Only months ago, Dementia Don congratulated himself for cheap gasoline as proof of his economic wizardry. Cheap gas, in the Trump fantasy world, was a product of his leadership—just as sunshine was presumably the result of his morning tweets. Now that prices are rising sharply, Trump's explanation has shifted.
"The United States is the largest Oil producer in the World, by far, so when oil prices go up, we make a lot of money.” We? You mean billionaire oil companies and investors? The working class loses money with higher costs. For most citizens, high oil prices are like a tax. Every extra dollar filling the tank is unavailable for rent, groceries, or entertainment to make life tolerable. When tens of millions of households are squeezed, the economy sags. Restaurants see fewer diners, retailers move less merchandise, commerce in general drops.
Economists have known this for half a century.
Read the rest about the frightening place we may be headed economically, and be sure to watch the video!
