<a href="https://www.dailywire.com/topic/gas-prices" target="_blank" rel="noopener">Hertz</a>, one of the largest rental car companies in the U.S., is dumping tens of thousands of electric vehicles from its fleet, citing low demand and high repair costs.
&#8220;The dramatic about-face, after Hertz announced plans in 2021 to buy 100,000 Tesla Inc. vehicles, underscores the waning demand for all-electric cars in the US,&#8221; Bloomberg News <a href="https://www.bloomberg.com/news/articles/2024-01-11/hertz-to-sell-20-000-evs-in-shift-back-to-gas-powered-cars" target="_blank" rel="noopener">reported</a>. &#8220;EV sales growth slowed sharply over the course of 2023, rising just 1.3% in the final quarter as consumers were put off by high costs and interest rates.&#8221;
U.S. consumers have had serious concerns about the electric vehicle market ranging from the price of the vehicles and the serious lack of charging stations throughout the U.S. to electric vehicles experiencing dramatic losses in their driving range during weather conditions that feature extreme cold or heat.
“The elevated costs associated with EVs persisted,” Hertz Chief Executive Officer Stephen Scherr said. “Efforts to wrestle it down proved to be more challenging.”
The company hopes that its decision to sell off 20,000+ electric vehicles better balances &#8220;supply against expected demand of EVs,” it said in a regulatory filing.
Morgan Stanley analysts said told Reuters that Hertz&#8217;s move should be a warning to the entire auto industry about the reality of the electric vehicle market, that they are not that popular and expectations for their growth need to be significantly reduced.
The news comes after nearly 4,000 auto dealers across the U.S. <a href="https://www.dailywire.com/news/3700-u-s-auto-dealers-push-biden-to-scrap-unrealistic-ev-mandate-low-demand-even-with-incentives" target="_blank" rel="noopener">said</a> in a letter to President Joe Biden late last year that his push to make two out of every three new cars sold by 2032 electric was highly unrealistic.
While there were good options for people wishing to buy electric vehicles, “the reality, however, is that electric vehicle demand today is not keeping up with the large influx of BEVs [Battery Electric Vehicle] arriving at our dealerships prompted by the current regulations. BEVs are stacking up on our lots.”
The dealerships said they’ve seen a drastic shift in demand for electric vehicles in just the last year and that they are arriving on their lots faster than they can be sold despite “deep price cuts, manufacturer incentives, and generous government incentives,” the letter said.
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“Mr. President, no government agency, no think tank, and no polling firm knows more about the automobile customer than us,” it continued. “Some customers are in the market for electric vehicles, and we are thrilled to sell them. But the majority of customers are simply not ready to make the change.”

Behind the Scenes at the “Hertz Let’s Go?” Campaign featuring seven-time Super Bowl champion Tom Brady and celebrating the company’s huge investment in Electric Vehicles

Hertz Dumping Tens Of Thousands Of Electric Vehicles, Replacing Them With Gas Vehicles

Biden Administration

Economy

Electric cars

Gas Prices

U.S.

Republican presidential candidate <a href="https://www.dailywire.com/topic/ron-desantis" target="_blank" rel="noopener">Ron DeSantis</a> unveiled his energy agenda during an event in Midland, Texas, on Wednesday, promising that his policies will bring back $2 gas and turn the United States into the world&#8217;s leading energy producer.
DeSantis made the announcement after previously rolling out his <a href="https://www.dailywire.com/news/no-excuses-desantis-rolls-out-plan-to-shut-down-illegal-immigration-during-border-visit" target="_blank" rel="noopener">plan</a> to deal with the border crisis in June, his <a href="https://www.dailywire.com/news/desantis-unveils-plan-to-start-ripping-all-the-woke-out-of-the-military" target="_blank" rel="noopener">plan</a> to fix the U.S. military in July, and his <a href="https://www.dailywire.com/news/desantis-releases-his-10-point-declaration-of-economic-independence-policy-platform" target="_blank" rel="noopener">plan</a> to make America economically independent in August.
DeSantis&#8217; energy plan — dubbed &#8220;Freedom to Fuel&#8221; — includes six core components, including: Restore American Energy Dominance, Save the American Automobile, Elevate Evidence Over Ideology, Reform Environmental Permitting and End Green Lawfare, Jump-Start Critical Mineral and Federal Land Development and Build the Most Efficient, Affordable, and Reliable Energy Grid in the World.
&#8220;We have it in our power to reverse the country&#8217;s decline and engineer an incredible comeback for the American people,&#8221; DeSantis said at a Permian Deep Rock Oil Company drilling site. &#8220;And one of the ways we need to do that is by achieving American energy dominance.&#8221;
DeSantis&#8217; plan calls for cutting Biden-era regulations that are holding back oil and gas production, scrapping global climate agendas, allowing the U.S. to export energy as a way of creating global stability, pursuing nuclear energy, reversing electric vehicle mandates, eliminating subsidies for electric vehicles, stopping California from setting national standards, eliminating ESG regulations, greenlighting mining for rare earth elements on federal land, oppose all policies that increase reliance on China, strengthen the national grid, and <a href="https://twitter.com/TeamDeSantis/status/1704511348279792074">more</a>.
DeSantis said that Biden&#8217;s policies have &#8220;exacerbated the inflation that so many families have been laboring under for these last few years&#8221; and destroyed billions of dollars of economic benefits for Americans.
&#8220;So here&#8217;s what&#8217;s happening. On January 20th, 2025, there&#8217;s going to be a new sheriff in town,&#8221; he said in his nearly 40-minute speech. &#8220;As your president, I will restore our freedom to fuel. I will ensure that the United States of America is the dominant energy producer in the entire world. I will ensure that this country does not have to rely on hostile nations for its energy needs ever again.&#8221;
He also stressed the importance of letting Americans choose the type of automobile that they want to drive and &#8220;saving the traditional American automobile.&#8221;
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&#8220;Our self-imposed handcuffs on oil, gas, and critical mineral extraction will be removed,&#8221; he added. &#8220;The days of rolling blackouts and unreliable grids will be finished. To every American outraged by rising gas prices under Biden, and they are rising, and I think nationally, it is coming close to $4 a gallon. Our target goal in 2025, we want that gas at $2 a gallon, we certainly will move in that direction if we implement all these policies.&#8221;
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Republican Presidential Candidate Ron DeSantis Campaigns In Texas

DeSantis Proposes Plan He Says Will Achieve $2 Gas, Turn U.S. Into World’s Top Energy Producer

DeSantis Proposes Plan He Says Will Achieve $2 Gas, Turn U.S. Into World's Top Energy Producer

Energy

Oil and Gas

Politics

Ron DeSantis

Gas prices in some Southern California counties have skyrocketed to an average of over $6 a gallon, the first time they have been this high in nearly a year.
As of Tuesday, the average gas price of regular gasoline in Los Angeles and Orange counties was more than $6 a gallon — $6.027 in Los Angeles County and $6.022 in Orange County, <a href="https://abc7.com/gas-prices-la-county-refinery-problems/13800035/" target="_blank" rel="noopener">according</a> to data from the AAA and Oil Price Information Service.
It is the first time the price has topped $6 since October last year.
Both Southern California counties have seen average gas prices spike more than a dollar over the last two months. The average cost in Ventura County is $6 a gallon, while prices average $5.947 in San Diego County.
According to AAA, three California counties that border Nevada also average more than $6 a gallon: Alpine ($6.999), Mono ($6.508), and Inyo ($6.143).
Several factors have contributed to rising gas prices, including OPEC countries like Saudi Arabia <a href="https://apnews.com/article/opec-oil-prices-saudi-arabia-russia-8d70999cb8258aebc3edbfdfcae278b7" target="_blank" rel="noopener">slashing</a> oil production earlier this summer. The Saudis cut oil production by one million barrels per day starting in July, which caused crude oil prices to jump.
&#8220;Oil costs are putting upward pressure on pump prices, but the rise is tempered by much lower demand,&#8221; <a href="https://www.foxla.com/news/california-gas-prices-continue-to-skyrocket" target="_blank" rel="noopener">said</a> Andrew Gross, an AAA national public relations manager.
&#8220;The slide in people fueling up is typical, with schools back in session, the days getting shorter, and the weather less pleasant. But the usual decline in pump prices is being stymied for now by these high oil costs,&#8221; Gross said.
The national gas price average is currently $3.88 a gallon, 20.3 cents higher than a year ago. The national average hit a record $5.016 a gallon in late June last year.
The Biden administration this week touted gas prices falling from that peak.
“If you look at what we’ve been able to do from last summer to this summer — lowering gas prices by a dollar twenty cents, that is because of the work that this administration has done,” White House Press Secretary Karine Jean-Pierre <a href="https://www.nytimes.com/2023/09/13/business/biden-gas-prices-inflation.html" target="_blank" rel="noopener">said</a> this month.
Over the last year, the administration has repeatedly taken credit for the occasional dip in gas prices even as prices remained high and Americans struggled to keep up with the cost.
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A year ago in September, President Biden claimed that the average gas price was below $2.99 in 41 states and the District of Columbia. In fact, the average gas price at the time was only under $3.99, not $2.99.
After news outlets pointed out the error, the White House <a href="https://www.cnn.com/2022/09/23/politics/fact-check-biden-gas-prices-unemployment-rate/index.html" target="_blank" rel="noopener">corrected</a> the official transcript of Biden’s remarks to read the correct figure of $3.99.
&#8220;I&#8217;m going to get those gas prices down again, I promise you,&#8221; Biden <a href="https://www.axios.com/2023/09/14/oil-prices-chart-forecast-inflation-biden" target="_blank" rel="noopener">said</a> last week.
Critics have <a href="https://www.foxnews.com/media/biden-dragged-touting-gas-price-drop-americans-struggle-make-ends-meet-what-planet-on" target="_blank" rel="noopener">called on</a> Biden to take responsibility when gas prices rise, but the administration has not been eager to do so. Some have also pointed out that the national average gas price the day before Biden took office was $2.38, <a href="https://newsroom.aaa.com/2021/01/new-year-sees-gas-prices-steadily-increase/" target="_blank" rel="noopener">according</a> to AAA, over a dollar less than Thursday’s $3.83 average.
Meanwhile, gas prices were the <a href="https://www.axios.com/2023/09/14/oil-prices-chart-forecast-inflation-biden" target="_blank" rel="noopener">leading cause</a> of August&#8217;s 0.6% jump in inflation.
With election season kicking into gear, gas prices will likely be featured more prominently in the political conversation, especially the question of whether the Biden administration plays a role in keeping prices high.

US-ECONOMY-GAS-PRICES

Los Angeles’ Average Gas Price Tops $6 A Gallon

Los Angeles' Average Gas Price Tops $6 A Gallon

California

Inflation

House Speaker Kevin McCarthy (R-CA) blasted President Joe Biden’s energy policies as an “attack” on American energy that is empowering our enemies. 
McCarthy said that “God has blessed” the United States with the ability to be energy independent during an <a href="https://catsroundtable.com/speaker-of-the-house-kevin-mccarthy-impeachment-of-president-biden-is-moving-forward/" target="_blank" rel="noopener">appearance</a> on WABC 770 AM’s “Cats Roundtable” with host John Catsimatidis on Sunday. He said the Biden administration&#8217;s push toward relying only on renewable energy is “helping our adversaries.” 
“They hurt America by cutting off what God has blessed this country to do, where we can be energy independent, raising the price of fuel, and what that does as well is raises inflation for everybody,” McCarthy said. 
The speaker explained that crude oil extends far beyond use in just cars, but is also used for making phones, shirt buttons, street pavement, and other items. McCarthy said under President Biden, the United States is “dependent” on foreign countries that are now upping the prices. 
“We want to be energy independent,” McCarthy told Catsimatidis, adding that American energy independence actually makes the environment “better” because American natural gas is “41% cleaner than Russian natural gas.” Energy independence also means more jobs for Americans, the speaker says. 
“The Biden administration has gone in and done an attack on the energy business, only wants renewable energy instead of all of the above, made the price of energy higher which you feel in New York, made inflation higher because the gasoline price is now higher, jet fuel price is higher, inflation gets added on compounded, so your food price is higher,” McCarthy explained. 
“This is mainly by his policy attacking American energy,” he added. “It doesn’t mean we buy less, it means we’re buying it from our enemies.”
On Thursday, crude oil <a href="https://www.axios.com/2023/09/14/oil-prices-chart-forecast-inflation-biden" target="_blank" rel="noopener">exceeded</a> $90 a barrel, the highest since November 2022, according to Axios. Gas prices have skyrocketed under Biden, reaching their <a href="https://finance.yahoo.com/news/gas-prices-hit-2023-highs-but-analysts-think-theyre-peaking-113206056.html" target="_blank" rel="noopener">highest levels</a> in 2023 last week. As of Sunday, the <a href="https://gasprices.aaa.com/" target="_blank" rel="noopener">average</a> cost of a gallon of gas is $3.87, a substantial increase from the $2.39 average <a href="https://www.cnn.com/2022/10/28/politics/fact-check-biden-gas-prices/index.html" target="_blank" rel="noopener">price</a> on the day Biden was inaugurated. 
&#8220;I&#8217;m going to get those gas prices down again, I promise you,&#8221; Biden <a href="https://www.axios.com/2023/09/14/oil-prices-chart-forecast-inflation-biden" target="_blank" rel="noopener">vowed</a> in a Thursday speech. 
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In 2020, under then-President Donald Trump, the United States became a net exporter of petroleum for the first time since 1949, <a href="https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php" target="_blank" rel="noopener">according</a> to the U.S. Energy Information Administration. In one of the final actions in his administration, seven ten-year oil and gas leases were <a href="https://www.foxnews.com/politics/biden-admin-axe-alaska-oil-gas-leases-backed-state-lawmakers-native-americans" target="_blank" rel="noopener">issued</a> in Alaska which spanned 365,775 acres in the Arctic National Wildlife Refuge, according to Fox News. Earlier this month, the Biden administration canceled all of those leases, citing climate change, angering local and state officials. 
&#8220;Having just spent more than a month home in communities across our state, there is palpable anger and frustration among Alaskans about the Biden administration’s unrelenting assault on our economy and our ability to lawfully access our lands,&#8221; Alaska Republican Senator Dan Sullivan told Fox. &#8220;This war on Alaska is devastating for not only Alaska but also the energy security of the nation,&#8221;
In March, the House <a href="https://thehill.com/homenews/house/3902279-what-is-in-house-republicans-energy-policy-package/" target="_blank" rel="noopener">passed</a> an energy package that aims to boost sales and production of oil and gas, speed up permitting reform, and repeal specific “Inflation Reduction Act” policies regarding climate change, according to The Hill. 
“This is all from Democratic policies from this administration not just hurting America and our economy, but helping our adversaries be stronger. That is why we need an American energy policy, which the House has passed, that makes America energy independent, utilizing all forms of energy from renewable, from nuclear, from oil and natural gas as well,” McCarthy <a href="https://thehill.com/homenews/house/4208241-mccarthy-hits-biden-on-energy-policies/" target="_blank" rel="noopener">told</a> Catsimatidis.

Speaker McCarthy

McCarthy Blasts Biden’s ‘Attack’ On American Energy, Says Policies Are ‘Helping Our Adversaries’

Congress

Executive

Gasoline

Joe Biden

Kevin McCarthy

Georgia Republican Governor <a href="https://www.dailywire.com/topic/brian-kemp" target="_blank" rel="noopener">Brian Kemp</a> declared a state of emergency over inflation on Tuesday and suspended the gas tax in <a href="https://www.dailywire.com/topic/georgia" target="_blank" rel="noopener">Georgia</a>, saying federal spending and energy policies were to blame for high fuel prices. 
Kemp, who previously suspended the gas tax in the Peach State from March to December 2022, issued the emergency executive order as gas prices <a href="https://www.wsj.com/economy/august-cpi-report-inflation-slowdown-85936a0a#:~:text=Americans%20paid%20more%20at%20the,energy%2Ddata%20and%20analytics%20provider." target="_blank" rel="noopener">jumped</a> more than 10% higher in August from July. This was the highest month-to-month jump in over a year, according to the Wall Street Journal. 
&#8220;From runaway federal spending to policies that hamstring domestic energy production, all Bidenomics has done is take more money out of the pockets of the middle class,” Kemp <a href="https://gov.georgia.gov/press-releases/2023-09-12/gov-kemp-announces-gas-tax-suspension-georgians-face-sustained-inflation#main-content" target="_blank" rel="noopener">said</a>. “While high prices continue to hit family budgets, hardworking Georgians deserve real relief and that&#8217;s why I signed an executive order today to deliver it directly to them at the pump. Working with partners in the General Assembly, we&#8217;ll continue to help Georgians weather the economic headwinds caused by this president, his administration, and their allies in Congress.&#8221;
A gallon of regular gas in Georgia, on average, costs about $3.56, up from the $3.23 a gallon cost one year ago. A gallon of diesel, on average, costs about $4.36, down from last year’s costs of $4.68, <a href="https://gasprices.aaa.com/?state=GA" target="_blank" rel="noopener">according</a> to AAA.
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Gas prices have in part risen from production cuts from Saudi Arabia and the continuing war in Ukraine, but some critics have said that the Biden administration&#8217;s energy policies, which have <a href="https://www.dailywire.com/news/war-on-alaska-biden-admin-cancels-alaskan-oil-and-gas-leases-bans-drilling-on-millions-of-acres" target="_blank" rel="noopener">focused on</a> scrapping drilling and pushing green alternatives, have contributed to higher costs as well. 
According to Kemp’s office, the tax suspension will save drivers 31.2 cents per gallon on regular gasoline and 35 cents per gallon on diesel fuel. 
&#8220;I applaud Governor Kemp’s suspension of motor fuel taxes to keep our people and our economy moving despite Washington’s inaction on rising fuel prices,” said Georgia House Speaker Jon Burns (R). “Georgia’s success story is no accident – it is the result of conservative policies enacted to keep Georgia the nation’s best state for business.”
Kemp’s executive order, effective from Wednesday until October 12, said, &#8220;rampant inflation is negatively impacting Georgia’s economy and the social and economic wellbeing of its residents.”
Statistics from the Federal Bureau of Labor Statistics (BLS) <a href="https://www.dailywire.com/news/bidenflation-consumer-price-index-jumps-up-again" target="_blank" rel="noopener">revealed</a> on Wednesday after Kemp’s announcement indicate the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6% in August, rising 3.7% over the last 12 months.

Governor Of Georgia Brian Kemp Holds His Election Night Watch Party In Atlanta

Kemp Declares State Of Emergency Over ‘Bidenomics,’ Suspends Gas Tax In Georgia

Kemp Declares State Of Emergency Over 'Bidenomics,' Suspends Gas Tax In Georgia

Brian Kemp

Executive Orders

Georgia

Price tags at the pump are close to an <a href="https://www.dailywire.com/topic/gas-prices" target="_blank" rel="noopener">all-time high</a> as drivers hit the road this Labor Day weekend.
The national average price tag for regular gas <a href="https://gasprices.aaa.com" target="_blank" rel="noopener">sat</a> at $3.83 a gallon as of Thursday, according to AAA, when many holiday travelers were expected to start their drives.
Thursday&#8217;s price is just under the Labor Day record set in 2012 of $3.84 a gallon, federal data dating back to 1990 <a href="https://www.cnn.com/2023/08/31/business/gas-prices-labor-day-weekend/index.html" target="_blank" rel="noopener">shows</a>.
Back on Memorial Day at the end of May, the national average price for regular gas was 25¢ lower at $3.58 a gallon. Just before the Fourth of July, when millions of drivers traveled for the holiday, the average price was even lower at $3.55 a gallon.
“This is abnormal. Prices normally fade towards the end of the summer,” John LaForge, head of real asset strategy at the Wells Fargo Investment Institute, <a href="https://www.cnn.com/2022/09/23/politics/fact-check-biden-gas-prices-unemployment-rate/index.html" target="_blank" rel="noopener">told</a> CNN.
Several factors have contributed to rising gas prices, including OPEC countries like Saudi Arabia <a href="https://apnews.com/article/opec-oil-prices-saudi-arabia-russia-8d70999cb8258aebc3edbfdfcae278b7" target="_blank" rel="noopener">slashing</a> oil production earlier this summer. The Saudis cut oil production by one million barrels per day starting in July, which caused crude oil prices to jump.
In some states, gas prices are even higher than the national average.
Eleven states have average prices of over $4 a gallon or more, according to AAA, including California, Illinois, Washington, and Arizona.
Previously, the Biden administration has taken credit for the occasional dip in gas prices even as prices remained high and Americans struggled to keep up with the cost.
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A year ago in September, President Biden claimed falsely that the average gas price was down to less than $2.99 in 41 states and the District of Columbia. In fact, the average gas price at the time was only under $3.99, not $2.99.
After news outlets pointed out the error, the White House <a href="https://www.cnn.com/2022/09/23/politics/fact-check-biden-gas-prices-unemployment-rate/index.html" target="_blank" rel="noopener">corrected</a> the official transcript of Biden&#8217;s remarks to read the correct figure of $3.99.
Critics have <a href="https://www.foxnews.com/media/biden-dragged-touting-gas-price-drop-americans-struggle-make-ends-meet-what-planet-on" target="_blank" rel="noopener">called on</a> Biden to take responsibility when gas prices rise, but the administration has not been eager to do so. Some have also pointed out that the national average gas price the day before Biden took office was $2.38 <a href="https://newsroom.aaa.com/2021/01/new-year-sees-gas-prices-steadily-increase/" target="_blank" rel="noopener">according</a> to AAA, over a dollar less than Thursday&#8217;s $3.83 average.
With election season kicking into gear, gas prices will start to feature more prominently in the political conversation, especially the question of whether the Biden administration plays a role in keeping prices high.
Labor Day holiday travelers have already begun hitting the road. Thursday was expected to be the busiest day on the roads for the holiday weekend.
More than <a href="https://www.cbsnews.com/pittsburgh/news/labor-day-weekend-travel-best-times-to-hit-the-road-to-avoid-traffic/#:~:text=The%20Pennsylvania%20Turnpike%20is%20projecting,2.5%25%20increase%20from%20last%20year." target="_blank" rel="noopener">half</a> of all Americans are expected to travel for Labor Day this year, including millions by car. Experts say high gas prices will not deter holiday travelers.
&#8220;No matter how expensive gas prices are, when people decide to go on vacation, they just budget in the price of gas,&#8221; AAA spokesperson Andrew Gross <a href="https://www.cbsnews.com/news/labor-day-travel-idalia-impact/" target="_blank" rel="noopener">told</a> CBS News.
&#8220;They&#8217;re gonna take that trip,&#8221; he said.
The demand for travel is partially a result of pandemic, with more people wanting to travel this summer now that more COVID restrictions are lifted, <a href="https://www.cbsnews.com/news/labor-day-travel-idalia-impact/" target="_blank" rel="noopener">according</a> to analysts.

US-ECONOMY-GAS

Gas Prices Near All Time High This Labor Day

Biden

President <a href="https://www.dailywire.com/topic/joe-biden" target="_blank" rel="noopener">Joe Biden</a> touted his economic record and decreasing <a href="https://www.dailywire.com/topic/inflation" target="_blank" rel="noopener">inflation</a> during a speech in <a href="https://www.dailywire.com/topic/milwaukee" target="_blank" rel="noopener">Milwaukee</a>, Wisconsin, on Tuesday even as millions of Americans pay hundreds more for basic goods and services than two years ago.
Biden pointed to lower inflation even as a <a href="https://nypost.com/2023/08/14/inflation-forcing-americans-to-spend-709-more-per-month-versus-2-years-ago/" target="_blank" rel="noopener">new report</a> said that Americans paid $709 more dollars for basic goods and services in July 2023 than they did in July 2021, which was just months into Biden’s time in office. The spending was also $202 dollars more than July 2022, according to Mark Zandi, the chief economic analyst for Moody’s Analytics.
“In case you haven&#8217;t noticed, inflation is down, too — and it&#8217;s going lower,&#8221; Biden said during his Tuesday speech. The speech took place as Biden promoted his “Bidenomics” vision in <a href="https://www.dailywire.com/topic/wisconsin" target="_blank" rel="noopener">Wisconsin</a>, which will be a key 2024 battleground state in the race for the presidency.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
BIDEN: &quot;In case you haven&#39;t noticed, inflation is down, too — and it&#39;s going lower!&quot; <a href="https://t.co/RUArfFCleQ">pic.twitter.com/RUArfFCleQ</a>
&mdash; RNC Research (@RNCResearch) <a href="https://twitter.com/RNCResearch/status/1691514243189723136?ref_src=twsrc%5Etfw">August 15, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Biden also claimed in his speech that the U.S. had the strongest economy in the world.
&#8220;We have the strongest economy in the world. You&#8217;re looking at me a little skeptical, but I promise you. Check it out,” Biden said while speaking at a wind turbine factory.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
BIDEN: &quot;We have the strongest economy in the world! You&#39;re looking at me a little skeptical&#8230;&quot; <a href="https://t.co/fekdI5YJdF">pic.twitter.com/fekdI5YJdF</a>
&mdash; Townhall.com (@townhallcom) <a href="https://twitter.com/townhallcom/status/1691521332993757184?ref_src=twsrc%5Etfw">August 15, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Republicans have pointed to a decline in real wages and lingering <a href="https://apnews.com/article/biden-politics-inflation-economy-wisconsin-bidenomics-e665ae858f03f2d62cba65b6c4625d3f" target="_blank" rel="noopener">3.2% inflation</a>, which is <a href="https://www.washingtonexaminer.com/restoring-america/news/white-house/biden-takes-no-blame-for-inflation#:~:text=The%20inflation%20rate%20was%201.4,Reserve%27s%20target%20rate%20of%202%25." target="_blank" rel="noopener">nearly</a> 2% higher than when Biden first took office. Gas prices have jumped in recent weeks, hitting the highest prices seen in months. In the last several days, the national average has <a href="https://www.cnn.com/2023/08/14/investing/gas-prices-going-up/index.html" target="_blank" rel="noopener">increased</a> to $3.86 a gallon, the highest since October 19, 2022.
“Real wages are down and gas prices are up,” House Speaker Kevin McCarthy (R-CA) said on X. “You are paying the price for failed leadership.”
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Today, President Biden will tout his economic plan in Milwaukee, WI
“Bidenomics” costs Americans $709 a month to pay for the same goods they had just 2 years ago. Real wages are down and gas prices are up
You are paying the price for failed leadership <a href="https://t.co/xZQ6L4yiL9">https://t.co/xZQ6L4yiL9</a> <a href="https://t.co/tpjTijtFrW">pic.twitter.com/tpjTijtFrW</a>
&mdash; Kevin McCarthy (@SpeakerMcCarthy) <a href="https://twitter.com/SpeakerMcCarthy/status/1691509422571319311?ref_src=twsrc%5Etfw">August 15, 2023</a></blockquote>
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The president’s stop in Milwaukee came as Biden commemorates the passage of the so-called “Inflation Reduction Act,” a measure many economists said would not actually move the needle on inflation.
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“I can’t think of any mechanism by which it would have brought down inflation to date,&#8221; Harvard University economist Jason Furman <a href="https://abcnews.go.com/US/wireStory/inflation-inflation-reduction-act-deserve-credit-102232837#:~:text=“I%20wish%20I%20hadn%27t,people%20being%20able%20to%20meet" target="_blank" rel="noopener">told</a> the Associated Press.
Biden has also said that the law, which <a href="https://www.dailywire.com/news/bidens-green-energy-boondoggle-keeps-getting-bigger">dumped billions</a> into the green energy industry, shouldn’t have had an inflation related name.
“I wish I hadn’t called it that because it has less to do with reducing inflation than it has to do with providing alternatives that generate economic growth,” Biden said last week.

President Biden Delivers Remarks On Bidenomics In Milwaukee

Biden Touts Record On Inflation As Americans Spend Hundreds More Per Month

Milwaukee

Wisconsin

<a href="https://www.dailywire.com/topic/gas-prices" target="_blank" rel="noopener">Gas prices</a> have jumped up to an eight-month high across the U.S. as some analysts say they will continue to get higher. 
The average price for a gallon of regular gas on Friday hit $3.73, while the price for a gallon of diesel hit $3.97, <a href="https://gasprices.aaa.com">according</a> to AAA. The highest prices ever recorded by AAA were last summer when the cost of a regular gallon hit $5.01 and diesel hit $5.81. On Thursday, gas reached its most expensive prices since November 22. 
Prices have jumped over 20 cents in the past week in Iowa, Florida, and Indiana, while 16 states have seen jumps of at least 15 cents, <a href="https://www.nbcnews.com/business/consumer/gas-prices-are-going-highest-cost-gallon-november-rcna96703" target="_blank" rel="noopener">according</a> to NBC News. The high was first reached on Thursday and continued into Friday.
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BREAKING: The average price of gasoline in the US has risen to its highest level of 2023 at $3.687/gal.
&mdash; Patrick De Haan ⛽️📊 (@GasBuddyGuy) <a href="https://twitter.com/GasBuddyGuy/status/1684706185155424257?ref_src=twsrc%5Etfw">July 27, 2023</a></blockquote>
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Analysts have suggested that decreased oil production and refinery outages have contributed to the increase in prices. Earlier this month, Saudi Arabia <a href="https://apnews.com/article/oil-prices-saudi-arabia-russia-production-cuts-ef462b2e9cc229cc1215f9c8a0bab3c2" target="_blank" rel="noopener">announced</a> that it would be decreasing oil production by a million barrels a day for both July and August to aid “the stability and balance of oil markets.” In the wake of the cuts, the price of a barrel of oil has increased to over $80. 
Gas Buddy petroleum analyst Patrick De Haan <a href="https://www.barrons.com/articles/gasoline-prices-hit-8-month-high-7b940f67" target="_blank" rel="noopener">told</a> Barron’s that some refineries in Texas and Louisiana have faced issues over the summer.
“There’s no magic formula to determine the exact impact on gas prices, since factors such as refineries make that relationship more murky,&#8221; he told Barron’s. “We were paying well over $4 a gallon when oil prices were $100 [a barrel], but again, refining capacity has been really the elephant in the room that has caused gas prices to have less of a direct relationship with oil since Covid shut down a significant amount of refinery capacity.”
On Thursday, De Haan said that gas prices might approach an average of about $4 a gallon.
“On our current trajectory, it seems the national average could rise to $3.85/gal, and we could even get close to $4/gal on the first potential of a storm aiming for the Gulf,” he <a href="https://twitter.com/GasBuddyGuy/status/1684664492410466304" target="_blank" rel="noopener">wrote</a> on Twitter. 
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When President Joe Biden took office, the national average price of gasoline was $2.38 per gallon, according to the <a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&amp;s=EMM_EPMR_PTE_NUS_DPG&amp;f=W">Energy Information Administration</a>, and increased to $3.53 per gallon by the start of the Russian invasion of Ukraine.
The Biden administration has consistently blamed gas prices on Russia’s invasion of Ukraine, but the president has faced criticism over his energy policies, in particular his pulling of approval for the Keystone Pipeline and limiting of oil drilling on federal lands.

Gas Stations As Biden Says Gas Tax Pause Would Give Families ‘Bit of Relief’

Gas Prices Across U.S. Rise To Eight-Month High

Average Price Of Gas Rises To Eight-Month High

U.S. inflation continues to dog both the American and, more importantly, the American consumer. The year-over-year inflation rate in April 2023 was 4.9%, per the U.S. Bureau of Labor <a href="https://www.bls.gov/news.release/cpi.nr0.htm" target="_blank" rel="noopener">Statistics</a>. Many television economists and talking heads celebrated the slowing of inflation’s rate of growth. What these so-called experts fail to realize is that April’s inflation rate was 4.9% higher than the rate in <a href="https://www.bls.gov/news.release/archives/cpi_05112022.pdf" target="_blank" rel="noopener">April 2022</a>, which was 8.3%. This means that the inflation rate was 13.2% when compared to April 2021 – hardly a number worth celebrating.
Journalists have written extensively about the impact of inflation on America’s collective pocketbook. Higher gas prices, higher food prices, and higher prices for items such as used cars and trucks have dominated the headlines. But there are hidden costs to inflation, inflicting pain on the middle class and poorest Americans.
The U.S. real estate market is already in a recession. Through the first quarter of 2023, “U.S. <a href="https://finance.yahoo.com/news/fannie-mae-housing-market-recession-172217493.html" target="_blank" rel="noopener">housing</a> market activity as measured by private residential fixed investment has declined, on a nominal basis, for four straight quarters … Fannie Mae’s forecast model thinks declines in the U.S. housing market will spill over and help to push the U.S. economy into a recession.”  
The housing market is in a vicious cycle. <a href="https://www.marketwatch.com/story/buckle-in-30-year-mortgage-rates-are-back-above-7-heres-how-many-extra-dollars-home-buyers-will-have-to-pay-6fe3101f" target="_blank" rel="noopener">Interest rates</a> are above 7% for the third time this year. This is driving a lack of inventory as people with fixed rate mortgages below 5% are loath to sell their homes and purchase a new home at a higher interest rate. The lack of inventory is driving bidding wars in some areas, making first-time homeownership more difficult. It also makes it harder to recruit people to fill roles in companies that require relocation. Simply put, not many people want to venture into the housing market at this time.
It is not just housing. The U.S. auto market is quietly suffering, but not in a manner that many think. Prices are slowly <a href="https://finance.yahoo.com/news/best-month-buy-car-2023-231008486.html#:~:text=There%20is%20good%20news%20on,is%20poised%20to%20keep%20easing." target="_blank" rel="noopener">dropping</a>, as supply chain issues are abated, with new car prices expected to fall 2.5 &#8211; 5% and used vehicle prices expected to decrease 10 &#8211; 20%.
However, the typical interest rate on a new car loan rose to 8.95% in March, up from 5.66% in March of 2022. For used cars, the rate was 11.3% in March, up from 7.7% a year ago. A one percentage point increase on an auto <a href="https://www.cbsnews.com/news/auto-loan-interest-rate-march-2023/" target="_blank" rel="noopener">loan</a> “adds roughly $20 a month to a car note and thousands of dollars extra over the life of the loan.”
The higher interest rates for cars are not calculated in the inflation rate, just the drop in MSRP. The hidden cost is found in higher interest rates causing more drivers to fall behind on their car payments. In January 2023, the percentage of auto borrowers who were at least 60 days late on their bills climbed “2% from December and 20.4% from the previous year,&#8221; according to <a href="https://www.foxbusiness.com/money/car-debt-piles-up-more-americans-struggle-make-payments">Fox Business</a>. &#8220;The percentage of severe delinquencies surged to the highest level since 2006. Loan defaults increased 6.2% over the course of January 2023 and were up 33.5% from a year earlier. Car repossessions were up 11% in 2022.”
Another hidden cost of inflation is the grossly expanding credit card debt of American citizens. U.S. consumers now owe $986 billion on their credit cards, according to data from the <a href="https://www.newyorkfed.org/newsevents/news/research/2023/20230515">Federal Reserve Bank of New York.</a> That is a 17% increase from a year ago and a record high, as more households are forced to use their credit cards to pay monthly expenses such as food and utilities.
The final hidden cost of inflation is the increase in hardship withdrawals from retirement plans. In 2022, 401(k) <a href="https://money.usnews.com/money/retirement/401ks/articles/401k-hardship-withdrawals-hit-record-high#:~:text=Under%20the%20new%20rules%20related,usual%2010%25%20early%20withdrawal%20penalty." target="_blank" rel="noopener">hardship</a> withdrawals rose by 24%, not only demonstrating how people are struggling to make ends meet, but also signaling a pending retirement crisis, as people will have less money on which to depend during retirement.
Joe Biden’s inflation is destroying the American dream. At a time when 57% of <a href="https://www.wsbtv.com/news/local/many-americans-cant-afford-cover-emergency-expense-with-savings-survey-shows/IFNMZQ5WFNEQTCZIPQVTW7UMWA/" target="_blank" rel="noopener">Americans</a> cannot afford an emergency expense of $1,000 or more from their savings, Democrats want to not only increase the debt limit, but also raise taxes so they can spend more money, which will drive more inflation. Americans are hurting, and their pain is not covered in today’s financial headlines.
Jim Nelles is a Navy veteran and supply chain consultant based in Chicago. His articles have appeared in The Washington Examiner, Newsweek, Foxnews.com, and The Daily Wire. He has served as a chief procurement officer, chief supply chain officer, and chief operations officer for multiple companies.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

Global financial crisis

The Hidden Costs Of Biden’s Inflation Are Destroying The American Dream

The Hidden Costs Of Biden's Inflation Are Destroying The American Dream

Automobiles

Banking

Federal Reserve

Interest Rates

Readers Pass

Real estate

White House Press Secretary <a href="http://dailywire.com/topic/karine-jean-pierre" target="_blank" rel="noopener">Karine Jean-Pierre</a> claimed that President <a href="http://dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Joe Biden</a> will successfully lessen the impact of surprise oil production cuts from <a href="https://www.dailywire.com/topic/opec" target="_blank" rel="noopener">OPEC</a> on <a href="http://dailywire.com/topic/gas-prices" target="_blank" rel="noopener">gas prices</a>.
OPEC, an economic bloc constituted by Saudi Arabia, Venezuela, and other countries with a large share of global oil production, unexpectedly announced that they would reduce output by 1.15 million barrels per day from May through the end of 2023. Brent crude, the benchmark for fuel drilled in the Atlantic, soared from $79 per barrel on Friday to $85 per barrel on Wednesday.
Analysts predict that the move could <a href="https://twitter.com/Varneyco/status/1643610691306401793" target="_blank" rel="noopener">raise</a> gas prices in the United States by another $0.30 per gallon. The current national average gas price is $3.53 per gallon, according to <a href="https://gasprices.aaa.com/" target="_blank" rel="noopener">data</a> from AAA.
Reporters <a href="https://www.whitehouse.gov/briefing-room/press-briefings/2023/04/04/press-briefing-by-press-secretary-karine-jean-pierre-23/" target="_blank" rel="noopener">questioned</a> Jean-Pierre during a Tuesday press briefing about the White House response to the move from OPEC, which comes ahead of the busy summer travel months. Jean-Pierre responded that the administration would do “everything that we can to make sure that we lower costs and meet the American people where they are,” asserting that policies enacted by Biden have previously mitigated increases in fuel prices.
“Analysts had said last year that prices were going to go up, and that did not happen. If anything, in fact, gasoline prices went down by $1.50 when it was at its peak this past summer. A lot of that is because of the actions that this president took,” she said. “Because of what the president did, because of the policies that he put forward, because of the actions that he put forward, we have seen those prices go down.”
Biden has repeatedly <a href="https://twitter.com/POTUS/status/1622965916282793984" target="_blank" rel="noopener">claimed</a> that the United States witnessed the “fastest gas price decline in eight years” and annualized headline inflation, which has declined for “six months” due to his economic policies. Both assertions ignore the reality that energy costs and overall price level increases were much lower before he assumed control of the Oval Office: national average gas prices were $3.42 per gallon at the end of March 2023, according to <a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&amp;s=EMM_EPMR_PTE_NUS_DPG&amp;f=W" target="_blank" rel="noopener">data</a> from the Energy Information Administration, marking a 44% increase from $2.38 per gallon in January 2021.
Jean-Pierre claimed that the Inflation Reduction Act, which earmarked $369 billion for various renewable energy initiatives, helped to reduce fuel expenses by increasing “energy security.” She also asserted that the Bipartisan Infrastructure Law and the CHIPS and Science Act, two of the other landmark legislative actions from the Biden administration, have been “critical and important” to decreasing prices at the pump.
Biden has nevertheless garnered <a href="https://www.dailywire.com/news/biden-to-release-more-oil-from-strategic-reserve-ahead-of-midterms" target="_blank" rel="noopener">criticism</a> for approving the release of 180 million barrels from the Strategic Petroleum Reserve, a stock of emergency crude oil created to manage supply disruptions in energy markets, thereby depleting the reservoir even as the <a href="https://www.dailywire.com/news/biden-could-refill-strategic-oil-reserve-at-80-per-barrel-democrats-blocked-trump-when-oil-was-24" target="_blank" rel="noopener">costs</a> to refill the stores are now elevated. He also <a href="https://www.dailywire.com/news/top-wall-street-ceo-slams-biden-for-going-hat-in-hand-to-saudi-arabia-for-oil-admits-investors-dont-give-a-s-about-wokeness" target="_blank" rel="noopener">moved</a> last year to enable American oil production in Venezuela and asked Saudi Arabia to delay oil production cuts until after the midterm elections.
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One reporter asked Jean-Pierre whether Biden would consider jettisoning more supplies from the Strategic Petroleum Reserve or soliciting more fuel from Venezuela. The official brushed off the question by saying she would not “get into hypotheticals” and claiming that “what the president has done has worked.”

Karine Jean-Pierre

‘What The President Has Done Has Worked’: Jean-Pierre Claims Biden Gas Price Policies Will Lessen Impact Of Latest OPEC Move

Karine Jean-Pierre Claims Biden Gas Price Policies Will Lessen Impact Of OPEC Production Cut

OPEC

President <a href="http://dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Joe Biden</a> will likely present an optimistic picture of the <a href="http://dailywire.com/topic/economy" target="_blank" rel="noopener">economy</a> during his second <a href="https://www.dailywire.com/topic/state-of-the-union" target="_blank" rel="noopener">State of the Union</a> address on Tuesday night, even as experts say many of the wins he may claim will be based upon misrepresentations or distortions of reality.
The commander-in-chief faces a new political reality as the Republican Party narrowly <a href="https://www.dailywire.com/news/biden-to-deliver-state-of-the-union-address-with-new-speaker-looking-over-his-shoulder" target="_blank" rel="noopener">secured control</a> of the House of Representatives following the midterm elections, diminishing his capacity to pass legislation at the same pace as the first two years of his term. As the economy recovers from the lockdown-induced recession, however, Biden has adopted a rosy economic outlook that presents a misleading picture of the nation’s business and consumer climate.
Biden <a href="https://twitter.com/POTUS/status/1622965916282793984" target="_blank" rel="noopener">claimed</a> ahead of his speech that the United States has witnessed the “fastest gas price decline in eight years” and annualized headline inflation which has declined for “six months” due to his economic policies. Both assertions ignored the reality that energy costs and overall price level increases were much lower before he assumed control of the Oval Office.
National average gas prices were $3.49 per gallon at the end of January 2023, according to <a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&amp;s=EMM_EPMR_PTE_NUS_DPG&amp;f=W" target="_blank" rel="noopener">data</a> from the Energy Information Administration, marking a 47% increase from $2.38 per gallon in January 2021. Prices reached heights of $5.01 per gallon in June 2022 before their recent moderation, which occurred as Biden <a href="https://www.dailywire.com/news/biden-to-release-more-oil-from-strategic-reserve-ahead-of-midterms" target="_blank" rel="noopener">released</a> nearly half of the Strategic Petroleum Reserve ahead of the midterm elections even as he <a href="https://www.dailywire.com/news/top-wall-street-ceo-slams-biden-for-going-hat-in-hand-to-saudi-arabia-for-oil-admits-investors-dont-give-a-s-about-wokeness" target="_blank" rel="noopener">asked</a> hostile regimes such as Saudi Arabia and Venezuela to produce more oil for the United States.
“It’s not fair to blame Biden for the rapid rise, but it’s also not fair to credit him for the decline,” Norbert Michel, vice president and director of the Cato Institute’s Center for Monetary and Financial Alternatives, told The Daily Wire. “It’s statistical malfeasance to tout the most rapid decline in eight years while ignoring the largest, most rapid rise in the last decade.”
Despite the recent decreases in headline inflation driven by the lower energy prices, costs in categories such as food and shelter continue to rise. Year-over-year inflation was charted at 6.5% in December 2022, according to <a href="https://www.dailywire.com/news/the-tide-has-turned-inflation-sees-largest-drop-since-2020-lockdowns" target="_blank" rel="noopener">data</a> from the Bureau of Labor Statistics, nearly five times the 1.4% rate recorded in December 2020.
Biden also claimed that he presided over a “record decrease” in deficit spending. Although he oversaw a decline in the deficit from $3.1 trillion in fiscal year 2020 and $2.8 trillion in fiscal year 2021 to $1.4 trillion in fiscal year 2022, according to <a href="https://fred.stlouisfed.org/series/FYFSD" target="_blank" rel="noopener">data</a> from the Office of Management and Budget, he neglected to mention that the record spending occurred as a result of legislation passed to mitigate fallout from the lockdown-induced recession. The deficit posted last year still significantly exceeds those witnessed in the years before the crisis.
“Claiming credit for a record decrease in deficits when fiscal year 2022 ended with a $1.4 trillion deficit is Orwellian doublethink,” Romina Boccia, director of budget and entitlement policy at the Cato Institute, told The Daily Wire. “The one thing President Biden can legitimately take credit for is how his administration’s policies, such as student debt forgiveness, the American Rescue Plan, and subsidies to industries from energy to semiconductor manufacturing, will steeply increase deficits over the next decade.”
Biden likewise claimed that the economy has seen the “two strongest calendar years of job growth in history” and the “lowest unemployment rate” in more than half a century. The job market has meanwhile languished under historically low labor force participation, which has prompted companies to raise wages and pass increased costs onto consumers, exacerbating inflationary pressures. There are currently two open positions for every one unemployed individual, according to <a href="https://www.bls.gov/charts/job-openings-and-labor-turnover/unemp-per-job-opening.htm" target="_blank" rel="noopener">data</a> from the Bureau of Labor Statistics.

President Biden Delivers His First State Of The Union Address To Joint Session Of  Congress

Biden Paints Rosy Picture Of The Economy Before State Of The Union. Here’s The Real Story.

Debunking Biden's Economic Claims Ahead Of State Of The Union

National Debt

State of the Union

President Joe Biden will deliver an hour-long address to America on Tuesday, laying out just how great everything is and delivering a mind-numbing laundry list of everything he hopes to do in the future.
Last week, he gave a bit of a preview.
&#8220;Today, I’m happy to report that the state of the Union and the state of our economy is strong,&#8221; Biden crowed to reporters on Friday.
&#8220;We learned this morning that the economy has created 517,000 jobs just last month — more than half a million jobs in just the month of January. And in addition, we also learned that we — there were half a million more jobs created last year than we thought.&#8221;
&#8220;And even as the job market reaches historic highs, inflation continues to come down. Inflation has now fallen for six straight months. Gas prices are down more than $1.50 a gallon since their peak. Food inflation is falling as well. And as inflation is coming down, take-home pay for workers is going up. Real wages are up. Wages for lower-income and middle-income workers have gone up even more,&#8221; Biden gloated.
Ah, Biden and his rose-colored glasses. A reporter quickly burst his bubble, asking: &#8220;Do you take any blame for inflation, Mr. President?&#8221;
&#8220;Am I taking blame for inflation?&#8221; Biden asked.
&#8220;Correct,&#8221; the reporter said.
&#8220;No.&#8221;
&#8220;Why not?&#8221;
&#8220;Because it was already there when I got here, man. Remember what the economy was like when I got here? Jobs were hemorrhaging. Inflation was rising. We weren’t manufacturing a damn thing here. We were in real economic difficulty. That’s why I don’t,&#8221; Biden said.
Well. Where to begin? There are so many lies here uttered by the president of the United States that it&#8217;s hard to unpack them all.
INFLATION BY THE NUMBERS
<div class="image"><img decoding="async" loading="lazy" class="alignnone size-medium wp-image-368326" src="https://www.dailywire.com/wp-content/uploads/2022/04/Inflation-1-300x169.jpg" alt="" width="300" height="169" srcset="https://dw-wp-production.imgix.net/2022/04/Inflation-1-300x169.jpg 300w, https://dw-wp-production.imgix.net/2022/04/Inflation-1-1024x576.jpg 1024w, https://dw-wp-production.imgix.net/2022/04/Inflation-1-768x432.jpg 768w, https://dw-wp-production.imgix.net/2022/04/Inflation-1-1536x864.jpg 1536w, https://dw-wp-production.imgix.net/2022/04/Inflation-1-2048x1152.jpg 2048w" sizes="(max-width: 300px) 100vw, 300px" /></div>
Let&#8217;s start with inflation, which a few months ago hit a 40-year high. In December 2020, the last full month in office for President Donald Trump, the rate of inflation was 1.4%, <a href="https://www.usinflationcalculator.com/inflation/current-inflation-rates/">according</a> to the Bureau of Labor Statistics (BLS). The average for the entire year of 2020 was 1.2%, data show.
But after Biden killed the Keystone XL pipeline, froze student debt collection, rejoined the Paris climate accords, made a pathway for illegals to gain citizenship, and halted construction on the border wall &#8212; all actions he took on Day 1 &#8212; inflation started to climb.
In his first six months in office, inflation went from 1.4% to 5.4%. It was worse in 2022, rising to 9.1% by June. But Biden is a highly skilled liar: Inflation has fallen for six straight months &#8212; all the way down to 6.5%. The average for 2022 was 8%, soaring from 1.2% in 2020.
Now, some people argue that the president shouldn&#8217;t take credit for a good economy and certainly doesn&#8217;t deserve the blame for a bad one. But in Biden&#8217;s case, he definitely deserves the blame.
&#8220;Economists say Biden’s pandemic relief policies including the American Rescue Plan exacerbated matters, by giving Americans too much money to spend when goods and services supplies were too low, which drove prices higher,&#8221; PolitiFact <a href="https://www.politifact.com/article/2023/feb/06/whats-the-economic-state-of-the-union-under-joe-bi/">wrote</a> on Monday.
It was Biden’s &#8220;most profound failure and policy error,&#8221; Douglas Holtz-Eakin, president of the center-right American Action Forum, told the fact-checking site.
GAS PRICES BY THE NUMBERS
<div id="attachment_367123" style="width: 310px" class="wp-caption alignnone"><img aria-describedby="caption-attachment-367123" decoding="async" loading="lazy" class="size-medium wp-image-367123" src="https://www.dailywire.com/wp-content/uploads/2022/04/biden-300x144.jpg" alt="A satirical protest sticker critical of American President Joe Biden, with text reading I Did That, has been placed on a gasoline pump in Lafayette, California, likely to imply responsibility for high gasoline prices, December 29, 2021. (Photo by" width="300" height="144" srcset="https://dw-wp-production.imgix.net/2022/04/biden-300x144.jpg 300w, https://dw-wp-production.imgix.net/2022/04/biden-768x369.jpg 768w, https://dw-wp-production.imgix.net/2022/04/biden.jpg 1023w" sizes="(max-width: 300px) 100vw, 300px" />Smith Collection/Gado/Getty Images</div>
Then there are gas prices. When Biden took office, a gallon of regular averaged $2.38. Today it&#8217;s $3.46, <a href="https://gasprices.aaa.com/">according</a> to the American Automobile Association (AAA).
That&#8217;s nearly 50% higher (46% to be exact) than it was when Biden took office. And remember, by February 2022, the eve of Russia’s war in Ukraine, the price had already risen above $3.50 &#8212; which negates Biden&#8217;s endless claims of &#8220;Putin&#8217;s price hike&#8221; at the pumps.
In addition to canceling the Keystone XL pipeline, Biden also suspended new federal oil and gas leases, hiked drilling fees on federal land, and mandated that all federal vehicles be zero emissions.
&#8220;The Biden administration has waged a war on supply and prices have skyrocketed,&#8221; Sen. Ted Cruz (R-TX) said last April. &#8220;This is not an accident. This is not Putin. This is Joe Biden and the Democrats in the Green New Deal and they&#8217;re desperately looking for a political excuse to blame somebody else for the consequences of what they promised they would do to the American people.&#8221;
But again, Biden is a true snollygoster, mendacious to the core. Gas <a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&amp;s=EMM_EPMR_PTE_NUS_DPG&amp;f=M">prices</a> are down more than $1.50 from their peak &#8212; a gallon of regular averaged $4.93 in June. But see above &#8212; still up 46% since he took office. And they&#8217;re going up again &#8212; the average was $3.21 in December, but that jumped to $3.34 last month.
FOOD PRICES BY THE NUMBERS
<div id="attachment_498579" style="width: 310px" class="wp-caption alignnone"><img aria-describedby="caption-attachment-498579" decoding="async" loading="lazy" class="wp-image-498579 size-medium" src="https://www.dailywire.com/wp-content/uploads/2023/02/eggs-1-300x161.jpg" alt="" width="300" height="161" srcset="https://dw-wp-production.imgix.net/2023/02/eggs-1-300x161.jpg 300w, https://dw-wp-production.imgix.net/2023/02/eggs-1-768x412.jpg 768w, https://dw-wp-production.imgix.net/2023/02/eggs-1.jpg 985w" sizes="(max-width: 300px) 100vw, 300px" />Andreas Rentz/Getty Images</div>
Wanna&#8217; talk food prices? No, of course you don&#8217;t. No one does. But for some reason Biden does. &#8220;Food inflation is slowing as well,&#8221; he declared.
Let&#8217;s just talk about the State of the Union since the last time Biden delivered the State of the Union address. &#8220;In 2022, food prices increased by 9.9 percent,&#8221; the U.S. Department of Agriculture (USDA) <a href="https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/#:~:text=In%202022%2C%20food%20prices%20increased,by%20more%20than%205%20percent.">reports</a>. &#8220;Food-at-home prices increased by 11.4 percent, while food-away-from-home prices increased by 7.7 percent.&#8221;
There&#8217;s more. Egg prices increased 11.1% in December, pushing the price since December 2021 59.9% higher. And we haven&#8217;t hit the ceiling yet, not even close. &#8220;Egg prices are predicted to increase 27.3 percent in 2023,&#8221; the USDA reported.
Prices soared in eight additional food categories in 2022, and this year won&#8217;t be any better. &#8220;In 2023, prices are predicted to increase for &#8230; meats (12.8 percent), dairy products (8.0 percent), fats and oils (16.5 percent), processed fruits and vegetables (9.6 percent), sugar and sweets (10.6 percent), cereals and bakery products (12.0 percent), non-alcoholic beverages (8.7 percent), and other foods (6.8 percent),&#8221; the federal agency reported.
Biden said they were falling. Again, a little. But not much. And as the USDA says, they&#8217;re all about to go up again. So, four Pinocchios there, Mr. President.
TAKE-HOME PAY BY THE NUMBERS
<div id="attachment_498580" style="width: 310px" class="wp-caption alignnone"><img aria-describedby="caption-attachment-498580" decoding="async" loading="lazy" class="size-medium wp-image-498580" src="https://www.dailywire.com/wp-content/uploads/2023/02/GettyImages-951895940-300x193.jpg" alt="" width="300" height="193" srcset="https://dw-wp-production.imgix.net/2023/02/GettyImages-951895940-300x193.jpg 300w, https://dw-wp-production.imgix.net/2023/02/GettyImages-951895940-896x576.jpg 896w, https://dw-wp-production.imgix.net/2023/02/GettyImages-951895940-768x494.jpg 768w, https://dw-wp-production.imgix.net/2023/02/GettyImages-951895940-1536x987.jpg 1536w, https://dw-wp-production.imgix.net/2023/02/GettyImages-951895940-2048x1316.jpg 2048w" sizes="(max-width: 300px) 100vw, 300px" />Peter Dazeley/Getty Images</div>
How about take-home pay? We know oil giants Exxon and Shell and BP saw record profits &#8212; as did a whole slew of grocery store chains &#8212; but if everyone&#8217;s taking home more cash, it&#8217;ll all come out in the wash.
But we&#8217;re not. Not by a longshot.
&#8220;Wages are rising, but they are not keeping up with inflation,&#8221; Statista <a href="https://www.statista.com/chart/28952/change-in-real-wages/">reports</a>. &#8220;In the United States, the average decline in real wages for the entire population &#8212; across all sectors and income levels &#8211;was just over 2 percent year-on-year in the third quarter of 2022.&#8221; And that&#8217;s just for one quarter.
&#8220;Take-home pay for workers is going up,&#8221; Biden claimed. Sure, wage increases are happening, but they have already fallen significantly behind inflation since Biden took office, and they&#8217;re still not even. &#8220;Real wages — that is, inflation-adjusted wages — fell or were unchanged during the first six quarters of Biden’s presidency,&#8221; PolitiFact <a href="https://www.wral.com/fact-check-biden-says-take-home-pay-is-going-up/20685346/">reported</a> last month.
Here&#8217;s how Biden plays the game. In 2022, average hourly earnings for all private employees rose 4.7% &#8212; but inflation jumped by 6.4%. More money, but less spending power.
In Biden&#8217;s entire presidency, wages have risen by 10% &#8212; so they are going up &#8212; but #bidenflation has soared 14%. So either way you cut it, you&#8217;re down 4%.
Biden&#8217;s going to deliver his little speech, then set off across the country to try to persuade Americans that, hey, you&#8217;re better off (hoping they haven&#8217;t just come back from the grocery store). On Wednesday he&#8217;s heading to Madison, Wisconsin, where he will, as the White House says, &#8220;discuss how his economic plan is creating good-paying, union jobs and delivering real results for the American people.&#8221;
Then on Thursday it&#8217;s off to Tampa, Florida, where he will &#8220;discuss his plan to protect and strengthen Social Security and Medicare and lower healthcare costs.&#8221; So much discussing.
AMERICA&#8217;S MOOD BY THE NUMBERS
<div id="attachment_498585" style="width: 310px" class="wp-caption alignnone"><img aria-describedby="caption-attachment-498585" decoding="async" loading="lazy" class="size-medium wp-image-498585" src="https://www.dailywire.com/wp-content/uploads/2023/02/GettyImages-1454689492-300x166.jpg" alt="2024 Elections Ahead Caution Sign Autumn Background" width="300" height="166" srcset="https://dw-wp-production.imgix.net/2023/02/GettyImages-1454689492-300x166.jpg 300w, https://dw-wp-production.imgix.net/2023/02/GettyImages-1454689492-1024x567.jpg 1024w, https://dw-wp-production.imgix.net/2023/02/GettyImages-1454689492-768x425.jpg 768w, https://dw-wp-production.imgix.net/2023/02/GettyImages-1454689492-1536x850.jpg 1536w, https://dw-wp-production.imgix.net/2023/02/GettyImages-1454689492-2048x1134.jpg 2048w" sizes="(max-width: 300px) 100vw, 300px" />JimVallee/Getty Images</div>
But even the liberal media has been turning on Biden lately. The state of the union is, clearly, not great. A majority of Americans say they don&#8217;t believe he has achieved much since taking office, <a href="https://www.msn.com/en-us/news/politics/americans-not-feeling-impact-of-biden-agenda-post-abc-poll-finds/ar-AA179BXd">according</a> to a Washington Post-ABC News poll.
&#8220;The poll finds that 62 percent of Americans think Biden has accomplished &#8216;not very much&#8217; or &#8216;little or nothing&#8217; during his presidency, while 36 percent say he has accomplished &#8216;a great deal&#8217; or &#8216;a good amount.&#8217; On many of Biden’s signature initiatives — from improving the country’s infrastructure to making electric vehicles more affordable to creating jobs — majorities of Americans say they do not believe he has made progress, the poll finds.&#8221;
ABC News, where former Clintonista George Stephanopoulos holds sway, went further. &#8220;Record numbers of people are worse off, a recipe for political discontent: POLL,&#8221; said the sad <a href="https://abcnews.go.com/Politics/record-numbers-worse-off-recipe-political-discontent-poll/story?id=96884607">headline</a>.
&#8220;Four in 10 Americans say they&#8217;ve gotten worse off financially since Joe Biden became president, the most in ABC News/Washington Post polls dating back 37 years. Political fallout includes poor performance ratings for Biden and a tight hypothetical Biden/Trump rematch next year,&#8221; ABC News said sadly.
ABC even said the &#8220;R&#8221; word. &#8220;The big hit on Biden is the economy: With inflation moderating but still high, 41 percent say they&#8217;re not as well off financially as they were when Biden took office, the most in nearly three dozen ABC/Post polls to ask the question since 1986, when Ronald Reagan, who popularized the &#8216;better off&#8217; phrase, held office. Just 16 percent in this poll, produced for ABC by Langer Research Associates, say they&#8217;re better off.&#8221;
And that&#8217;s the bottom line. &#8220;Are you better off?&#8221; The answer for most of us is &#8220;no.&#8221;
Biden thinks you&#8217;re just dumb enough to think you are. You most assuredly are not.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.
Joseph Curl has covered politics for 35 years, including 12 years as White House correspondent for a national newspaper. He was also the a.m. editor of the Drudge Report for four years. Send tips to josephcurl@dailywire.com and follow him on Twitter @josephcurl.

Egg Prices Soar in California

By The Numbers: The State Of Biden’s America Is Absolutely @#%&* Abysmal

State Of Biden's America: Absolutely @#%&* Abysmal

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