The current state of the economy coupled with high inflation, gas, and food prices certainly place President Biden’s quest for a second term at risk. People are certainly dissatisfied seeing their incomes shrink with very little relief any time soon. Gas prices are up again approximately 15% over the past couple of weeks. Gas and refinery companies argue they are having to pay higher prices to refine the natural resources! Yet, more than likely gas companies like Chevron and Exxon will show a $6 – $8 billion profit by the end of the quarter after taxes and expenses. These numbers are consistent with their quarterly profitability. Many blame the Biden Administration for runaway money-greedy businesses. The truth is that President Biden may not be able to do much other than Ask them to curve their appetite for greed! Notice the Republican Party doesn’t chime in on the economy other than to blame the Biden Administration. If he were to take as an example executive action to cap gas prices the Republicans would squawk about government intervention in private business. Yet, they forget that we still give oil companies subsidies so that they can make billions off of us! What about legislation to tax these excise profits and return those monies to the federal coffers so that the ordinary citizen can have some kind of tax relief? President Biden boasts much about his Inflation Reduction Act passed last August but I certainly have not felt or frankly seen any relief. Medications are not only at a high but now there are shortages. I believe that the Pharmaceutical Industry is rebelling against these lower price levels suggested by the administration.
The potential of gas prices hitting a high closer to four dollars increases every day. The Saudis have reduced their oil production, hurricane season is upon us, and as I talked about – greed! Inflation has had a downturn for a couple of months but is on the trek to rise with the Russia -Ukraine War impacting grain production worldwide as well.
- Just a word to the wise, we are All or at least most of us in the same bucket – barely making it!