The national average gas price increased from $2.39 when Biden took office to over $5 nationally at its peak (an all time high), and now Biden is trying to spin prices falling to about $4.30 as a win.
Make that 65 cents down over 40 days. https://t.co/js2oPq5Z1W
— President Biden (@POTUS) July 24, 2022
Even Biden's economic advisers are signing off on the bad economics, with Jared Bernstein laughably telling CNN yesterday in a segment about recession fears; "but there's also some positive news that we should not overlook. The price at the pump is now $4.30." Or phrased differently - only 46 cents short of doubling since Biden took office.
Since that interview aired, GDP data was released today showing the economy contracting for the second consecutive quarter, meeting the definition of a "technical recession." This came after the administration that once had a short-lived Ministry of Truth had been working hard to preemptively redefine the meaning of "recession" in anticipation.
Of course, Biden and his administration can't have it both ways. By their own logic, this fall in gas prices is either transitory, a gift from Vladimir Putin, or thanks to the generosity of local gas station operators.
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros
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