Our Campaigner in Chief has done his best to avoid creating an environment that encourages job creation and economic growth. And, while the hike in oil prices might not have been completely avoidable, a more robust economy would certainly temper the impact of climbing crude prices. Instead of allowing businesses the opportunity to expand, hire, and increase wages, our all-knowing DC politicos have drowned the economy in regulation and crony-capitalist pet projects.
The Chevy Volt, new CAFE Standards, and treadmill powered public transit (that might not actually be a thing) aren’t the answer. For starters, some semblance of coherent foreign policy would be a more effective hedge against outrageous oil prices. More domestic production would also go a long way. But, most importantly, increases in pump-prices could be weathered a whole lot easier if Americans had seen their wealth growing over the last few years. Ya know, if incomes were climbing, jobs were being created, and consumers weren’t quite so strapped for cash, we might be able to shell out a few more bucks to fill our gas tanks without it taking a sizeable bite out of an already anemic “recovery”.
It wasn’t too long ago that CNBC pundits, NYT editors, and CNN anchors were willing to blame the White House for any (and every) increase in oil prices… But I guess things changed once “W” returned to his ranch in Texas. Apparently Obamanomics’ profoundly negative impact on household income, and our Nobel Laureate’s childish foreign policy, have no impact on the coming spike in oil prices… Right?
So, let’s recap: Millions of Americans out of work, potentially outrageous oil prices, mass chaos in the Middle East, increased inflation (assuming the Fed has their way), and stagnating wages… Hope and Change apparently looks an awful lot like 1979.