Bidenomics? Since January 2021, Regular Gasoline Prices Up 57% Under Biden, CRB Foodstuffs Up 55% As Strategic Petroleum Reserves DOWN -46% (10Y-2Y Treasury Curve Inverts To -102.45)

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by confoundedinterest17

Jared Bernstein was VP Joe Biden’s former Chief Economist and is now chair of the United States Council of Economic Advisers. Pretty impressive! Except that Bernstein is not really an economist. He has a PhD in social welfare from Columbia University. In other words, Bernstein is a Progressive Marxist cheerleader, not a real economist. Perfect for The Biden Adminstration where they installed a small town Mayor with no experience (Buttigieg) as Transportation Secretary.

But Bernstein’s interview with Fox’s Shannon Bream on gas prices under Biden says it all about his economic acumen:

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Top economic advisor Jared Bernstein tries and fails to brag about gas prices under Biden.

HOST: “…what about where we started? Because when [Biden] took office, it was $2.39/gallon. Now, it’s about $3.60/gallon…”

BERNSTEIN: “Yes, it depends on what your benchmark is.”

Bernstein’s answer reminds me of the infamous reply of President Clinton about having sex in the Oval Office with Monica Lewinsky: “It depends on what the definition of sex is.”

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Well, Jared, here is the data.

Since January 2021, regular gasoline prices are up 57% under Biden’s and Bernstein’s Reigns of Error. CRB Foodstuffs are up 55% under Clueless Joe and Diesel prices 50% under Bully Biden. Meanwhile, the Strategic Petroleum Reserves is DOWN -46% under Hidin’ Biden.

Meanwhile, the US Treasury 10Y-2Y yield curve has inverted to -102.45 as it does prior to a recession. I would love to hear “economist” Jared Bernstein explain that!