Gas prices have declined by an average of 60 cents per gallon over the past 38 days.Five straight weeks of gas prices coming down. — President Biden (@POTUS) July 22, 2022
Make that 65 cents down over 40 days. https://t.co/js2oPq5Z1W— President Biden (@POTUS) July 24, 2022
“One of the real problems of gas prices,” Laffer said, “is that, when you’re going into a recession, copper, lumber, gas and a lot of other products will fall going into that. That is exactly what you’re seeing now. We have one hell of a bad economy.” Indeed, MarketWatch noted analyst Brian Milne said that “demand weakness against historical seasonal strength is pressing retail prices lower.” In other words, Americans were traveling — and presumably spending — less than in summers past due to the high price of gas. “Government data show gasoline consumption consistently below year ago since early June, and the difference has widened. For the four weeks through mid-July, gasoline consumption is 720,000 barrels a day, or 7.6 percent, less than year ago,” Milne said. So, the silver lining? As National Review’s Charles Hilu reported, Laffer says it reminds him of Carter’s debacle of a presidency — and, in the long run, that’s a good thing for conservatives. “After describing his ideal economic platform, Laffer drew parallels to the years just before the 1980 election, in which Reagan defeated Jimmy Carter, who was unpopular due to the combination of low economic growth and high prices, which we call stagflation,” Hilu noted. “Though there was a dramatic blue wave in the 1976 election after Reagan lost the Republican primary to Gerald Ford, voters saw the unfortunate effects of big-government policy, and they voted accordingly in the next election, allowing conservative economic policy to shine forth, and the same can happen now. ” “I think today is 1978 all over again. I was very depressed six months ago, but now I’ve, all of a sudden, seen the coming of the light. I have not been this optimistic in ages,” Laffer said. That may be a reason for optimism in the long term. In the short term, American families have felt the dual shocks of COVID-19 lockdowns and the Biden administration’s failed economic policy. Inflation certainly isn’t “transitory” anymore — and, if the architect of Reaganomics is right, it’s going to get worse before it gets better. This article appeared originally on The Western Journal.
For American families looking for a little more breathing room, these savings matter. pic.twitter.com/IdDv2JGXAD— President Biden (@POTUS) July 25, 2022