On Tuesday President Biden finally admitted that the current 8.3% inflation rate was “a real tough problem to solve” and warned it could get worse before it gets better — while offering no new ideas to stem rising prices.
“I think our policies help not hurt. Think about what they say. The vast majority of the economists think that this is going to be a real tough problem to solve but it’s not because of spending,”
“It’s really complicated. I’m not suggesting American people can’t understand it. They understand it, but they have, you know, they’re working eight, 10 hours a day just to put food on the table,” he added.
Biden declined to predict how long it would take for prices to start coming down — then suggested they may actually rise even higher through 2023.
“I’m not going to predict that,” he told reporters. “It ranges depending on which economists you’re talking to — by the end of this year and some say it’s going to be, it’s going to increase next year. But there’s others who say by the end of this year, you’re gonna see it come down, by the [end of the] calendar year. I don’t know, but I know what we have to do to make sure that we can bring it down.”
The skyrocketing gasoline costs are affecting a significant part of the economy, along with increasing natural gas rates. The administration could help reduce the costs by encouraging more domestic drilling. In previous administrations, this would have already happened. However, in the current far-left, green new deal Democratic party, the pressure to further reduce the production of energy powered by fossil fuels is instead causing the Biden administration to go in the opposite direction.
On Wednesday night, The Interior Department announced it will not move forward with planned oil and gas lease sales in the Gulf of Mexico and Alaska’s Cook Inlet.
A spokesperson for the department confirmed the Cook Inlet lease sale would not proceed due to insufficient industry interest. Meanwhile, the planned sale of two leases, lease 259 and lease 261, in the Gulf of Mexico will not proceed due to contradictory court rulings on the leases, the spokesperson confirmed.
President Biden previously signed an executive order, shortly after taking over as the nation’s Chief Executive Officer, freezing all new oil and gas leasing on federal lands.
The Alaska lease would have covered more than 1 million acres. The federal Bureau of Ocean Energy Management previously canceled lease sales in the area in 2006, 2008, and 2010, also citing a lack of interest from the industry at the time.
Barring unexpected action, the current five-year offshore drilling program will lapse at the end of June. Interior cannot hold any new oil and gas lease sales until it has completed a replacement plan.
Similar to the Biden administration being ordered to re-instate the Remain In Mexico policy, yet has stalled at every level possible, the federal government which is legally obligated to prepare a new proposal, has not released one, nor have officials said when it might be coming.
The program’s looming expiration means the government doesn’t have enough time left to hold the three remaining oil and gas lease sales scheduled under the current plan. Interior spokeswoman Melissa Schwartz cited a lack of interest from oil companies, as well as legal obstacles and a time crunch, as reasons for nixing the planned auctions.
This comes at a time when the president’s approvals have tanked on economic issues in particular, and congressional Republicans have blasted the administration’s energy policies after average nationwide gas prices reached an all-time high earlier this week.
Yet, in spite of Joe Biden leading the United States into a possible recession and the expected loss of Congress following the November mid-term elections, the administration doesn’t appear to have any intention of changing direction.
It’s hard to reason with someone whose value system and world view is in direct conflict with yours.
This is why we are now the Divided States of America. How to turn around the immigration and education systems eroding the foundation of our republic, must be paramount when deciding who to cast our vote for, moving forward.
This story syndicated with permission from Eric Thompson, Author at Trending Politics
Notice: This article may contain commentary that reflects the author's opinion.
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