Bidenomics fallout: Highest electric costs ever – Washington Examiner
The article discusses the economic repercussions of ”Bidenomics,” particularly highlighting the surge in average electricity prices during President Joe Biden’s tenure. According to a survey by Payless Power, the average electricity cost has reached 16 cents per kilowatt-hour, marking a 24% increase over the prices during former President Donald Trump’s management, where the average was around 13 cents. The article notes that electricity prices typically increase, but under Trump, there was a slight decrease of 1.8%. The article also reflects on previous administrations, mentioning that both Bill Clinton and Donald Trump experienced periods of decreasing electricity costs. Brandon Young, the CEO of Payless Power, emphasizes the importance of a competitive energy market for consumer savings, while recent polls suggest that many believe Trump could improve the economy and reduce costs if reelected.
Bidenomics fallout: Highest electric costs ever
Former President Joe Biden’s squandering of the healthy economy left to him by the first Trump administration had another bruising effect on consumers besides historic inflation and soaring interest rates.
According to a new analysis shared with Secrets, Bidenomics also saw the highest average electric price in history.
The Payless Power survey of prices under presidents since Jimmy Carter showed a price of 16 cents per kilowatt-hour during Biden’s term, a 24% jump over the first Trump administration when it was 13 cents.
During President Donald Trump’s first term, from 2017 to 2021, electricity prices took a rare turn lower. The kilowatt-hour cost dropped 1.8% during his four years.
Typically, costs rise, though during former President Bill Clinton’s eight years, costs dropped over 4%.
Both administrations had relatively good economies, though Trump’s was interrupted by the COVID-19 crisis, and Clinton’s saw the internet bubble burst.
“The highest average electricity price occurred under President Biden (16¢ per kWh) when electricity prices increased 24.8%. Under Trump’s first term, electricity prices averaged 13.6 cents per kWh — a modest 1.8% decline over his presidency, so there’s reason to be cautiously optimistic,” Brandon Young, CEO of Payless Power, told Secrets.
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“While it’s hard to single out any one factor, this stability suggests that even in a shifting political landscape, a competitive and well-managed energy market can deliver real savings to consumers,” said Young, whose firm offers prepaid and traditional electricity plans with no credit check required.
In recent polls, people have indicated that they have faith that Trump can improve the economy and even cut prices. Trump has promised to reduce costs for the public.
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