I read with great interest the article entitled “Closed for Business” in the Nov. 2 issue of New Times. The article spoke of the increased costs and regulations (parking cost increases) that has brought about hardship on local businesses. I wonder if people realize what has brought about these increased costs to every facet of our lives? It is called “Bidenomics,” the increased spending and the nonstop printing of money by the federal government is the primary cause of the “out of control” inflation America is experiencing and will continue to experience until spending is brought to reasonable levels. Government nonstop printing of money results in more dollars competing for goods and services, which in turn results in the higher prices for those goods and services. The national debt currently stands at $33.6 trillion.
The administration’s war on fossil fuels has resulted in huge increases in the cost of gasoline at the pump. If you add to that the fact every product brought to market requires fuel to get it there, you understand why we have experienced these dramatic price increases. Think about the fact that agricultural products alone require fuel for planting, harvesting, transporting to market, and ultimately for the consumer to transport the product home, fuel costs are added to one product four times.
Then, there are the costs of increased regulations governing the production, transporting, and marketing of many items. Don’t forget the federal government’s raising of interest rates, which has caused mortgage interest rates to skyrocket. All these government actions have resulted in greatly increased costs to consumers all across America. So remember when you hear the word “Bidenomics,” the current economic policies of the federal government are in fact playing a huge part in inflation. These increased costs you are paying for groceries, fuel and utilities, insurance and health care are not going down, they never do. Like it or not, “Bidenomics” is here to stay.
John Texeira
Paso Robles
This article appears in Nov 9-19, 2023.
“The administration’s war on fossil fuels”
What war?
By the end of this year, domestic oil production is expected to reach an all-time high of 12.9 million barrels of oil a day. In addition, the Bureau of Land Management approved more oil and gas leases on federal land during the first two and a half years of the Biden Administration than during the first three years of the Trump Administration.
High prices are the product of free market capitalism and would be similar no matter who the president was. It is, of course, quite true that the administration would like to see this nation wean itself off of dependency on fossil fuels. This is an imperative driven by both science and economics.
Most of the money that Biden has spent has been toward improving U.S. infrastructure, something that has been put off for several decades. And while Biden is certainly adding to the debt, I’m not sure we want to return to the profligate spending of the Trump administration when $7.5 trillion was added to the debt, mostly going into the pockets of the ultra-wealthy like Mr. Trump.
I find the title of this article laughable, as it appears Mike Smith did. Under the current administration, More People Are Working Than At Any Point in American History, Rising Minimum Wages Rates are Encouraged Allowing the Middle Class to Make More Money, Union Contracts are Encouraged Forcing Corporations to Share Massive Gains that Have Mostly Been Given to Shareholders and Corporate Owners/Managers, Vaccinations Were Made Incredibly Easy to Access Which Helped Squash the Corona Virus, The Inflation Reduction Act is Currently Funding Thousands of Projects that Are Keeping US Citizens Employed Rather Than Sending Jobs Overseas, The Affordable Care Act (ACA) has provided reliable health insurance for millions of Americans that would otherwise not be able to afford insurance, Drug Prescription Costs Are Slated to Drop Next Year Despite Decades of Resistance to Competitive Bargaining, Historic Expansion of Benefits and Services for Toxic Exposed Veterans is Now In Place. We have a long way to go to make life more affordable for the Middle Class. Current cost of gas, food, housing and the like are out of control making me wonder how future generations will be able to survive. But blaming it on the current administration? No, there are other reasons tied to American Greed that push day to day costs through the roof – particularly right here in SLO County.
Sure John
A worldwide increase in inflation began in mid-2021, with many countries seeing their highest inflation rates in decades
Mar 22, 2023
Inflation varies wildly among the world’s largest economies. in the 19 individual countries of the G20, it ranges from 1% in China to 102.5% in Argentina. The United States, with a 6% inflation rate, is the eighth lowest.
A map of global inflation shows inflation is under better control in the U.S. than in most large economies
https://www.investopedia.com/inflation-rat….
Jul 17, 2023
Inflation remains high in most of world as it cools in the U.S.
…In the U.K., inflation’s still nearly triple the rate in the U.S.
“You have higher inflation numbers there than even the rest of Western Europe, and sky-high food prices,” said Newall.
https://www.marketplace.org/2023/07/17/inf…
U.S. Oil Production Hits Record High
October 21, 2023
Despite efforts to cut carbon emissions, U.S. domestic oil production soared past the previously held record in the first week of October. Several countries across the globe are producing more fossil fuels every year.
Aug 8, 2023 — U.S. crude oil production is expected to rise by 850000 barrels per day to record 12.76 million bpd in 2023
https://finance.yahoo.com/video/us-oil-pro…
DEBT? Oh right most of that can be traced to Ronnie Reagan, Dubya and Cheeto’s tax cuts for the wealthy AS they blew up spending. Carter (1980)had US revenues at 21% of GDP, BJ Bill in his 4 BUDGET SURPLUSES reached 20%+ of GDP. Dubya lowered it to 14.6% (GDP) his last year.
In fiscal year 2022, federal revenue was equal to 16% of total gross domestic product (GDP), or economic activity, of the United States that year $4.44 trillion.
https://fiscaldata.treasury.gov/americas-f….