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Instead of playing hide-and-seek with the White House Press Corps, or instead of the Republicans crying out about blocking his 5 trillion tax-and-spend scheme, President Joe Biden can do something useful.
The president can work to reduce inflation. How? By bringing people back to work, raising the prices of almost all consumer goods tackles the challenge of the supply chain and does everything possible to increase U.S. oil and gas production, helping to keep pace with rapidly rising energy prices.
That’s what Donald Trump would have done if he had been in the White House. Just as he launched Operation Warp Speed to combat Covid-1 combat, the former president will be laser-focused today to reduce inflation.
For all his faults, Trump was rarely inactive.
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Unfortunately, an administration that identifies climate change as the biggest threat to our country and one that is deep in the pockets of organized labor is less likely to do any of the above. Biden is determined to put green lobbyists in front of voters, who put climate change in the eighth place behind many of their concerns, including cowardice, weak leadership, race relations, immigration and the economy.
He’s also not going to claim that unions can relax the rules to operate at 60% to 70% power under our rules or that truck drivers can shrink the number of hours they can stay behind the wheel. There has been some progress in this regard, but almost not enough.
Biden is also reluctant to take on Democrats who want to remove the incentive to work. Increased unemployment benefits, rent suspensions, increased food stamps, and the forgiveness of billions in student loans have been well documented. Certainly, those policies have sided with the workers. Biden’s vaccine mandates and claims that certain tasks will only be fulfilled by union workers in order to further shrink the available labor force.
Reflecting the labor shortage, a recent employment report showed that average hourly earnings increased 0.6 percent per month, or 4.9 percent annually, a 40-year high. This is good news, except that pay-check inflation is low. Ed Hyman, a leading economist on Wall Street, has projected that this week’s Consumer Price Index report will likely show a 5.35 percent year-on-year increase, on top of wage growth.
To ease the ongoing supply chain problems, Biden should bring together union bosses, transport industry CEOs, medical authorities and other interested parties to figure out how stuck ports and other barriers are being emptied and causing massive headaches for retailers. Manufacturers, and consumers.
According to Beijing’s Global Times, in late July, “China Central Television (CCTV) … reported that freight rates have increased almost fivefold since April compared to the same period in 2019.” Container shortages and “reduced turnover efficiency in foreign ports” were cited as contributing to the increase in costs.
Indeed, our ports are a problem. Recently, 147 ships awaited unloading at Los Angeles and Long Beach ports – a record. While ships await their turn, every aspect of the process has been hampered by union restrictions, coveted protocols and shortcomings. Truck drivers, chassis, crane operators, warehouse space – everything is in short supply.
In fairness, in late February, President Biden commissioned a 100-day assessment of the weakness of the supply chain, which at least acknowledges the problem. Its June report focuses primarily on ensuring long-term availability of “green” supply electric vehicle batteries and rare earth minerals, as well as semiconductor and medical supplies.
These priorities are important but the investments will take several years to materialize. We need help now.
Recently, Walmart, Home Depot and other big box retailers have decided that it is better to rent small container ships themselves than to rely on huge ships stuck in overloaded ports like Los Angeles. 1,000-container ships can go to a port that is not accessible to ships of 20,000 units as importers usually rely on, and therefore can deliver goods faster.
Naturally, bringing items to the country in small ships will be more expensive. Retailers will bear the high cost to consumers, who are desperate for a new refrigerator or toy for their kids Christmas, they need to pick up more.
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To help cap the price of gasoline, which is currently $ 3.28 per gallon, from $ 2.26 a year ago, President Biden should encourage U.S. producers to increase production, which will fall this year without begging OPEC for more supplies. He could do so by slowing down sales of the acreage available for drilling, suspending implementation of methane emissions regulations on drillers, speeding up the construction of new natural gas pipelines and eliminating the threat of higher taxes on producers.
Today there are 533 drilling rigs running from 269 Covid-Depressed a year ago. But we are nowhere near the level that the $ 75 price tag for West Texas oil should be encouraging today. In 2005, when oil prices were roughly at today’s levels, we had about 140,000 rigs operating in the United States.
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Rising fuel prices have put President Biden in a quandary, especially at a global climate rally in just a few weeks. The president certainly wants to make more costly promises to limit U.S. mission migration and increase our reliance on renewable energy, ignoring the failure of wind power that has doubled electricity prices in the UK and the energy crisis that has boosted natural gas prices in France by 600 percent. A crisis that could come to the United States if the president has a way.
Inflation is hurting everyone, and especially the middle and low-income Americans whom Biden pretends to care for. If he wants to get ahead of his terrible approval ratings, he should stop now and show that he is in favor of them.
Click here to read more from Liz Peak