It is also caused by Bidumbs war on oil. Oil is in just about everything. Its in Plastic pipe, phones, cars, packaging, siding, roofing, roads, shoes, toothbrushes, cordless drills, diesel, gasoline, rakes, led lightbulbs, foam egg cartons, soda bottles, ect, ect.
The cost to ship the products we need and the cost of the products are affected by the cost of oil. But he is not just going after oil but natural gas as well. The very stuff that is used to produce energy. You know the energy we need a massive amount to make aluminum. For things like cans, aluminum foil, airplanes, electrical wire, boats, piping, ect, ect.
The guy is a walking market destroyer. Everything he passes is designed to destroy the economy.
Spending is only one part of the inflation problem. The attack on energy is another. Sucking up more of the short supply of housing by criminals he lets into the country is another. How many houses are going to be built by builders when they have to pay $50,000 in finance fees to build a house because construction interest rate are about 10%.
The fed is just plane wrong by raising interest rates to lower the cost of housing. And Bidump is wrong about his spending and war on oil not causing inflation.
This is a war against the citizens of the USA.
The war on energy extends beyond oil and gas. Netzero and various state legislatures that mandate certain percentages of electrical generation must come from renewables adds to the costs of electricity and decreases the supply of reliable power.
No doubt, Biden will cite the fact that we are now producing more oil than peak production during the Trump Administration, but it fails to recognize that Trump’s policies would have added millions of bbls of oil per day.
We will feel the impact of Biden’s war on energy for decades even if Trump is re-elected.