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Do you remember last summer when the President’s White House issued a much maligned and highly mocked tweet under the headline “The cost of a July 4 cookout in 2021 is down $.16 from last year”?
As the summer of 2022 begins, those extra 16 cents — and plenty more hard-earned dollars — are now long gone due to the skyrocketing energy costs and record inflation that pushed our economy to the brink of recession and have become the hallmark of Joe Biden’s presidency, known as Bidenflation.
Under the Biden Administration, inflation has gone up every month and today stands at a 40-year high. The Consumer Price Index, which measures inflation, notes that goods and services are up more than 8 percent over the last year. In that same period, food prices cost nearly 10 percent more and energy prices have risen more than 30 percent.
According to an analysis by the Congressional Budget Office, Bidenflation now costs the typical American family some $5,000 a year.
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Every American knows all too well that gas prices have hit record highs under the Biden Administration. In fact, in my home state of Indiana and countless others across the nation, we are now paying on average of more than $5 dollars per gallon.
The cost of gas has doubled since Joe Biden took office. What does this mean for families? According to a recent report, these prices will cost you an extra $2,000 a year at the pump.
Sadly, we haven’t seen the worst of Bidenflation yet.
As the costs of inputs continue to rise, consumer goods will get more expensive, buying power will continue to shrink, and the family budget will be forced to stretch further and further.
Concerned about gas prices? Well, according to the current secretary of Transportation, the Biden Administration has a solution for you: just go buy an electric vehicle that costs on average more than $56,000.
Democrats would have you believe gas is only going up because of “price gouging” or because of Russian President Vladimir Putin. Yet, gas prices — and inflation — have been on the rise since the outset of the Biden Administration exactly because of their policies.
Make no mistake, Democrats see these economic and energy crises as their best opportunity to enact their left-wing, green revolution.
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Within hours of taking office, Biden cancelled the Keystone XL pipeline, a project that would have supplied the delivery of some 830,000 barrels of oil to our refineries. More recently, the Biden Administration canceled numerous major offshore oil and gas lease sales while also depleting our Strategic Petroleum Reserve to its lowest point since 1987.
As the Biden Assault on American Energy continues full steam ahead, his administration has taken the step of asking other nations to produce more oil for us to purchase. While the OPEC oil cartel has agreed to modestly increase production for the months of July and August, Americans want lasting relief at the pump.
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Without policies that focus on developing our own sources of energy, prices will continue to soar, gas will get only more expensive, and inflation will burn hotter than a sparkler on Independence Day.
Unfortunately, under the Biden Administration, the summer forecast — rain or shine — calls for more Bidenflation.