Of all the ways in which Americans can judge the economy, at least without fancy degrees or some innate knowledge about fiscal indicators, comes to us from the gas pump.
You see, the price of petrol doesn’t only affect us on our weekly or bi-weekly jaunt over to the gas station, but it also impacts the entirety of the rest of the consumer economy as well. Our goods must be delivered to the store, right? That takes gas. The materials used to make our goods need to be dropped off at the factory? Gas again.
The cost of gas is a seismic fiscal force, and things have gotten so out of hand of late that President Joe Biden is considering taking a rather drastic action.
President Joe Biden signaled Monday that he would be open to sending Americans gas rebate cards to help offset soaring gas prices in the U.S.
Speaking to reporters in Rehoboth Beach, Delaware, the president said the rebate cards are “part of what we’re considering, that’s part of the whole operation,” according to CNN. Biden also mentioned the possibility of temporarily suspending the federal gasoline tax.
“I hope to have a decision based on the data I’m looking for by the end [of] the week,” Biden said, referring to the potential gas tax holiday.
The the bold idea had some serious caveats to consider.
Last week, multiple news outlets reported that Biden was mulling a new economic stimulus plan in which he would send gas rebate cards to Americans. However, the idea is not without criticism. Some officials reportedly worried that recipients would use the cards’ funds for purchases other than gas. Additionally, there were concerns that ongoing chip shortages would cause problems for card production.
The nation will just have to wait and see what Biden decides, but given the consistent inaction of his administration thus far, we wouldn’t suggest holding your breath.