LETTER: Don’t blame Biden for soaring gas prices

To the editor:

Throughout history, presidents have always been blamed for problems with the United States economy. Now is no exception.

Since the beginning of the pandemic, we stayed home more and didn’t use as much gasoline. Now people are driving more, so demand for gasoline has increased. Add to that the shortages because of the war in Ukraine, and you get higher prices. To blame President Joe Biden is not fair.

Exxon, Mobil, Chevron, Shell and BP have added to the problem. In the last quarter, they limited supply and racked up $25 billion in prodits, which is the highest income level in seven years. Maybe they should help to stabilize prices.

Also happening with the COVID-19 outbreak was the interruption of hoods production. Many workers got sick and missed work. This happened just as we were buying more products for home, thus putting a strain on the worldwide supply chain.

Certain corporations have made the situation worse. Starbucks’ profits soared 352%. In 2021, Netflix doubled profits, and UPS had a record-breaking year. Amazon made $35 bilion, and McDonald’s had $23 billion in revenues. Corporate profit margins are now at a 70-year high. They have profited at our expense.

All this corporate greed has led to increased prices. Consumers have found themselves having less purchasing power, even though wages are on the rise. This dilemma is called “inflation,” a word Republicans have been using as they blame President Biden for consumer price hikes.

What is being ignored are the indicators that show the economy actually slowly rebounding from the effects of the pandemic. The national economy is seen as growing at 4%, a rate not seen since the Reagan Administration. About 6.6 million new jobs have been created in 2021. As hiring increases, President Biden is on track to have unemployment rates like the 1950s.

Even Wisconsin is making progress. The unemployment rate is 2.8%, the lowest in Wisconsin’s history. Gov. Tony Evers’ investments in small businesses has paid off.

Our state has accumulated a projected budget surplus of historic proportions. Evers’ plan is to return a portion of the money to working families to help them fight rising costs.

We need to stop pointing fingers and have patience as we cope with the higher prices. The price of gas, groceries and goods will come down when supplies stabilize. Have some faith in our leaders.

Mary Arnold, Shawano