White House plan to send gas rebate cards complicated by chip shortages

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How the hell is this going to help inflation? I’m starting to think politicians don’t have solutions to anything but print and throw money at issues.


Senior White House aides are exploring new ideas to respond to high gas prices and are looking again at some that they had previously discarded, desperate to show that the administration is trying to address voter frustration about rising costs at the pump.

Those efforts, though, come amid early signs of a broader slowdown in the economy, which could ease inflationary pressures but also lead to higher joblessness and slower growth. On Friday, oil prices suddenly dropped to a four-week low — a decline likely to push down gas prices — the latest indicator of a potential recession after the Federal Reserve raised interest rates this week to try to contain inflation.

The week’s staggering decline in the stock market — coupled with weaker-than-expected jobless claims and retail sales data — also reflects the risks in the central bank’s move to crush inflation by tightening monetary conditions. Wall Street recorded its worst week since March 2020, the early days of the coronavirus pandemic, as investors struggle to adjust to the Fed’s dramatic move.


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h/t Clean_Feces

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