Opinion: Misery index makes a case to replace the Democratic Party monopoly in Congress
The economy is the dominant issue in the upcoming elections. Politically, economic issues come down to two statistics: inflation and unemployment. Candidate Ronald Reagan famously created the sum of those two as the “misery index” and won a huge victory over President Jimmy Carter because that sum had risen so much during Carter’s administration. He asked if Americans were better off now than we were when Carter took office.
Gasoline prices are the single most painful representation of inflation. When President Biden took office, national retail gas prices were $2.59 a gallon. They are now $3.82 a gallon. Did President Biden have anything to do with that? In the short term, he has released oil from our strategic petroleum reserve in the hopes of keeping prices from rising more. He has also begged Saudi Arabia to produce more petroleum, though it publicly refused.
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