With gas prices at near-record highs and whispers of summer diesel shortages in the air, now is as good a time as ever to revisit the oil shocks of the 1970s. Almost half a century on, we’re tempted to chuckle at the photographs of supersized cars curled around the block waiting to fill up. Sometimes we can even spot a bell-bottomed man pushing a lawnmower or a stray child with a Dorothy Hamill haircut, gas can in hand. For the people in those lines, though, the wait wasn’t merely an inconvenience; it was frightening. A bedrock good that people took for granted was suddenly a whole lot harder to come by. Those of us who queued for toilet paper two years ago can certainly relate. But while we know what caused the Great TP Run of 2020, can we say the same for the ignominious images of consumer desperation in the 1970s?
Surging inflation is hitting American families hard and is quickly becoming a top concern for voters ahead of the November midterms. So, it’s no surprise that President Biden is on the defensive — but his latest attempt at political spin is so absurd that even CNN had to call him out.
When asked at a recent press conference if he takes any responsibility for inflation, Biden said no, explaining that his spending policies are blameless.
“I think our policies have helped, not hurt,” Biden replied. “We brought down the deficit. The bottom line is, how much does America owe?”
There are several problems with this answer, but let’s begin with Biden’s claim that he “brought down the deficit,” a claim he has repeated on social media. . . .