The longest period of economic progress for average citizens worldwide was 1950 to 1973. From 1973 to 1983 were some of the worst times for the post-World War Two working class. They suffered under the burdens of a stagnant job market, slow wage growth and a rapid continuous rise in inflation. Why? Because in 1973 OPEC imposed an oil embargo, which they followed up again later in the 1970s.
The Biden Administration replicated that same economic impact with their domestic energy policy as soon as they took office. Their thinking was “the US consumes too much fossil fuels, they need to be forced to use renewable energy sources in the name of “saving the planet””. The Biden team knows they cannot do that if fossil fuels remain the cheaper, more efficient, source of power. The Biden plan is to use US Government regulatory powers to create a supply side constriction in US domestic production. That would create cost push inflation to force fossil fuel prices much higher worldwide. The unintended consequence of this foolish act was to create a rapid, sustained, increase in inflation across the board for US Consumers. Their theory is this would make renewable energy sources and electric vehicles more cost competitive. Combined with other US Government regulatory actions that will force Americans to consume less energy as well as buy electric vehicle
Then “Free Trade” and offshoring kicked in.