“Dr.” Michael E. Schmidt doesn’t understand economics:
- When Biden took office, the world was suffering from a pandemic which depressed worldwide demand for oil. Since then, as countries emerge from lock downs, demand for oil has gone up substantially. One would expect gas prices to increase. Gas prices went down during Trump’s presidency because the economy went into the toilet because of Trump’s criminally inept response to the pandemic. Gas prices went up early in Obama’s first term for much the same reason – the world started to recover from a financial disaster.
- Food prices are volatile in the short term (and tend to be coupled with energy prices). There’s a reason food and energy prices are not included in core inflation calculations.
- Carter did not bring us high inflation. Inflation was already high when he took office. (Remember Ford’s Whip Inflation Now campaign?). It was Carter’s monetary policy (which was continued under Reagan) that ultimately brought inflation under control.
- The worst gas shortages and gas lines occurred in 1973 (one can hardly blame Carter). The shortages in 1979 were not nearly as bad. Both occurred because OPEC was trying to influence US policy in the Middle East. These days, the US is not dependent on OPEC for its oil, so such shortages should not be expected.
“Dr.” Michael E. Schmidt displays a shocking ignorance of basic economics (and history). He can’t even point to specific Biden policies that would cause prices to rise (or Trump policies that would cause them to go down).
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