With the acknowledged national debt now a politically and economically unpayable $30 trillion (in reality, its unfunded liabilities are far greater), Americans should start to become acclimated to the realities of the United States’ eventual, inevitable default.

While it may seem unfathomable, and the results too catastrophic to imagine, in fact the likely damage to everyday Americans would be minimal in the short term and unquestionably a net plus in the long term.

This is far from surprising and not a new problem. As Carmen M. Reinhart and Kenneth S. Rogoff detail in their comprehensive review of the subject, history shows that great powers defaulting on their debts was long the rule, not the exception, and that the long-term implications of various regimes’ repudiations of their external debts in particular were minimal or a net plus, depending on the circumstances.

As a way of starting, it is helpful to contextualize the current numbers we’re talking about, because, frankly, they would have been unfathomable previously. As the old math joke “What is the difference between a million and a billion? Basically, a billion” illustrates, the orders of magnitude under discussion are scarcely comprehensible. But the reality is that trillion dollars is $999 billion plus another billion.

The present debt level has only been manageable because of the artificially low interest rates provided by successively accommodating Federal Reserve chairs dating back to Alan Greenspan. With both fiscal and monetary policy having been run heedlessly off the rails for twenty years, the reckoning of a higher interest rate environment necessarily awaits. Short of cuts in annual spending drastic enough to produce large running surpluses (not likely), default is the only sensible option toward which to encourage policy makers.

For context, consider that when Ronald Reagan and the Democrats controlling Congress started running budget deficits that hadn’t been seen since the Second World War, the national debt was running in the hundreds of billions—eventually jumping into the low single-digit trillions.

In the 1990s, as the unipolar moment was beginning, successive administrations and Congress seemed to recognize the foolishness of their previous policies. Compelled by grassroots activism and insurgent Republican candidacies, George H.W. Bush and Bill Clinton both made deals to cut spending and raise taxes. By the time Clinton left office, the country was running a budget surplus and the national debt was projected to be paid off by the end of the decade.

Then came George W. Bush and his disastrous wars of choice. The size and scope of the government grew at the same time that historic tax cuts were enacted. The words of then vice president Dick Cheney should have spooked foreign buyers of US debt more than they did. He was of the opinion that “deficits don’t matter.”

Nor did they matter to Barack Obama, his successors, or their congressional partners—to the point that the mere $30 trillion in openly acknowledged debt amounts to over $80,000 per American.

Nor did the regular trillion-dollar deficits matter to the Fed, which with its accommodating and regularly mandate-violating policies has raised the stakes of the coming financial oppression orders of magnitude higher than they would have been had interest rates been determined formulaically or purely by market forces.

The good news, at least for ordinary Americans, is that we personally just don’t hold very much of the debt. Fully two-thirds is held between the Fed, various other US government entities, and foreign governments. A US government default wouldn’t be the first time the latter have taken a haircut (Alexander Hamilton and Richard Nixon both undertook such necessary actions), and our own government has spent the money so poorly that no coherent argument can be made that justifies paying them back. They would just continue in their profligate ways. As for Wall Street, they’ve lived on corporate welfare long enough to justify their taking a one-time bath.

Apart from not paying perpetual interest on ever-increasing debt, another benefit of default, rarely mentioned but arguably one of the most important from the antiwar libertarian perspective, is that it would essentially end Washington’s ability to practice unbridled military Keynesianism. Slapping pointless wars and military buildups on the credit card has become Congress’s standard operating procedure. It is not a coincidence that our annual trillion-dollar deficits are approximately equal to the trillion dollars dumped into the the military-industrial complex black hole each year.

With foreign investors temporarily alienated, the Fed would be faced with the choice of either absorbing the entire amount of “defense” spending with its own balance sheet (thus sparking a drastic inflationary bout that would visibly discredit the unconstitutional institution) or forcing Washington to give up the myth of global military indispensability.

Either case is preferable to the current course.

It is in the interests of the American people, our children, and our grandchildren, and would arguably do more for world peace than any other realistic scenario imaginable.

So, contact your representative today and tell them you support defaulting on the debt.



A 75 basis-point rate hike wasn’t even on the table a month ago. It appears that the central bankers over at the Fed were crawling around under the table because they found a 75-basis point rate hike.

The Fed went big at the June FOMC meeting in response to hotter-than-expected May CPI data just a week earlier. Jerome Powell admitted that Fed members were “surprised” but another big spike in prices.

So, what’s the plan here? Well, by all indications, there isn’t one.

As Mises Institute senior editor Ryan McMaken put it in an article published by the Mises Wire, it’s pretty clear that the Fed is winging it.

McMaken notes that this was just the third rate hike of 2022 even though inflation began to accelerate in the first second half of 2020. He also reminds us that last week’s big hike came “mere weeks after the Fed chair Jerome Powell slapped down the idea of a 75 basis point increase in June.” As Reuters reported on May 4, Powell insisted “a 75 basis point increase is not something that the committee is actively considering.”

That didn’t last long.

“The fact that the Fed was forced to hike the target rate by more than it had suggested was even possible earlier in the year is a reminder that the Fed and its economists are simply in a reactionary mode when it comes to the US economy’s problem with mounting price inflation.

As even Powell admitted during today’s press conference, the Fed was surprised by how high price inflation has grown. The Fed then had to pivot in order to answer calls that the central bank ‘do something’ about price inflation.

But when it comes to the Fed’s decisions about where to set target rates, it is increasingly obvious there is no model. The ‘plan,’ to the extent one exists at all, amounts to ‘let’s see how bad inflation is, and then we’ll pick a target rate and hope that solves the problem.’

In other words, the Fed is winging it.

Meanwhile, the central bankers continue to insist that the economy is “strong enough” to handle tightening monetary policy. The FOMC assessment of the economy was that it’s still improving.

“Overall economic activity appears to have picked up after edging down in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low.”

Jerome Powell was even more upbeat during his press conference.

“Overall spending is very strong. The consumer is in really good shape financially. They’re spending. There’s no sign of a broader slowdown that I can see in the economy. People are talking about it a lot. Consumer confidence is very low. That’s probably related to gas prices and also just stock prices, to some extent, for other people. But that’s what we’re seeing. We’re not seeing a broad slowdown. We see job growth slowing, but it’s still at quite robust levels. We see the economy slowing a bit, but still growth levels—healthy growth levels.”

McMaken points out that the Fed continues to cling to strong employment data as the best evidence that the economy is robust. But the Atlanta Fed just revised its Q2 GDP growth projection to — zero. That follows on the heels of a -1.5 GDP print in the first quarter. And there are other signs of recession as McMaken points out.

“The yield curve is flattening, retails sales are down, the S&P 500 is in bear territory, and home sales are falling off as mortgage rates rise. Consumer credit is rising to historic highs as the savings rate collapses. But at the Fed, they showcase an economic indicator that trails most others: employment. In other words, the Fed is keeping its eye fixed on the rearview mirror in order to sing the praises of the Biden economy.”

Regardless, the central bank couldn’t just sit on its hands in the face of an 8.6% CPI. The Fed had to do “something.” But as McMaken asks, why 75 basis points?

“When asked during the press conference to quantify how 75 basis points is better than 50, Powell had no answer beyond saying the committee simply decided to speed up the time frame of rate increases. The standard employed for coming to this conclusion, according to Powell himself, came down to ’75 [basis points] seemed like the right thing at this meeting.’ Needless to say, this didn’t answer the question of what we are to expect from that additional 25 basis points.”

The mainstream narrative is that this was a very “hawkish” move. But as McMaken observes, it really isn’t.

“Powell himself stated that in his opinion, ‘right now our policy rate is well below neutral’ and that a target rate of 1.75 percent is only ‘moderately restrictive.’

If a forty-year high in inflation calls for only moderately restrictive policy that remains below neutral, it’s difficult to imagine how much inflation will be necessary before the Fed regards truly restrictive policy as actually necessary.

So, what’s the plan? Well, there really doesn’t seem to be one.

The FOMC “dot-plot” indicates that rates could reach 3.8% next year. But will this be enough to slay the inflation dragon? Powell assures us “We’ll know when we get there.”

This doesn’t inspire a lot of confidence. In fact, it feels like the central bank is winging it.

And it seems highly unlikely that the Fed will ever get interest rates to 3.8%. If the historical trend continues, this last hike will likely tip the economy into a downturn, if we’re not there already.

McMaken sums up the economic difficulties the Fed faces.

“In practice, however, it is very unlikely the Fed will allow the target rate to rise much above 3.5 percent, no matter what. With federal debt still exploding, allowing rates to double from today’s rate would drive up interest on Treasurys and place an enormous burden on federal budgets in terms of debt service. This would require very large budget cuts to popular programs. So far, it’s hard to believe the Fed will abandon its current de facto policy of supporting federal deficit spending through suppressing interest rate growth.

The Fed also continues to take an ultrasafe approach when it comes to Wall Street and employment. Powell at today’s meeting explicitly claimed the Fed is still trying to avoid a recession. In other words, inflation is still preferable to recession. That suggests we should continue to expect inflation rates well in excess of the Fed’s arbitrary 2 percent target.

If the Fed continues as it’s going, we’ll need to get used to declining real wages and near-zero real growth for a while.

The Fed plan is no plan — just wing it and hope everything works out.



Global Shortages Are Here! Get Prepared Today



These people never learn. Or they just don’t care.

The Biden administration is reportedly still considering sending out gas rebate cards to help Americans cope with rising gasoline prices. But this kind of government handout is one of the primary reasons we’re suffering through this inflation firestorm to begin with.

Of course, Biden blames Putin for rising prices. “It’s outrageous what the war in Ukraine is causing,” Biden said during a June 18 speech.

Supply restrictions due to economic sanctions on Russia are certainly part of the equation. Russia ranked as the world’s #2 oil producer in 2021. But oil prices were rising prior to the Russian invasion of Ukraine.

If rising prices aren’t all “Putin’s fault,” who do we blame?

The finger points straight at the Federal Reserve and the US government.

During the pandemic, federal, state and local governments forced everybody to stay at home. The US economy ground to a halt. In response, the Federal Reserve launched QE infinity. In less than two years, the Fed pumped nearly $4.5 trillion of new money into the economy. The federal government got in on the action and handed out trillions of dollars in stimulus money.

The result was predictable.

People were sitting at home producing nothing. The supply of goods and services contracted sharply. But thanks to stimulus demand remained robust. With their pockets stuffed full of stimmy money, American consumers kept right on spending. This was a recipe for rising prices. There was more money in the system chasing fewer goods and services. Prices rose. Everything became more expensive — including gasoline.

Today, we’re paying the price. We’re paying for our stimulus checks through the inflation tax.

On top of that inflation tax, oil prices are being pressured upward by supply shortages. This is classic supply and demand dynamics. When supplies shrink, prices rise, causing demand to fall. As people feel the pinch of rising prices, they drive less, protecting the remaining supply. So, what happens if Uncle Joe passes out money to defray gasoline expenses? Demand will increase, putting further pressure on the limited supply. And as a result, prices will rise.

On top of that, the US government is broke. That means any plan to hand out money will necessitate raising taxes or more borrowing. If the government raises taxes on oil companies, that will simply increase their costs. That will eventually get passed on to you. If oil companies don’t pass the costs on to consumers, it will impact their ability to produce more oil in the future. Supply problems will persist. Prices will remain high.

And if the government simply goes the borrowing route, the Fed will have to monetize that debt by printing more money and injecting it into the economy. In other words, even more inflation to drive general prices higher in the future.

The government handout “cure” for higher gas prices is literally the recipe for higher gas prices.



Global Shortages Are Here! Get Prepared Today



Commercial real estate may be on the brink, but nobody is ready to panic just yet.

The aftershocks of the idea of a coming recession continue to make their way through every industry. We have reported about numerous companies – including Netflix, Tesla, Wells Fargo, Cameo, Pelton and many more – who have all already implemented layoffs as a result of the slow economic climate.   

Last week, Bisnow pooled together several people in the industry to try and take stock of whether or not the sector could wind up bouncing back. As the report notes, the FTSE Nereit All REITs index has plunged more than 21% since the beginning of the year. Industrial REITs are down 27.7%, mall owning REITs are down 37.7% and office REITs have fallen about 30%, on average, the report notes. 

Well known names like Vornado are down 36% year to date, and Prologis is down more than 31.5% in 2022 alone, the report continues. 

Josh Mogin, partner and real estate finance attorney with Thompson Coburn’s Los Angeles office told Bisnow: “I hear from my real estate clients that they’re having meetings about their strategy going forward. How do we keep doing what we’re doing?’ they ask. There’s a lot of uncertainty, but so far nobody’s panicking.”

William Colgan, partner at CHA Partners, commented: “As we enter into a rising time of uncertainty — inflation, increasing interest rates, and more — it’s more difficult for deals to pencil out with the inherent risks that need to be underwritten.”

He continued: “It takes time to adjust to the increased development costs or increased financing costs. Sellers are still trying to get the same return they were able to previously, but buyers need to underwrite the increased costs in deals and the greater market uncertainty.”

Destination Wealth Management CEO Michael Yoshikami said on CNBC last week: “The housing market in the U.S. is really locked up with mortgage rates close to 6% right now, and I think it’s a virtual certainty that we’re going to go into recession next quarter.”

Residential is having slightly better luck than commercial real estate. Recall, we just wrote days ago about how apartment companies saw profits spike last year thanks to rising rents. The top 10 public apartment companies saw net income collectively rise 57% to about $5 billion, we wrote. 

Accountable.US President Kyle Herrig commented: “It’s obvious the punishing rental prices on our most vulnerable populations are driven by corporate greed. Big apartment companies have joined the long list of industries using inflation as cover to charge working families far beyond any new cost of doing business.”

The study found that rent was up more than 17% last year and occupancies grew 2.5% above the historical average of 95%.

“At the end of the day, we’re still in a massive housing shortage in this country, and there is still generally more money than there is product,” Thomas Coburn’s Mogin concluded, telling Bisnow.

Americans are being deliberately deprived of food and energy as part of the Globalist Great Reset.



Biden Treasury Secretary Janet Yellen rejected the idea that “recession is inevitable” and claimed the economy has been “growing at a very rapid rate” despite it contracting in the last quarter.

“I expect the economy to slow,” Yellen admitted to George Stephanopoulos Sunday on ABC’s “This Week.”

“It’s been growing at a very rapid rate…The labor market has recovered, and we have reached full employment.” 

“It’s natural now that we expect a transition to steady and stable growth,” Yellen added. 

Yellen said Joe Biden and Fed Chair Jerome Powell’s top priority is to bring down inflation without triggering a recession.

“That’s going to take skill and work,” she said. “But I believe it’s possible. I don’t think recession is inevitable.” 

But the U.S. economy contracted by 1.4% in the first quarter of 2022, and the Atlanta Fed’s forecast for GDP growth in the second quarter is 0.0%, meaning the economy is technically now in a recession.

Yellen also claimed the record-high inflation is a result of the Russia-Ukraine conflict “boosting prices” rather than the Federal Reserve printing $6 trillion out of thin air since the COVID crisis began.

“Part of the reason [for inflation] is Russia’s war on Ukraine has boosted energy and food prices in the United States and globally,” Yellen said.

“I do expect the pace of inflation is likely to come down, though remember, there are so many uncertainties relating to global developments,” she cautioned, adding that high inflation is probably “locked in” for the rest of 2022.

This comes after Yellen finally admitted earlier this month that she was wrong for characterizing inflation being a “transitory” phenomenon over the last year.


The End of Oil & Gas in Biden’s America



We heard it for the past couple of years – inflation is merely “transitory.” 

Government and central banking officials as well as the Biden White House were in full spin mode on rising prices and the decline in the dollar’s buying power while the mainstream media backed them every step of the way. 

As a result, the public was grossly misinformed on the dangers ahead.

The alternative financial media called the establishment out on their lies and we provided an endless array of evidence to support the position that an inflationary crisis was in fact imminent.  We were called “conspiracy theorists” and “doom mongers” in response.  Now comes the time of reckoning.  We were right, they were wrong, but they’ll still try to convince the masses that THEY are the proper people to solve the problem even though they used to deny it even existed.

Former Fed Chairman and Biden Treasury Secretary Janet Yellen finally admitted this month what most of us already knew – The inflation crisis is not transitory.  She follows a long line of banking elites who are suddenly feeling like being honest about our fiscal prospects, with JP Morgan CEO Jamie Dimon and Goldman Sachs President John Waldron both openly voicing concerns about economic disaster.  This was on top of admissions from globalist institutions such as the IMF, BIS, World Bank and the UN that global food shortages would be coming this year.  

Yellen’s announcement is specifically concerning because administration economists are usually the last to admit economic mismanagement or mistaken predictions, because their jobs depend on the public remaining uninformed.  Yellen is also in a unique position of being unable to deny personal involvement; as a former Fed official she directly presided over some of the most egregious inflationary actions in the central bank’s history.  If she is admitting that she was wrong, then the system must be on the verge if an epic downturn.

The problem with such admissions is that they are often followed up with disinformation.  The current narrative is to blame Russia for the majority of our economic ills.  This is a lie.  While sanctions against Russia will certainly contribute to supply chain problems in the future, the inflationary/stagflationary crisis started well before the invasion of Ukraine.  In December of last year the CPI had already hit 40 year highs and gasoline prices where skyrocketing through 2021.

There are a couple of realities that governments and central banks will NEVER admit to:  First, they will never admit that government deficit spending and central bank stimulus measures are the overall causes of inflation.   Tens of trillions of dollars created from thin air to support various QE programs as well as a bloated government is now resulting in the exact thing we warned about for years – a loss of buying power in our currency as well as too many dollars chasing too few goods.  The Ukraine event is nothing in comparison. 

Second, they will never admit how bad the crisis is going to get.  They will continue to use softball words like “recession” and they will continue to mislead the public on the gravity of the threat.  This is what they do; string people along with false perceptions of safety until the bottom drops out completely from the economy.  Then, as the public stumbles about in pure shock, these same officials swoop in to offer their “solution” to the the calamity.  Usually the solution involves giving them more power.

This is exactly what they did during the Great Depression, it’s exactly what they did after WWI and WWII, and it’s exactly what they did after the credit implosion of 2008.  The media was even calling central bankers “heroes” after they dumped trillions in fiat bailouts and QE into the economy.  And yes, they will try to do the same thing again.  

We have to ask ourselves, why should we take the advice of the people who got it all wrong?  Either they were too stupid to see the impending disaster right in front of their faces, or, they knew exactly what was about to happen and they lied to the population about it.  Either way, these banking officials and puppet politicians cannot be trusted. 

Perhaps a better model would be to ignore them completely and remove the power from their hands to make any decisions.  Perhaps it’s time to punish such people for being consistently wrong or being consistently dishonest.  Why should it be that they are allowed to fail so often while continuing to enjoy positions of influence and authority?  Perhaps it is time to throw these con-men to the gutter where they belong? 

The overarching danger of inflation/stagflation is that it tends to become a feedback loop in which every new action only exacerbates the problem.  One thing that is almost never tried though is the removal of the bankers and leaders that caused the instability in the first place.  A considerable economic decline is already baked into the cake and there is not much that can be done to slow it down at this stage, but at the very least we could take measures to ensure that such a catastrophe doesn’t happen again.  However, this will require actually holding the deniers of fiscal crisis accountable.       

From meeting every gender and sexuality on the spectrum to watching naked men twerk in front of children, Pride D.C. was nothing short of a booze and weed filled mess.



The UK is poised to enter a ‘household recession,’ as soaring prices weaken consumer confidence and force people to cut back on spending, the Confederation of British Industry (CBI), a leading business group that speaks for 190,000 UK businesses, has said, in an economic forecast issued on Monday.

CBI analysts estimate that due to high inflation, real household disposable incomes would drop by 2.3% by the end of the year, which would mark the largest annual decline since record-keeping began in the mid-1950s.

“Household recession will come – making business investment even more essential,” the group said, explaining that the situation is the result of a “historic squeeze in household incomes, which will lower consumer spending.”

“This in turn will weaken GDP growth towards the end of this year and into the first half of next year,” the CBI stated. The group lowered its forecast for the UK’s economic growth to 3.7% this year from its previous estimation of 5.1%, and to a mere 1.0% in 2023 (from 3.0%).

“High inflation is the primary source of weaker growth. CPI inflation reached a 40-year high in April (9%), driven higher by a cocktail of challenges – ranging from supply-chain pressures, rising commodity prices and war in Ukraine,” it said.

The group forecasts inflation to remain high well into this Autumn, rising to another peak in October (8.7%), when Ofgem (Office of Gas and Electricity Markets) is expected to raise the energy price cap.

The geopolitical situation is also contributing to destabilizing the UK economy, CBI chief economist Rain Newton-Smith said.

“This is a tough set of statistics to stomach. War in Ukraine, a global pandemic, continued strains on supply chains – all preceded by Brexit – has proven to be a toxic recipe for UK growth.”

Noting that there is a risk that the economy would be nothing but a “distant second” to politics in the coming months, CBI stressed that only decisive and immediate actions from the government could salvage the situation. The group suggested, for instance, introducing measures to curb labor shortages, and cutting taxes on company spending.

“Let me be clear – we’re expecting the economy to be pretty much stagnant. It won’t take much to tip us into a recession. And even if we don’t, it will feel like one for too many people. Times are tough for businesses dealing with rising costs, and for people on lower incomes concerned about paying bills and putting food on the table,” CBI head Tony Danker said, adding that London’s inaction in the coming months “would set in stone a stagnant economy in 2023, with recession a very live concern.”

From meeting every gender and sexuality on the spectrum to watching naked men twerk in front of children, Pride D.C. was nothing short of a booze and weed filled mess.



Already faced with having to wait for baby formula to be shipped in from the UK and Europe, American women are now struggling to get sanitary products in the latest embarrassing supply chain break down under Joe Biden.

Watch:

Insider reports that “The war in Ukraine has also affected supplies of plastics and absorbency materials used to manufacture products, and fertilizer needed to grow cotton.

Ok, it’s Ukraine again is it? Right.

According to Nielsen IQ, the average cost of a box of tampons has ballooned by 10%, and retailers are now jacking up prices owing to shortages.

New Hampshire Senator Maggie Hassan addressed the issue Monday, writing to the CEO of Procter & Gamble, calling the situation “very troubling.” and urging the manufacturer to deal with the situation.

Meanwhile, NPR has been relentlessly mocked for describing the tampon shortage as a problem for ‘people who menstruate’.

Meanwhile, lets check in on how the White House is dealing with the baby formula crisis:

Embarrassing and shameful.

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The key question remains when global supply chain congestion will ease worldwide.

That’s a difficult question to answer, though the head of DHL’s freight-forwarding unit sheds color on when he believes bottlenecks will abate. 

“It’s going to ease in 2023, but it’s not going to go back to 2019,” DHL Global Forwarding, Freight Chief Executive Officer Tim Scharwath told Bloomberg

“I don’t think we’re going to go back to this overcapacity situation where rates were very low. Infrastructure, especially in the US, isn’t going to get better overnight, because infrastructure developments take a long time,” Scharwath said. 

Supply chains between China and US West and East Coast have been easing since China’s ZERO Covid policy locked down Shanghai earlier this year. But the recent reopening of Shanghai could result, as explained by Goldman Sachs analyst Jordan Alliger, in a backlog of goods flooding shipping lanes between China to Los Angeles/Long Beach port complex by July-August

DHL’s Scharwath expanded on the Shanghai situation and how the manufacturing hub is “smart to open up slowly to make sure that this clog goes out piece by piece and bit by bit to get the flow running.”

Besides Goldman, California port leaders and the National Retail Federation are anticipating a surge in imports in the coming months. To Scharwath’s point: supply chains will remain congested in the second half of 2022. 

DHL’s freight chief also said global supply chains have become more fragile:

“Any stress you put on top of it, doesn’t matter where in the world, will have influence in other parts of the supply chain,” he said. “Five years ago, the Korea situation wouldn’t have had an impact. Now it has.”

.. and how to unclog global supply chains? One way is for the Federal Reserve to aggressively tighten interest rates and throw the largest economy in the world into a recession next year. 

From meeting every gender and sexuality on the spectrum to watching naked men twerk in front of children, Pride D.C. was nothing short of a booze and weed filled mess.



The national average gas price exceeded $5 this week, with the cost of a gallon of regular officially doubling over President Biden’s time in office in early June. Biden has attempted to blame Russian President Vladimir Putin, Exxon Mobil, the coronavirus and even the US delivery of economic and military aid to Ukraine for the crisis.

A Minnesota gas station owner’s playful expression of empathy to customers over the unprecedented high gas prices has gone viral, earning him social media attention and national news coverage.“WE HATE OUR GAS PRICES TOO,” the sign at Murphy’s Service Center in St. Anthony, a town about 6 km northeast of Minneapolis, reads.

“We make the same profit on a gallon of gas,” Chuck Graff, the station’s owner, explained to CBS affiliate WCCO-4. “It’s just kind of our way of letting the customer know that we feel their pain,” Graff said.

Minnesotans are paying an average of $4.77 a gallon for regular Sunday, according to American Automobile Association (AAA) figures. A year ago, a gallon of gasoline cost less than $2.90 in the state.

AAA estimates a national gas price average of $5.01 per gallon, with Californians paying a whopping $6.43, while Colorado, Florida and Montana ‘enjoy’ the comparatively low price of $4.87, $4.88 and $4.89, respectively.

YesterdayGraff’s sign garnered sympathy online, and added to the national debate around what’s causing the spike in gas prices in the United States, the world’s number one producer (and consumer) of oil, and who exactly is to blame.

“Putin’s price hike. Just kidding, FJB,” one user wrote in the YouTube comments section of WCCO-4’s report. “And [Minnesota Governor Tim] Walz wanted to raise the gas tax an additional $1?! Vote him and the rest of the [Democratic-Farmer-Labor Party] out in November!” another suggested.

“Massive federal spending drove this rise in inflation,” a Twitter user suggested under one of the many media tweets sharing the story. “Here’s an easy one, how expensive would gas be if we were still a net exporter of oil? Would it still be Putin’s fault?” another person asked. “Why are the oil companies making double digit billions in profits if they say they cannot control prices?” a third pondered.

“Thank America’s infrastructure that made living life gas-dependent,” another complained. “It cost me $50 bucks to fill up my lawnmower! #FiveBuckBiden,” another quipped. “As Biden blames all American problems on Putin, I do not think the American people will vote for Putin anymore!” one user jested.

President Biden has blamed a range of factors, but not his own administration’s fiscal, economic, and foreign policies, for the surging gas prices and inflation currently facing ordinary Americans, interchangeably suggesting that the Russian presidentAmerican oil companiesCovidor even US aid to Ukraine were responsible for the fiasco.

On Saturday, Democratic officials told the New York Times that President Biden’s inability to pass his agenda, his perceived mental decline, and the surging inflation, spiking gas prices, deadly mass shootings and Supreme Court plans to roll back federal abortion rights plaguing the US are causing a brewing revolt against him. One senior Democrat told the outlet that Biden should publicly announce his intention not to seek reelection immediately after November’s midterms.