Much as Brandon might brag about how great he thinks the economy is doing right now, the sad but simple truth is that storm clouds appear to be gathering on the horizon. Not all of them are Biden’s fault, to be sure, but they gather nonetheless.
And now another, darker one appears on the horizon: a fuel crisis in Europe and resulting rising gas prices. The Europeans are continuing to support the Ukraine and thus will not be importing Russian gas, and so will face skyrocketing fuel costs come winter. In fact, it’s a problem they are already experiencing.
For Americans, the result could be even higher gas prices come this winter.Such is what Treasury Secretary Janet Yellen said when speaking on CNN about the European fuel situation, saying:
“Well, it’s a risk. And it’s a risk that we’re working on the price cap to try to address. This winter, the European Union will cease, for the most part, buying Russian oil and, in addition, they will ban the provision of services that enable Russia to ship oil by tanker. It is possible that that could cause a spike in oil prices.
“Our price cap proposal is designed to both lower Russian revenues that they use to support their economy and fight this illegal war, while also maintaining Russian oil supplies that will help to hold down global oil prices. So, I believe this is something that can be essential, and it’s something that we’re trying to put in place to avoid a future spike in oil prices.”
At least she has a plan, though hopefully it works better than their plans to limit that inflation that was supposed to be “transitory” but turned out to be anything but. Oh, and speaking of inflation, that fuel price spike prediction wasn’t all. In addition to noting that fuel prices might spike, Yellen noted that unemployment might be coming as the Fed attempts to fight inflation, saying:
“Well, it is a risk when the Fed is tightening monetary policy to redress inflation. So, it’s certainly a risk that we’re monitoring. And we’re seeing some slowdown in growth, but that’s natural because when President Biden took office, the economy was in a deep hole. Output and employment were well short of their normal and potential levels.
“We experienced, largely due to the American Rescue Plan, very rapid growth and jobs came back, workers. You know, we faced something that could have been as serious as the Great Depression. And with a 3.7 percent unemployment rate, that’s a good strong labor market, and people are seeing many opportunities and getting wage increases. Now, higher food and energy prices are having a negative impact, but we’ve got a good strong labor market and I believe it’s possible to maintain that.”
So now you get to bear the burden of their attempting to fix problems the government caused in the first place. Sounds about right.
This story syndicated with permission from Will, Author at Trending Politics
Notice: This article may contain commentary that reflects the author's opinion.
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