President Joe Biden over the Independence Day weekend found time to lecture companies “running gas stations.” Tweeting his frustrations, he commanded them to “bring down the price” and added “do it now.”
Nevermind that the president does not have the authority to unilaterally change market prices. And ignore the fact that owners of gas stations have very little if any control over prices at the pump.
What is clear for the world to see is the stubborn White House refusal to acknowledge its own hand in the crushing wave of inflation. Also clear is the ineptitude of the Biden administration in understanding the most elementary of economic principles.
The federal government has remarkably little control over demand. However, by over-regulation and blind loyalty to the solar panel and windmill mob, Washington has a powerful grip on the supply side.
That grip is now used to squeeze both production and incentive to produce out of a nation and continent that has more than ample supplies to ignore Putin as well as Middle Eastern tyrants.
Instead, the U.S. is subjected to holding out our hands to Saudi Arabia, Iran, Venezuela and others who have no qualms about limiting our supply. And the rest of the world is enjoying the spectacle.
Chen Weihua, China Daily EU Bureau chief, took great delight in the Biden tweet. He responded that the president “finally realized that capitalism is all about exploitation.”
Closer to home, billionaire Amazon executive chairman Jeff Bezos slammed the president’s plea for gas companies to lower prices as “misdirection” or ignorance of “basic market dynamics.”
This continues a trend for Bezos criticizing Biden, which is rather ironic as Amazon overwhelmingly and with hundreds of millions of dollars supports Democrats. Not to mention Bezos owns the Washington Post, which is little more than a White House cheerleader.
Of course, Biden hosting an Amazon union leader at the White House may not have helped the relationship. Or his statement regarding unionization of “Amazon, here we come.”
The president is running out of fingers to point towards who the White House blames for runaway inflation this week. The spectacle of a flailing administration is hardly comforting in a time of economic crisis, especially when clear solutions are well within its grasp.