Every Labor Day weekend I start looking for a letter from the local farm co-op with their Propane Price Guarantee Programs. The primary offer is to pay a flat fee for a contracted amount of liquid petroleum (LP) in full by the end of September. There is an alternate program that costs maybe 7 or 8% more that allows you to pay after each delivery.
In September 2020, just a few weeks before the November 2020 election, the base price was $1.20 / gallon. Today, three years later, the base price is $1.68 / gallon or 40% more. But, this is after September of a year ago when it was 77% higher than September of 2020 and before the price dropped significantly in the past year.. Still, a 40% increase in three years averages over 13% per year!
President Biden wants to flaunt the recent lower inflation but conveniently forgets a small increase this past year is on top of much larger increases in each of the previous two years of his administration. He also overlooks what a government economist recently admitted – that current inflation reports omit changes in food and fuel costs, though I wonder why? So, the real question is
“Are you better off today than you were three years ago?”
That is very similar to the question Republican nominee Ronald Reagan asked President Jimmy Carter a week before the 1980 election: “Are you better off than you were four years ago?” There are similarities between Carter and Biden. Carter had his Iran Hostage situation while Biden has the botched evacuation from Afghanistan. Carter had his gas lines and alternate day gas purchases while Biden has his high costs of energy (and everything else). Both belong to the Johnson – Carter – Clinton – Obama – Biden string of five Democrat Presidents. (Yes, Nixon, Ford, Reagan, both Bushes, and Trump were part of the chain of consecutive presidents.) But, there are differences too as Carter and Clinton were former Governors while Johnson and Biden had extensive experience in the Halls of Congress. (Obama was a community organizer.) The three Democratic Presidents prior to these five, John F. Kennedy, Franklin D. Roosevelt and Harry S. Truman, could be considered more patriotic statesmen and less partisan politicians.
Today’s high costs of everything, whether you call it “Bidenomics” or “Bidenflation”, is a direct result of almost three years of the Biden Administration. There have been comments that the Biden Administration is just an Obama third term, so some of the “credit” of today’s economy can be shared with President Obama, and probably even prior presidents too. With the election of a new president in 2024 it will be past time to clean out the Washington bureaucracy – to “clean the swamp”!
Today’s question is not “Bidenomics & the price of LP?”, nor is it about President Biden’s experiences and similarities or differences to other Democratic presidents. The real question is, as Ronald Reagan asked some forty-three years ago, “Are you better off than you were four years ago?”