While the words of former Secretary Gates are aimed at foreign and national security policies, on the domestic front, we also see misguided actions that have backfired and are disconnected from reality. The Biden administration’s energy policy is one such example: cancellation of the Keystone Pipeline in June of last year, a capitulation to the progressives, has positioned the U.S. from a net exporter of energy to tapping the caverns of the Strategic Petroleum Reserve.
Moreover, declining approvals for oil and gas drilling by the Bureau of Land Management come at the worst possible time.
Further, the Biden administration has never fully owned up to the causes of inflation, which it has called “transitory.” Blaming it on oil, commodities prices, and Russia’s war on Ukraine, the president has also done nothing to right the narrative of progressives — demagogues who incite and say that greedy corporations are behind the inflation figures. In monetary economics, it is well known that increasing the money supply while output is basically finite is a fundamental cause of inflation. While estimates vary, an accepted figure would seem that about $5 trillion was injected by the Biden and Trump administrations. No economy can withstand that kind of stimulus without inflation.
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