One Has To Wonder — Does President Biden Even Care About Inflation?

You have to wonder whether President Biden cares at all about the health and wellbeing of working people in America. Even with the softening of inflation in recent months, the level of consumer prices has jumped a breathtaking 16 percent during Mr. Biden’s term thus far. Groceries have increased 20 percent. Gasoline 43 percent. Electricity 25 percent. New cars 20 percent. Used cars and trucks 34 percent. Now, the Saudis and the Russians just announced more oil production cuts, which has raised the U.S. and world oil prices by just short of 10 percent. That will, of course, spill over into gasoline prices before long. What was Mr. Biden’s response to the OPEC+ double-cross? He’s decided to throw in with them, by cutting current and future oil production even more. Whose side is he on, anyway? Well, he went out and canceled oil and gas leases issued in the Arctic National Wildlife reserve. Those lease sales were part of the Trump tax cuts legislated by Congress in 2017. In other words, Mr. Biden is breaking the law. The Supreme Court has recently ruled that executive actions cannot substitute for congressional legislation. By the way, Mr. Biden’s trying to do the same thing with student loan cancellations. The Supremes recently ruled that the executive cannot do that without congressional legislation. On top of that, he took 40 percent of the National Petroleum Reserve off-limits for any oil and gas drilling. More production cuts in the future. Playing right into enemy hands. Remember, OPEC+ includes our dear friends Venezuela and Iran. All this virtually guarantees that present and future gasoline prices are going to go up. Very bad news for people who drive gasoline-powered cars, which is still pretty much all of us. Very bad news for higher future inflation. More bad news for typical blue-collar families whose real wage take-home pay will go down even more than the 3 percent drop they’ve already experienced under Bidenomics. By contrast, real wages jumped 7 percent during the Trump years. Incidentally, farm prices are going to go up, because fertilizer prices are going to go up. Because fossil fuel prices are going to go up. And, oh, by the way, Mr. Biden’s higher fossil prices will continue to help Russia finance the war in Ukraine. Because fossil fuels are the Russian cash crop. Finally, the Biden phony climate emergency hypothesis, with its attempt to end internal combustion engines and substitute electric vehicles, could abolish nearly 500,000 jobs — and many more when you include those working in dealerships, repair shops, and gas stations. That inconvenient reality may very well lead to a UAW strike against the Big Three automakers, which would sink the entire economy. That’s what they call “Bidenomics.” From Mr. Kudlow’s broadcast on Fox Business News.

One Has To Wonder — Does President Biden Even Care About Inflation?

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