Economies of plenty vs. economies of just barely enough, Trump vs. Biden edition

It isn't a stretch to think of the Trump economy as 'the economy of plenty.' I wouldn't disagree with people who's characterize Bidenomics/Bidenflation as the 'economy of just enough.' What's the difference, you ask? I'm glad you asked. The answer is found in this article. It opens by saying "When oil prices jumped above US$90 a barrel just days ago, military tensions between Israel and Iran were the immediate trigger. But the rally’s foundations went deeper — to global supply shocks that are intensifying fears of a commodity-driven inflation resurgence."

Until recently, Biden bragged that oil production hit new records during his administration. According to the Energy Information Administration, the record was hit by producing 13,300,000 BPD (Barrels Per Day) in 2023. The thing is that we were producing 13,200,000 BPD in 2019. Technically, Biden is right. However, energy experts expected production to increase to at least 17,000,000 BPD by now.

It's worth noting that the national average price for a gallon of gasoline never topped $3. That's quite different than during the Biden administration. This interactive map shows current prices:

Currently, Mississippi has the cheapest price at $3.10 per gallon. Predictably, California has the highest price per gallon at $5.41. Five years ago, Phil Flynn said that the era of cheap gas prices was likely over in this FBN interview:

With fewer workers producing fewer goods (generally speaking) during the Biden administration, prices have remained high. This isn't just gas prices. The CPI, including gas and groceries, is up 19.4% from Jan. 20,2021-Present. CPI went up less than 8% in the 4 years of the Trump administration. That's because production of a wide range of products was significantly higher during the Trump administration.

Biden has put on lots of new regulations, which has driven prices up, too. Finally, the number of part-time jobs is increasing, which isn't helping boost efficiency or profits.

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