Joe Biden is demanding gas stations lower their gas prices.
The demand is a misunderstanding of market dynamics, but it might get his some brownie points among the Democrat base who seem to not understand simple economic principles either.
But China is paying attention.
A Chinese official took not of Biden’s attack on capitalism and praised the leader for it, The Daily Caller reports.
The original tweet was directed at companies running gas stations and demanded they change the prices at the pump to reflect the cost of fuel for them.
It is unclear if Biden knows what market prices companies are running gas stations pay.
China took notice and Chen Welhua, a Chinese official, praised Biden for his lack of economic understanding.
However, another person took notice, one of the world’s richest men Jeff Bezos, who made his fortune understanding market economics.
The Biden administration has tried to link high gas prices to Russia’s war in Ukraine and greed from oil companies.
White House Principal Deputy Press Secretary Karine Jean-Pierre holds a press briefing on Thursday, July 29, 2021, in the James S. Brady Press Briefing Room of the White House. (Official White House Photo by Cameron Smith) [Photo Credit: The White House, Public domain, via Wikimedia Commons]
But a response to Bezos from Karine Jean-Pierre, Biden’s Press Secretary, proves that the administration still fails to grasp the situation.
But as entrepreneur Bill Perkins points out, this is wrong, “The rep for the highest office in the land should know that refinery output not crude oil input prices and global demand set the prices at the pump. To be this ignorant of such an important topic is just shocking. Or to be this mebdacious is just evil.”
Biden and his administration continue to prove why patriotism is at a low point in history on this Fourth of July.
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