Red Sea bungling will cost Biden the 2024 election
NY Post
It’s not Pittsburgh, Pa., or Columbus, Ohio, that will lose the election for President Biden. It’s the Red Sea.
Iran-backed Houthi rebels have disrupted global shipping, and will increase inflation — again — between now and the election.
Shipping volumes in the region have crashed. In mid-November, around 5.66 million metric tons of cargo were passing through the Bab al-Mendeb Strait in the Red Sea every week.
By mid-January, this had fallen to 2.69 million metric tons, a drop of 52%.
For context, during the lockdowns when supply chains were disrupted, the volume of shipping through the strait only fell around 20% — and this was easily enough to spark inflation.
A similar story can be told about the Suez Canal. In mid-November, the canal was accommodating 5.99 million metric tons of cargo per week. By mid-January, this had fallen to 3.03 million, a decline of 49%.
