Joe Biden deflected growing criticism of his disastrous handling of America’s post-pandemic recovery this week; saying it’s simply “hard” for the public to understand that inflation is not caused by government spending.
“That’s hard for people to think about right now because inflation is up and there’s a direct correlation in most people’s minds… Why is there inflation? The government’s spending money. That’s not the reason for the inflation,” said Biden.
“Most of the economists are saying this Build Back Better bill is not going to increase inflation, it will diminish inflation. It has a negative impact on inflation,” he added.
President Biden: "Most of the economists are saying this Build Back Better bill is not going to increase inflation, it will diminish inflation. It has a negative impact on inflation, it doesn't raise inflation. But that's hard for people to think about right now." pic.twitter.com/3lTfPHg4zF
— The Hill (@thehill) December 10, 2021
President Biden released an official statement Friday after new economic data showed America’s inflation rate jumping 6.8% in November, the fastest pace since the aftermath of the Carter Administration in 1982.
“Today’s numbers reflect the pressures that economies around the world are facing as we emerge from a global pandemic — prices are rising. But developments in the weeks after these data were collected last month show that price and cost increase are slowing, although not as quickly as we’d like,” writes Biden.
“Half of the price increases in this report are in cars and energy costs from November. Since then, we have seen significant energy price reductions. Gas prices nationally are down from their peak; prices in 20 states are already below their 20-year average and the price of natural gas is down 25% from its November average. On cars, we have in recent weeks begun to see a decline in used car prices on the wholesale market which should translate into lower prices for Americans in the months ahead,” he adds.
“Finally, the challenge of prices underscores the importance that Congress move without delay to pass my Build Back Better plan, which lowers how much families pay for health care, prescription drugs, child care, and more. American families should not have to wait to get relief on the cost of prescription drugs like insulin, or see their childcare costs cut by more than half. Independent economists have projected that this plan will save a typical family of four $7,400 every year — while easing long-run inflationary pressures on our economy. For anyone who, like me, is concerned about costs facing American families, passing BBB is the most immediate and direct step we can take to deliver,” writes the President.
Read Biden’s full statement here.
CARTER 2.0: Southeast Gas Stations Ration Fuel, Cars Line-Up, Drivers Wait for Hours
Americans in the southeastern section of the country had flashbacks of the 1979 Oil Crisis this week when gas stations began rationing fuel in the aftermath of a major cyberattack against a pivotal pipeline.
“The closure of the 5,500-mile Colonial Pipeline, which carries more than 100 million gallons of fuel from Texas to New Jersey each day, has stretched into its fifth day,” reports the New York Post.
“It sparked wild scenes of panic buying across Georgia, Florida, Virginia and South Carolina — with North Carolina Gov. Roy Cooper and Georgia Gov. Brian Kemp even declaring states of emergency in their areas. Kemp also issued an executive order suspending Georgia’s gas tax through Saturday to help offset the costs of higher fuel prices,” adds the newspaper.
“I DON’T HAVE ANY GAS AND THE STATE OF NORTH CAROLINA DOESN’T HAVE GAS!! WHAT IN THE 2021 IS GOING ON !!” one panicked driver tweeted.
“I’ve seen all these cars waiting and I was like, ‘OMG. I have to fill my tank up!’” said another.
Read the full report at the New York Post.
CARTER 2.0? Gas Runs Dry After Pipeline Cyberattack, Long Lines in NC, SC, FL, VA
A cyberattack against a major energy pipeline along the East Coast caused fuel shortages in states like Florida, Virginia, and South Carolina Tuesday as security experts scrambled to get the key piece of infrastructure back online.
“Drivers along parts of the East Coast are feeling the immediate effects of the shutdown of the Colonial Pipeline following a ransomware attack, reports CBS News’ Laura Podesta. Some waited an hour or more on lines at gas stations before filling up or learning the pumps had run dry,” reports CBS News.
— Chaunte' Turner (@ChaunteLive5) May 11, 2021
“It was unbelievable. When I was driving today, I thought it was a catastrophe coming! I’ve seen all these cars waiting and I was like, ‘OMG. I have to fill my tank up!’” said one local in South Carolina.
Gas prices jumped six cents within 24 hours, raising the national average to nearly $3 per gallon.
“If this outrage goes past the end of the week … prices could spike pretty dramatically,” said Kevin Book of Clearview Energy Partners.
Read the full report here.