June 24, 2022 · less than 3 min read
On Wednesday, Biden called on Congress to impose a three-month gas tax holiday.
Baby, you can drive my car (if you’ll pay for the gas)
If you drive – or have spoken to a single motorist – you’ll know gas prices are sky-high. It’s getting Americans down, and Biden knows it. In a recent AP interview, he said “until gas prices started going up,” the US public’s optimism was increasing. Now, not so much.
Less than six months away from the November midterm elections, people are worried. In an effort to ease financial pressures on the everyday American, the president has proposed that Congress “suspend the Federal gas tax for the next 90 days, through the busy summer season.”
This tax holiday could create a price reduction of 3.6% at the pump if savings were passed on to the consumer like Biden wants them to be. BUT the idea has been slammed by politicians and economists on both sides of the aisle. Many feel that the tax suspension won’t really help consumers and might even increase demand, having the opposite effect.
Time DeFazio up to facts
High gas prices? Political poison for the Dems. Joe’s previous efforts to bring fuel costs down have failed, but he has to keep trying, especially with the midterms looming. Midterms are almost always devastating for the incumbent president, and at a time when inflation is wreaking havoc? Biden needs to find a solution – and quick.
Here’s the problem: Yes, Republicans will lay blame at the president’s feet for anything and everything, ignoring the clear impact of COVID and the Russian invasion of Ukraine. But it’s not just Republicans criticizing Biden’s latest plans…
Peter DeFazio, chair of the House Committee on Transportation and Infrastructure, called Biden’s suggestion “well-intended” but expressed that, at best, the policy would “achieve only minuscule relief while blowing a 10-billion-dollar hole in the Highway Trust Fund.” Ouch.
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