021
Ask...
"Ask and you shall receive". Just a thought.