Poop On Bidenomics 101 Is Gaseous Ignorance

In “Bidenomics 101” WSJ thrashed 46 for demanding ma & pa gas stations “stop charging so much” & hurting his poll numbers, but a pundit also warned Joe stock market’s dive this year “can get a lot worse” as Fed hikes interest rates.

First, the “Joe” effect. As the newspaper’s editorial board worried, “The President doesn’t appear to know anything about how the private economy works … His tweet over the weekend ordering gas stations to lower prices betrayed a willful ignorance about the private economy.” Let us count the ways. The vast majority of gas stations (95%) are owned by private folks like you & me or grocery chains pretending they’re giving customers “points” for overpaying on food, then, buying Joe’s supposedly overpriced gas. Why? Because the oil companies abandoned them long ago because of “low profit margin.” So how do the ma & pa folks stay in business? By selling bread, milk & cigs? Repairing cars? Meanwhile, “more than a quarter of gas stations have closed since the 1990s because they couldn’t make the economics work. Concluded the WSJ: “It’s embarrassing for the leader of the free world to sound like he’s channeling Hugo Chavez…You’d think the President’s Ivy League-educated economic advisers” would have told him the real score before blabbering such nonsense.

Enter James Mackintosh’s op ed which noted, one hopeful sign is that some prices have begun to moderate. “I remain hopeful that recession will be mild, not hit until next year & perhaps be avoided altogether. But the [other] economic data are going the wrong way & higher interest rates haven’t even begun to bite on ordinary households yet.” Count on this: Joe’s Ivy Leaguers won’t tell him the real poop.

Davd Soul