Inflation has already hit 40-year highs on multiple occasions.
But there is a bigger threat to the American people on the horizon.
And that’s because Joe Biden is about to make this huge blunder that will make inflation even worse.
President Joe Biden’s approval rating tanked in large part due to the fact that his war on American energy predictably caused gas prices to skyrocket.
The national average price for a gallon of gasoline is just shy of five dollars.
Rather than ramp up the production of American oil and natural gas, President Biden is clawing around for gimmicks and excuses.
And the smoke and mirrors solution Biden settled on was calling on Congress to suspend the 18 cent per gallon federal gas tax for three whole months.
“President Joe Biden will ask Congress on Wednesday to suspend the federal gas tax until September as Americans across the country grapple with soaring prices at the pump,” Fox News reported. “The President will urge members of Congress to institute a three-month federal gas tax holiday without stripping money from the Highway Trust Fund that finances highways and mass transit.”
However, experts predict that Biden’s latest gimmick will only cause inflation to shoot higher in 2023 as it will increase the demand for gasoline, and therefore, will drive up the price.
The Committee for a Responsible Federal Budget wrote that “while the gas tax holiday may reduce prices at the pump, it will further increase demand for gasoline and other goods and services at a time when the economy has little capacity to absorb it.”
“The result could be even higher rates of inflation in 2023,” the Committee concluded.
Even Democrats are not sold on President Biden’s P.R. stunt, as Majority Leader Steny Hoyer (D-MD) proved when he outright panned the idea.
“I have not been a proponent of the gas tax [holiday],” Hoyer told reporters. “There’s no guarantee that the sellers, either wholesale or retail, will reduce their prices. And then, of course, we’ve got to backfill [the Highway Trust Fund]. I just don’t know that it gives much relief.”
And Senator Tom Carper (D-DE), who represents Joe Biden’s home state of Delaware, slammed the idea.
I’m glad that @POTUS is exploring ways to lower gas prices at the pump. Still, suspending the primary way that we pay for infrastructure projects on our roads is a shortsighted and inefficient way to provide relief. We should explore other options for lowering energy costs.
— Senator Tom Carper (@SenatorCarper) June 21, 2022
If President Joe Biden wants gas prices to come down, he needs to reverse his disastrous “Green New Deal” policies.
Stay tuned to Conservative Underground News for any updates to this ongoing story.