Congratulations to President Biden for finally getting a couple of things right. Monday, he angered “progressives” such as Elizabeth Warren by renominating Trump appointee Jerome Powell to another term as Federal Reserve Chair. Lael Brainard, whom the leftists wanted in charge, was nominated for Vice Chair.
In a statement, Biden said, “I’m confident that Chair Powell and Dr. Brainard’s focus on keeping inflation low, prices stable and delivering full employment will make our economy stronger than ever before.”
Warren railed that Powell was a “dangerous” choice because he wouldn’t prioritize such burning issues as “climate mitigation.” Most financial analysts breathed a sigh of relief, however, since they’d rather see the Fed concentrate on reducing inflation and keeping the economy and the dollar healthy, rather than trying to change the weather.
The other move by Biden that suggests he caught a fleeting grip on reality was his decision to release 50 million gallons of oil from the Strategic Petroleum Reserve to bring down gas prices, a move also being taken by other nations.
Don’t get me wrong: this is hardly a long-term solution. It’s only about a three-day supply for America. It won’t solve the problem of how to get a steady supply to fill our needs when the President and his Party are waging war on our domestic fuel industry. And as Joe Cunningham at Redstate.com suggests, they see this as just a mollifying stopgap while they force Americans to “transition” to unreliable and expensive green energy sources that can’t meet demand.
And former President Trump slammed the move because the Strategic Petroleum Reserve is supposed to be for national emergencies, not temporary relief from the bad consequences of your own stupid policies.
Many others agreed.
But at least Biden did show signs of understanding, even if only for a day, that there is a relationship between the supply of oil and gas and the price of oil and gas. It may be a small victory, but I’ll take miracles wherever I can find them these days.