More Money Printing for Gas Cards
An attempt to ease rising gas prices... Do we need it though?
I always stop to think about why we continue to let Jerome Powell fire up the printing machine for money we don’t have. I thought this once more as President Biden signaled today that he is open to sending Americans gas rebate cards to help ease pockets at the pump.
The rebate cards are said to be part of the whole operation, according to Biden. He also mentioned suspending the federal gasoline tax for a little bit to help Americans catch their balance. "I hope to have a decision based on the data I'm looking for by the end [of] the week," Biden said.
Gas prices have been an issue the Biden administration has been struggling with for a while now as pressures build up for the upcoming midterms in November. Inflation reaching 40-year highs and the war in Ukraine showing no signs of slowing down has also played a role. According to AAA, gas prices were $4.98/gal. today.
The gas rebate cards seem to be a part of a massive economic stimulus plan being built by the Biden administration. As many are aware, the idea of an economic stimulus comes not without criticism as some officials are worried recipients would use the cards for purchasing things other than gas. Concerns centered on potentially overextending the IRS, which would be charged with distributing the cards during the period of time Axios reported the White House was discussing rebate cards for the beginning of the year.
Over the weekend, Janet Yellen made an appearance on This Week where she stated that the elimination of the 18.4 cents per gallon gas tax is "certainly worth considering."
"If Congress will work with him to enact some of the administration's programs, we can bring down other costs that are burdening households, like prescription drugs, health care costs, and increase the supply of affordable housing."
Janet Yellen also said she reiterated Biden’s willingness to work with Congress to ease escalating gas prices.