No doubt rising oil costs are a big contributor not to just today’s big drop but the overall market devaluation that has been now going on for weeks and months.
Inflation (which oil is a part of) is the biggest market and economy killer. The main cause for the inflation is the hyper money-printing/borrowing/spending the democrats have engaged in since they took over all branches of Federal Government in January 2020. Add in the democrat policies that have incentivized people to not work – doubling unemployment payments, increasing food stamp subsidies, COVID restrictions etc. A lot of people are unaware of what all the American Rescue Plan of 2021 has done to wreck the economy; it increased Child Tax Credits then the IRS sent out advance payments for the credits, i.e. more “free money” in people’s pockets.
And do not discount Global instability on wrecking the U.S. economy – i.e. Russia invading Ukraine, China intensifying their harassment and threats to Taiwan, Iran becoming emboldened, North Korea firing ballistic missiles once again.
No other man walking the face of the Earth has FUBAR’ed things more than Uncle FUBAR Joe!!!
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