If you’re having trouble making it from paycheck to paycheck, you’re not alone. Most Americans tell pollsters that they feel the economy is not doing well and is getting worse.
People are poorer now than when President Joe Biden took office. Although wages have risen, prices have risen very quickly.
Worse, these are self-inflicted wounds. To find their source, look no further than the man driving the ship: Biden. On his first day in office, Mr. Biden grabbed the steering wheel and turned it so it wouldn’t move, that is, a left turn. In doing so, he turned wealth into wind.
By blocking pipelines, threatening America’s energy industry with bankruptcy, restricting lending, and creating an unfavorable environment for manufacturers, Mr. Biden pleased his left-leaning supporters — but left the rest of America holding the bag.
Biden has fought the pipeline project tooth and nail, blocking the replacement of existing facilities and rendering the proposed wells useless. Drilling an oil or gas well is worthless if the driller cannot build a pipeline to transport the product.
Likewise, Mr. Biden’s repeated threats to end fossil fuels with crippling taxes and regulations have reduced spending. No one wants to build a refinery that will take years to pay back its initial investment when the refinery will soon be shut down by government law.
Biden has also held back loans or missed deadlines for announcing new loan plans. In an industry where operating costs are often measured in the billions of dollars, this uncertainty makes it impossible to invest and increase production.
This 180-degree shift in economics has also turned America’s energy independence into a headwind that equates to skyrocketing energy prices.
Cheap, reliable domestic energy has helped America’s economy, but it is being rejected in favor of less feasible and less reliable alternatives.
Since energy affects the cost of everything we buy, this left turn of the Biden administration is raising costs for the American people. Politicians greatly underestimate the impact of energy bills on prices and the economy. By steering the ship straight into the wind, the Biden administration will block economic progress and hold the country back.
The effects of energy regulation are very different from the free market, which has proven time and time again that it can turn a hurricane into a hurricane.
Take the oil. Its major components were waste from kerosene refining. Their disposal was unsafe and harmful to the environment. But without any government regulation, the free market discovered the use of petroleum and turned hazardous waste into one of the world’s most consumed commodities. This has greatly reduced the cost of transportation and has resulted in billions of dollars in transportation around the world.
But miracles like these are rare when government officials take control and steer the ship where they want it, as opposed to where millions of other people would like it to go.
While the Biden administration continues to force the country to abandon reliable domestic energy, the majority of American energy is now the strong winds of “green” boondoggles, which are pushing America into decline.
Yet the White House press secretary insists that “we are not in a crisis right now,” despite many protests to the contrary.
The Federal Reserve Bank of Atlanta, which oversees economic growth forecasting, predicts that the economy will enter the second quarter of 2022, the three-month period from April to June. This follows a 1.6% decline in the first quarter, from January to March.
A recession, which occurs when an economy contracts two consecutive periods, simply means that there are fewer goods and services being produced.
Energy prices make the same goods and services more expensive, so less is produced, and less can be consumed. This means that the standard of living and quality of life is decreasing, even though you are working as hard as before. Or maybe you don’t work at all, because recessions also lead to unemployment because businesses need fewer workers.
The first official estimate of economic growth for the second quarter will be released on July 28 and may indicate that the country is already in trouble. However, the ship can resume sailing with the wind. In order to do this, the Biden administration must abandon the regulation and remove the stranglehold on American energy producers.
©2022 Tribune Content Agency, LLC.
Do you have any thoughts on this matter? To be clear, please send an email to letters@DailySignal.com and we will consider publishing your edits in our regular “We Hear You” section. Remember to include the link or title of the article along with your name and city and/or state.