(PatriotWise.com)- Last Friday, it was reported that the Biden Administration is considering sending Americans debit cards to help offset the rising price of gasoline.
According to the Washington Post, senior White House aides were recently reconsidering a previous scrapped plan to send “gas rebate cards” to American households. But there’s just one problem.
Gas cards, like any debit card, would require a chip. And right now, thanks to the Biden economy, there’s a significant chip shortage.
Well, that’s a wrinkle.
These senior White House aides are also concerned that, even if there were the chips available, Americans would use these debit cards on something other than gasoline.
This is how stupid this administration is when it comes to the basics of economics. Money is fungible. If people chose to use these debit cards for groceries, the money they don’t spend on groceries can help pay for gas. How does this White House not understand that?
Interestingly, the senior White House aides don’t seem at all concerned that pumping more government money into the economy by way of these debit cards will only lead to higher inflation and higher prices.
Instead, the White House is worried that Republicans in Congress won’t agree to approve another stimulus plan. Yes, because Republicans in Congress know that it will only worsen inflation.
On Wednesday, President Biden announced a plan to enact a 90-day gas tax holiday which he claimed would save consumers 18 cents a gallon every time they fill up at the pump. This gimmick, like his releasing oil from the Strategic Petroleum Reserve, won’t work according to plan. What’s more, it is unlikely such a plan will make it through Congress since it isn’t just Republicans who oppose the idea.
Rather than curb prices, a gas tax holiday will likely increase demand. Since the president refuses to increase domestic oil production, the supply will be unable to keep up with this increase in demand. And in the end, this will lead to even higher gas prices.
The entire Biden administration is run by idiots.