Do we need to give prospective presidents an economic literacy test?
There’s little doubt that, judging by this tweet, Joe Biden would get an “F.”
My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril.— President Biden (@POTUS) July 2, 2022
Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.
Wow. Jeff Bezos accused the U.S. president of either deliberately misleading the public or lacking a “basic” understanding of the forces that actually drive prices.
Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics. https://t.co/XgKfEICZpk— Jeff Bezos (@JeffBezos) July 3, 2022
Biden apparently doesn’t know that gas station owners are mostly independent small businesses whose razor-thin profit margins make it impossible to willy-nilly lower prices at the pump just because the president orders them to.
Shut up and sit down you weasel handler!— Kristi (@Kristi_Weaver4) July 2, 2022
We are NOT in a war and ma & pa gas station owners ARE making their prices to reflect what they’re paying for it. https://t.co/3AbgQX24Ek
“You know as well as everyone that the Federal Reserve actually sets the prices—through rampant inflation,” wrote the Libertarian Party’s account.
“When 40 percent of the dollars in the world was printed in one year, inflation sets in and prices skyrocket. Just yesterday you were blaming [Russia]. We see through your scam.”
You know as well as everyone that the Federal Reserve actually sets the prices - through rampant inflation. When 40% of the dollars in the world was printed in one year, inflation sets in and prices skyrocket.— Libertarian Party (@LPNational) July 2, 2022
Just yesterday you were blaming Putin.
We see through your scam.
Added California gubernatorial candidate Michael Shellenberger,
“At a time of war, Biden could have leveled with the American people and united the country through an ‘all-of-the-above’ clean energy strategy that included oil & gas. Instead, he has repeatedly lied about the causes of the energy crisis and divided the country.”
At a time of war, Biden could have leveled with the American people and united the country through an "all-of-the-above" clean energy strategy that included oil & gas.— Michael Shellenberger (@ShellenbergerMD) July 3, 2022
Instead, he has repeatedly lied about the causes of the energy crisis and divided the country.
At least the Chinese agree with Biden.
They mocked the American president for proving their point about “capitalist exploitation.” New York Post:
In response to Biden’s demand that oil companies lower their prices, the president was trolled by Chinese state media.
“Now US President finally realized that capitalism is all about exploitation. He didn’t believe this before,” wrote Chen Weihua, EU Bureau Chief and columnist for China Daily, an English language media outlet owned by the Chinese Communist Party.
Biden’s unseemly begging comes on the heels of a White House advisor’s warning that we must suffer these high prices for fuel because “This is about the future of the liberal world order, and we have to stand firm.”
Biden himself suggested Americans are just going to have to grit their teeth and get used to it. At a press conference in Madrid, he made it clear that the high prices would be with us as long as Ukraine could convince the United States to stand with them
Q : The war [in Ukraine] has pushed [oil] prices up. They could go as high as $200 a barrel, some analysts think. How long is it fair to expect American drivers and drivers around the world to pay that premium for this war?
THE PRESIDENT: As long as it takes, so Russia cannot, in fact, defeat Ukraine and move beyond Ukraine. This is a critical, critical position for the world. Here we are. Why do we have NATO?
“So Russia cannot, in fact, defeat Ukraine and move beyond Ukraine,” is very cold war-ish, don’t you think? It was the rationale used by the right in every American intervention during the Cold War. The left mocked any notion of Russian expansionism at the time as childish and an excuse for imperialism.
What say ye now, Joe Biden?
Supplies wouldn’t be short and prices wouldn’t be as high if Biden had continued the policies of Donald Trump that made America virtually energy independent.
Biden is going to Saudi Arabia later this month, hat in hand, to beg the Kingdom to open the spigot and pump more oil. What’s worse is that Biden refuses to take any responsibility for gas prices spiking. He has blamed everyone else for his failures. This latest idiocy demonstrates a shocking ignorance of basic economics and a childish political effort to evade blame.
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