If you’re having trouble making it from paycheck to paycheck, you’re hardly alone. A majority of Americans tell pollsters they feel the economy is not in good shape and getting worse. People are now demonstrably poorer than when President Joe Biden took office. Although wages have risen, prices have risen much faster.
Worse, these are self-inflicted wounds. To find their source, look no further than the man steering the ship: President Biden. On his first day in office, Biden grasped the helm and turned it hard to port – that is, a sharp left turn. In doing so, he turned the economy into the wind.
By canceling pipelines, threatening American energy companies with extinction, forestalling drilling leases and creating a hostile environment for producers, Biden has appeased his far-left supporters – but left the rest of America holding the bag.
Biden has fought the construction of pipelines tooth and nail, preventing the replacement of aging infrastructure while also rendering proposed wells essentially useless. Drilling an oil or gas well is futile if the driller cannot build a pipeline to carry the product. Likewise, Biden’s repeated threats to eliminate fossil fuels with crippling taxes and regulation have chilled investment.
Biden has also canceled drilling leases or missed deadlines for announcing plans on new leases. In an industry where investment requirements are routinely measured in the tens of billions of dollars, this uncertainty makes it nearly impossible to invest and increase production.