High inflation, record-level interest and mortgage rates and now rising gas prices are likely to reverse the gains made by Democrats on the economic front.
According to the Biden government, the decision on Wednesday by OPEC+ to cut production by 2 million barrels per day at a time when the global economy is grappling with the continued negative impact of Putin’s invasion of Ukraine and Western sanctions, is an indication that the cartel is purposefully siding with Russia, and that oil and politics have become decidedly intertwined on a cartel level.
Recent polling shows that most Americans continue to have a pessimistic view of the economy. Biden has consistently received negative ratings on economic issues. An A major goal of IRA--the largest federal government spending increase on alternative energy in U.S. history--is to strengthen energy independence, reduce dependence on Chinese imports, and reinvigorate the industrial sector.
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