Why are gas and food rising? Though demand is down, Obama has managed to keep oil at near record levels by turning sour on domestic production. And food has a big new customer, the Chinese.
The real story may be how oil does when Iran tries to close the Straight of Hormuz, or Israel attacks Iran's nuclear installations. Most expect gas prices to continue to rise in any case, but those scenarios would kick the price of gas to well over $5 per gallon, far over the records set previously.
Obama will be giving his State of the Union speech tonight, sadly, most expect it will be political, and not inspirational. The missive is expected to cast blame on the GOP congress for much of Obama's failures, though the GOP congress has passed dozens of bills only to sit fallow on Harry Reid's desk.
Will voters be bamboozled by Obama's slick, expensive, political ploy again this time?
Related:
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Oil Over $100 Endangers US GDP
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Soros Predicts Class War In Streets
