So it is official. I saw it coming. During the drive to my first pickup, I pass a lot of gas stations along the way, and I have noticed that gas and diesel prices have been dropping. Last week, the lowest I have seen for diesel is $3.99, and $4.02 for gas at the independent Shell station I pass every day. Another station along the same road was charging $3.99 for gas. This morning, whilst I was leaving the gas station after filling up the company vehicle, their price for gas was $4.15. This station charges slightly more because it is next to the highway. All gas stations near a highway do that. The last time the United States was in a recession was 2008, which was my senior year at college. In my sophomore year, I did a PowerPoint presentation on the Gross Domestic Product for my Visual Communications class. I wish I still had access to it. Unfortunately, the eMachines computer I was using suffered damage due to an unruly virus, and the hard drive could not be salvaged.
I view this recession as a sort of correction to the runaway inflation. To compare and contrast, when the Dow Jones Industrial Average (DJIA) crashes after weeks of a run up in stock prices, analysts and economists will view that as a correction.
But don’t get me wrong. Just because I see it a correction does not mean that I view it in a good light. We continue to cross a rickety bridge over deeply troubled waters. Three families were evicted from my apartment complex in July. In another apartment complex that I pass everyday that is owned and operated by the accursed Fairfield Properties, I noticed that one family was evicted. Their belongings were sitting outside in the dew covered grass. A tempting target for unscrupulous individuals to pick through like vultures picking at a dead antelope on the African Plains. Fortunately, the belongings were gone by the next day.
Purchasing a home continues to be a difficult venture for prospective homeowners due to inflation, the economic slowdown and the Federal Reserve Bank (the Fed) raising the interest rate in an effort to curb inflation. In my apartment complex, land was cleared for a new residential building, but construction was halted. The same thing happened down the road from me, except that townhouses were supposed to be built. There has been no movement on the site from last month. I did notice a house for sale in the neighbourhood where a friend used to live. This four bedroom, three bathroom single level house is going for $325,000. Heh. Too rich for my blood.
The following link will help to explain what is the Gross Domestic Product.
Meanwhile, the White House continues to deny there is a recession. Sounds like what an authoritarian regime would say. It makes me think of one of the three principles from the book 1984: Ignorance is strength.
Dictator Biden keeps saying there is no recession, but gas and diesel prices keep falling, and the GDP declined for a second straight quarter. Factories have to cut back on their output because it costs more to make the same product versus the same time a year ago. Merchants and retailers have to raise their prices to make a profit on goods sold because of inflation. Consumers are cutting back on spending because goods that were low priced last year now cost more. This is not good for the economy. Consumer spending has declined. That’s why we’re in a recession.
With the price of gas and diesel coming down, perhaps it will encourage more people to drive and spend money. Instead of paying anywhere from $30-$40 to fill up my truck, it costs me around $25-$30 depending on where the needle is. I’m sure the truckers appreciate the drop in prices. Indeed, whilst $5.09 for diesel may still be expensive, it is a lot better than $6.17.
And now the White House is trying to take credit for the decline in gas prices. Don’t forget that Biden and his leftist cohorts in crime are responsible for the run up in prices, and REFUSED to approve new drilling permits for oil and gas. I refuse to listen to anything that dumb as igneous rocks press secretary has to say. The only thing that comes of her mouth is propaganda, just like that red headed former press secretary Jen Psaki.
So that’s all I have for now. Stay tuned for the next post; whenever that may be. Hopefully, the gap between posts will be shorter this time. Have a good day/night.