Last Friday, I went into town for gas. I saw a sticker depicting President Joe Biden pointing to the spot where the price per gallon is displayed. Biden is saying “I did that!” A recent ABC/Ipsos poll suggests that most Americans agree. According to the poll, Biden currently has a 27 percent approval rating on how he is dealing with gas prices. His score for handing inflation is as bad at 28 percent.
Let’s be honest. It is unfair to put the blame for high gasoline prices solely on Joe Biden and the Democrats. There’s plenty of blame to go around, including Russia, greedy oil company executives, Donald Trump, Congress, and the pandemic. And if we want to play the blame game, we need to add ourselves to the list. If we bought less gasoline, the price would go down.
For many of us, gasoline is the most irritating manifestation of inflation, but it is only part of a pattern of rising prices. Long-term inflation, leading to a recession, seems likely. Simply put, indications are increasing that trouble is heading our way.
Consider a few recent comments by business and government leaders. Jamie Dimon of JP Morgan Chase predicts an “economic hurricane.” Elon Musk predicts a recession and tells us, in true Musk fashion, that it will be a good thing. “Bankruptcies need to happen,” he tells us, which is easy for him to say.
More worrisome is Treasury Secretary Yellen admitting that she was wrong in her projections about inflation. Yellen believed inflation would be modest. Reports suggest that she advised President Biden to pare down his domestic spending proposals but was overruled by other administration advisors.
Worse yet, we have Fed Chairman Jay Powell and others at the Federal Reserve uncertain of how inflation can be brought under control. Powell predicts “pain” and says several factors that might trigger a recession are beyond the Fed’s control. That is not comforting.
All this suggests that we are on the cusp of a recession. I see one coming but, I am frequently surprised by encountering people who continue to believe that things will be back to normal by the end of the year. Among their explanations are that the supply chain issues are “straightening out;” that the Fed’s “quantitative tightening” will work; and that the war in Ukraine will end soon because “Putin is running out of tanks.”
When I hear this type of garbage, I smile, nod my head, and walk away knowing that I have just wasted my time. But when I reflect on all the explanations being offered for inflation, most of them in the form of blame, I realize that nobody has a handle on inflation.
If the Biden administration, the Fed, or anyone else manages to tame inflation, a modicum of luck will be involved. This is not to say that there aren’t things that can and should be done now. The Federal Reserve is doing the right thing to implement quantitative tightening. Republicans are doing the right thing to oppose massive new federal spending. Economists are right to suggest that too many people continue to voluntarily remain unemployed or underemployed.
Unfortunately, if new investments in infrastructure, education, healthcare, the military, and science are deferred, we all pay the price eventually. The pressing social needs that gave rise to last summer’s urban turmoil have not yet been met. More unrest is likely if it becomes clear that progress is being abandoned in the name of curing inflation.
What does all this mean for the 2022 midterm elections? Unfortunately, if the polls are right, people will blame Biden and Democrats for inflation and will punish them by voting for Republicans. That will further polarize politics, especially if people like Mehmet Oz, J.D. Vance, and Herschel Walker are sent to D.C.
I fear that if Republicans win in November, their focus will not be on taming inflation. It will be on impeaching Joe Biden, enacting tax cuts, and pursuing nonsense like “banning” Critical Race Theory and blocking needed election reform laws to increase their odds of winning the presidency in 2024.
This means that in addition to the obvious pain of inflation, we may face other types of pain as the polarization of America continues. All this means it is important to avoid the blame game when talking about inflation. Instead of finding someone to blame, let’s work together to find impactful solutions.
J.E. Dean is a retired attorney and public affairs consultant writing on politics, government, birds, and other subjects.
Stephen Schaare says
Mr. Dean, In closing you say “instead of finding someone to blame”. You have blamed Trump right along, including today.
I find your piece unbearable. Yes, the voters will turn against the dems and Biden.
The man is a disaster, along with his staff.
Though by no means do I expect a direct answer, but I am a stubborn fool. Can you please explain why gasoline costs twice what it did when Biden took office?
Thanks-Steve
Peter l Woicke says
It is actually quite simple: during the first year of Covid demand for oil (and gas) was down dramatically -remember the empty roads?- oil companies decided to discontinue investing in higher capacity. Getting out of Covid, people everywhere, really world wide are back on the roads and demand for gasoline has gone up.
Sanctions earlier against Venezuela and now against Russia have taken out additional supplies of oil, hence the oil price has shot up and so have gasoline prices. And oil companies are benefitting from this , just look at their recent profits. I am afraid politicians ( whether Trump or Biden) have little influence other than artificially putting a cap on prices, which probably would reduce supply even more.
John Dean says
Thank you for reading the piece. The point of the piece is that the blame game is a waste of time. In the case of increased gas prices and inflation generally, there is no shortage of people to blame. These include Biden (for spending and energy policies), Trump (tax cuts), Russia (the war and disruption to energy market), oil companies (prices raised more than necessary), covid, and general consumer behavior.
I also said that if Biden and the Democrats are blamed and Trump (or a Trump clone) and a Republican Congress are elected, things will be much worse. The focus would be on re-litigating the 2020 election, impeaching Biden, prosecuting Hunter Biden, etc., etc. That will not address inflation.
In any case, I hope you will watch the January 6 hearing tonight (8:00 p.m.) with an open mind.
Stephen Schaare says
Hi Mr. Dean, Thank you for your reply. The Republicans will not litigate the 2020 election. Ancient history. Forget Hunter Biden, he is too troubled to endure further scrutiny. Biden would never be convicted in the Senate. We will, tragically, see the even accelerated decline of the President.
Something has to be done about the southern border. Several months ago you dismissed the importance of the border saying “it has nothing to do with world peace:(your words).
Thank you again-Steve
Charles Barranco says
Mr Schaare,
Fact
Exon’s last qrt profit, 8.8 Billion, Triple their previous qrt profit!
Why would they and other oil companies want to pump more oil. I believe it’s called Supply and Demand. Keeps prices higher, Right!
Even thought Biden Admin asking for more output, it’s Not going to happen.
So maybe more oil stock? It’s going to take a long time to install the 500,000 charging stations.
Rev Julia Hart says
Thank you Mr Dean for things to think about. I read through all the comments, so far. Tongue in cheek: I didn’t realize that the gas and oil industry was The Savior of our nation.
Hey! Everyone!! Remember The Pledge of Allegiance? Say it and believe it. TRY to BE and live that every day regardless of political party, religion, creed, race, rich or poor…
Matt LaMotte says
“Fixing blame doesn’t fix the Problem!”
It’s time for Dems AND Reps in Congress to start earning their paychecks!
John Dean says
I agree.
Thank you for reading the piece.
DANNA MURPHY MURDEN says
Seriously, blame game. If you want to play that game I suggest you go back and look at the facts at what Biden did immediately when he got in office which effects the production of fuel in this country. This is what is starting a recession in this country. This piece should not even have been printed it is so far off from the truth. But what to you expect from Trump haters. I am not saying I was in love with the man but GOODNESS this reminds me of the fairy tale of the naked King. I am really at a loss for words.
I will end with that my heart aches for our fellow citizens living pay check to pay check all ready, dear God what are they doing. I encourage everyone to donate to our food pantries because they are going to need all our help.
John Dean says
Thanks for reading the piece and commenting. I politely disagree with you that Biden’s energy policies caused inflation. I am unaware of a single economist that would agree with you. As I stated in the piece, there are many causes.
I agree with you that all of us should donate to food pantries to help people suffering as a result of the high prices.
Deirdre LaMotte says
All those who blame the Biden Administration for gas prices are simpletons. I wonder why every nation in the world is experiencing the same, as well as inflation? Duh.
John Dean says
Good point.
Thank you for reading the piece.
David Taylor says
Really? What was the first thing Biden did in office? Cancel the Keystone Pipeline. He has not taken his foot off the throat of the oil and gas industry since then. That negatively affects gasoline prices whether or not you want to admit it of don’t understand it. Those of you who think EV’s are the answer, they are not. Take away the government subsidies, charging issues, battery manufacturing and recycling issues and the fact that renewable energy is nowhere near able to satisfy demand and you begin to realize that EV’s are a complete boondoggle.
trudy wonder says
Interestingly, the fossil fuel industry enjoys some of the richest government subsidies but we never talk about those. Why? https://www.rollingstone.com/politics/politics-news/fossil-fuel-subsidies-pentagon-spending-imf-report-833035/
Stephen Schaare says
Mr. Dean, Do you hold Joe Biden accountable for anything, or is it all Trump, Covid and Putin? Steve
John Dean says
There are several things I hold Biden accountable for. One is the botched exit from Afghanistan. Second, I believe he has not been aggressive enough in condemning the January 6 insurrection and encouraging the Justice Department to indict all responsible. This is just a partial list, so, no it is not all Trump, Covid, and Putin.
G.johndon says
Get Biden and his cabinet out of there and get this country back on the right track..open the gas lines…
Barbara Denton says
This article is laughable. Joe Biden has caused the problem and until he stops his war on fossil fuels we will sink further and further into economic disaster. His whole administration is a disaster.
Deirdre laMotte says
What is laughable, but not surprising,
is you seemingly enjoying your ignorance about climate change.
Really pathetic.
Barbara Denton says
I would suggest you read Fossil Future and educate yourself on the what Biden’s actions are doing to our economy with no justification whatsoever. I will put my education on current events up against your on any given day. The article is still laughable and if anyone who thinks it is real is pathetic as you think I am.