We are suffering from rising inflation….gas, food, housing, etc……and back in February Biden promised to do something to ease the monetary suffering of the American people…..
Biden To Attack Inflation
And then in May more promises and BS…..
Biden On Inflation
And now Biden has ‘big’ plans for inflation….
Amid sky-high inflation and a reeling stock market, the Biden administration is looking for remedies, and two are making headlines. However, neither is seen as being able to make a substantive dent in the problems:
- Tariffs: The White House may roll back some or all of the tariffs imposed on China by former President Trump, reports the New York Times. If all such penalties were removed, it might save US households about $800 a year. However, given the fraught politics of the issue, it’s highly unlikely President Biden would wipe out all the tariffs, making any resulting benefits even more modest, per the Times. One estimate is that Biden’s rollbacks might shave, at best, a quarter of a percentage point off inflation, now running at a red-hot 8.6%.
- Oil companies: President Biden on Wednesday sent a letter to major oil refiners, including Exxon Mobil, BP, and Shell, and urged them to ramp up production as a way to bring down gas prices, reports the AP. “At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” he wrote, per NPR. A post at CNBC is skeptical about what this might actually achieve: “Refiners can’t just ramp up output, and utilization rates are already above 90%. Additionally, some refiners are now being reconfigured to make alternate products like biofuel.”
This ‘big’ plan will do little to solve the problems of the average American….just what I anticipated from a politician of any stripe…..
Where will this be of immediate assistance to us mere mortals?
Do you really believe that agri-business cares about you or your family?
Or the shipping industry?
Then there is Congress that is more interested in the brides that can rake in ‘legally’ than your and your family’s well-being.
All this is so much bullsh*t….and yet we fall of these antics every election….the only real help is drastic measures not these half handed crap piles that actually aids NO ONE.
Let me know just how any of Biden’s ‘big’ plans will help you tomorrow.
I will wait!
I Read, I Write, You Know
“lego ergo scribo”
5 thoughts on “Big Moves On Inflation”
We have all been through all this inflation, recession and depression crap before and we all got through it somehow. We will get through this one too. Too damned bad that spoiled Americans might have to make some adjustments to their over-privileged, over-abundant lives! I say a little belt tightening is good for everybody. Makes them appreciate the things that they do have.
That is not what the corporations want…..and this one will hurt poor people the most…..and those corporations will come out smell like the bed nof crap they are. chuq
John I do not think Americans should shrug this off….time to start demanding what we have been promised for decades…prosperity for all chuq
I saw on the news today that US interest rates are rising, ‘to combat inflation’. I doubt that will work, but it seems the Bank of England is going to follow suit here. More expensive loans and mortgages for working stiffs that will have no effect on the rich of course.
Best wishes, Pete.
Same solution….different year…..and us peasants will continue to suffer. chuq