President Joe Biden’s Administration Needs Econ 101 Again

“The Biden campaign made a clear and unequivocal campaign commitment to eliminate fossil fuel leasing on public land,” says Michael Brune of the Sierra Club. This winter, heating expenses for American families will rise by 54%, making it the most costly in over a decade. Given President Biden’s words on the 2020 campaign trail, where he declared war on American energy generation, this was perfectly predicted.

Moreover, President Biden suspended development on the Keystone XL Pipeline and oil and gas leasing on federal lands in his first week in office. The White House described the actions as necessary in the fight against climate change. The government is currently considering shutting down the L5 pipeline, which runs from Canada to Michigan, further limiting energy transit and supply.

President Donald Trump recognized the importance of low-cost energy to middle-class prosperity, and his administration has worked hard to ensure that this stays the case. As a financial adviser once informed me, gas costs are rising, and families are paying more for their gas, causing budget problems. According to one economist, they are currently producing a million barrels less oil than under the previous regime.

According to a survey, the unemployment rate decreased to 4.6 percent, while the labor force participation rate remained steady. In addition, the figures reflect significant upward revisions from the previous two months. In his State of the Union address, President Joe Biden states, “America is getting back to work.” The October employment data provides a more upbeat picture of the labor market than had been expected. Millions of Americans, on the other hand, are still on the fence. More individuals should return to work due to a new law forcing most private businesses to require coronavirus immunizations. Black Americans’ unemployment rate stayed constant.