The Dow Jones Industrial Average plummeted by 550 points today, or more than 1.5%, as the central bank inches closer to raising the federal funds rate for the first time since 2018, while crude oil skyrocket to its highest level since 2014.
Joe Biden has faced criticism from both parties over inflation woes, and oil prices, although his administration and some left-leaning fact-checkers have vehemently claimed that oil prices going through the roof are not his fault. They have also made it clear that we are not allowed to say that high oil prices are Joe Biden’s fault, so we will not.
We are not saying that, we are simply saying that it’s happening under his watch, and many on his political aisle are definitely worried about him being blamed for it, while many average Americans are worried about their pocketbook. When inflation is rising and the stock market is dropping, many feel they don’t know where to invest their extra money, assuming they have any at all.
Although many factors drive politics, money has always been a huge factor. Usually, when things are good, politicians tend to take the credit, sometimes rightfully so. When things are bad, rarely if ever do politicians singlehandedly take the blame and take on the daunting task of trying to make things better for the American people without attaching strings to a political agenda along the way.
With major elections coming up nationally in 2022 and 2024, money and the economy will be a major issue, along with immigration and other things that folks are concerned about of course. Let’s hope this is just a blip or a correction and not a sign of a major economic recession coming soon as we saw in 2008.
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