Breitbart Business Digest: The Chip Shortage Saved Us from the Biden Bux Inflation Disaster – By John Carney (Breitbart) / June 17, 2022
Our hats are off to whoever in the White House came up with the idea of sending people special debit cards for the purpose of buying gasoline. But not because this is a prudent policy. Quite the opposite.
It is one of the looniest policy ideas that we have ever heard. Yet it perfectly exemplifies the Biden administration’s approach to problems of public policy: when you encounter a problem, throw money at it.
Just in case anyone from the Biden administration is reading this—furtively, on a private server no doubt—let us explain why this is such a bonkers response to the problem of high gas prices. The price of gas has risen because demand has far outpaced supply.
How’d that happen? Let’s look to the supply side. We cut off Russian oil because of the invasion of Ukraine. We cut off Iranian oil long ago because Iran’s mullahs refuse to stop promoting terrorism and pursuing nuclear weapons. We cut off Venezuelan oil to avoid enriching its evil regime. And then we went ahead and knee-capped our own oil extraction and refining industry by promising to “end fossil fuels,” starving it of capital by threatening banks with “transition risk” regulation and promoting ESG investing (which we’ve called Cancel Culture for Fossil Fuels), shutting down pipelines and refineries, and generally being careless about the idea of energy independence.