How fossil fuel prices cause inflation under Trudeau
And under Biden, Macron, Sunak, Grosz and a host of other leftist nutcases
It is well known that fossil fuels provide 90% of the energy used in transportation in United States. I expect all developed countries including Canada have a similar profile.
Households spend an average of 13% of their income on transportation, with poorer households spending a higher proportion - over 30%.
Higher costs for fossil fuels are a major contributor to inflation. Over the past five years, transportation costs have risen 18% and just gasoline has risen over 40%.
With poorer families burdened with higher than average transporation costs, Joe Biden’s failure to encourage fossil fuel development has pilloried the poor. Throw in the costs of home heating and there is not much money left for food and clothing, if there is any at all. This is the real cost of the pretense that CO2 causes climate change - an assault on those least able to withstand higher prices.
Democrats Biden and Liberal Trudeau pretend they “have the backs” of ordinary Americans and Canadians but in reality they have waged an outright attack on the economic viability of the bottom third of their respective citizens. Who benefits? Simple question and complex answer - the benefits flow to those who can afford a Tesla (subsidies), those who build wind and solar farms (subsidies) and those who have significant amounts of money to invest (the upper third of citizens).
The arithmetic of how much damage Biden, Trudeau and their ilk overseas have done is simple enough. Inflation is running at 6 to 9% across the board. Food inflation reflects higher diesel prices (adding about 10% to the cost of fresh produce alone). Home heating inflation reflects the costs of a shortage of natural gas, oil and coal which are used directly to heat homes or indirectly in the cost of electric power. In Canada, you can throw in a useless “carbon tax”.
Housing, transportation, food and utilities make up 75% of the average households’ budget. Household income averages about $70,000 in United States and about CAD$75,000 in Canada1 Six percent inflation on 75% of household outlays amounts to price hikes of about $4,200 in U.S.A. and CAD$4,500 in Canada. That is the approximate hidden taxes we pay because of stupid leftist policies that substitute political science for the laws of physics to pretend CO2 causes climate change and impose harmful policies on everyone.
I don’t think the elites at Davos spent 10 minutes thinking about the damage they were doing by promoting the “global warming” nonsense they incessantly spout about. But the real issue is not carbon dioxide, it is left wing policies. The elites who gathered in Davos don’t care about you. Vote them out.
Income in the United States: 2021 (census.gov) Average Household Income in Canada for 2022 Ranked - Insurdinary
And all those extra costs and fees end up in the pockets of the elites, only one example is the likes of Al Gore, it’s easy to see the $300 million, but a little digging makes it closer to 1 billion in his pocket, with the $100’s of billions each year, just in the US there is lots to go around. I’ve been following the global warming narrative closely since about 2001 and it’s really quite amazing.