By Marc King
As reported in Maryland Reporter and other media last Thursday, President Biden visited Prince George’s Community College to push his economic policies.
Biden’s economic policies have now been described as “Bidenomics.” We have all heard the rhetorical phrase “growing the economy from the middle out, from the bottom up instead of the top down”.
Now perhaps if you live in the White House where everything you need — food shelter, transportation — is at your beck-and-call you might not realize what is really going on with the U.S. economy.
The Saudi government announces they are not going to pump more oil. In response, Joe Biden kills drilling leases in Alaska and bars exploration on another 100 million acres of federal land. How does the market react: Oil has now risen to $90 a barrel and experts see a possibility of crude oil prices rising above the $100 per barrel level because of supply cuts and anticipation of economic recovery in China.
For reference the price of a barrel of oil at the end of the last administration was $63 a barrel. To quote AP’s Karena Phan, in an article published June 7, 2022:
“By the week of Trump’s inauguration, the average fuel price was around $2.32, according to data from the U.S. Energy Information Administration. The highest price during his administration was $2.96 in May 2018, and its lowest was around $1.77 in April 2020, when much of the country was locked down due to the COVID-19 pandemic. When Trump left office on Jan. 20, 2021, the average price was around $2.39 a gallon.”
If you drive a fossil fuel car you know what is going on at the fuel pump today. The price is going up and it is costing you more to get to work or to the food store. Now if your car is the “Beast” or an armored SUV driven and maintained by the Secret Service it is understandable why you might think your policies are working. The same goes for the typical Americans food shopping bill.
In 2023, your money is buying about half what it was able to buy just three years ago. A family of four has lost an estimated $2,000 in buying power since 2020.
Now, if you live in the White House and the butler brings you your coffee and sweet roll in the morning and the chef prepares all your meals and the housekeeper orders all the food, it is understandable why you would think your policies are working.
President Biden coined a new phrase at this presentation – MAGAnomics! He may rue the day he said that because if you ask the average American middle class working man or woman this simple question “Are you better off now or were you better off three years ago? There can only be one answer and that answer leads you to MAGAnomics.