President Joe Biden cares so very, very deeply about your pain and suffering at the pump. He cares so much. SO MUCH. Oh, my sweet Savior in a manger does he care.
But frankly, Biden doesn’t care quite THAT much. If he did, he’d be pushing to boost domestic oil production.
Instead, the President is calling on Congress to implement a three-month gas tax holiday, which would theoretically reduce prices at the pump by 18 cents a gallon for regular and 24 cents per gallon for diesel fuel. I say “theoretically” because there is no guarantee that gas station owners would pass the full savings of that temporary tax suspension onto consumers.
Further, there is a very real likelihood that such a move by the Biden administration could add to existing inflationary pressures in the market, economists say.
The Committee for a Responsible Federal Budget, a non-partisan group that advocates for reducing the federal budget, argues that a suspension of the Federal gas tax would increase demand for gasoline and other goods and services when the economy is already experiencing major supply chain disruptions.
Suspending the tax would also reduce revenues used to pay for the Highway Trust Fund, which covers expenses like highway construction and public transit. That lost revenue would add to the nation’s $30.5 trillion national debt.
Even former President Barack Obama once spoke in opposition to a suspension of the federal gas tax.
While running for President, then-Senator Barack Obama referred to a “gas tax holiday” as a “gimmick” and not “real relief,” during the North Carolina Jefferson-Jackson dinner in May of 2008.
The legacy of Joe Biden blunders continues… At the expense of American voters.
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