Biden and his administration are blind to the facts in front of their eyes–as usual.
If you were born after the 1980s, you don’t have first-hand knowledge of the kind of devastation that rampaging inflation can cause.
Trust me; it was brutal. Our mortgage interest was 14 percent. People on fixed incomes saw their buying power tank. Seniors watched the value of their savings and pensions plummet. Feeding the family and paying the rent became challenges.
President Joe Biden lived through all this as an adult and he should know better than engaging in inflation denial.
It’s as if he’s living in a cocoon whose impenetrable walls block out reality when he and his Treasury Sec. Janet Yellen cast aside the warning signs: U.S. Inflation Hits 2 1/2-Year High; Consumer Prices in March Log Biggest Gain in 8 1/2 Years.
Corn has been one of the sharpest risers in the broad rally in raw materials that is prompting companies to boost prices for goods and fueling concern among investors that inflation could hobble the post-pandemic economic recovery.
Lumber prices have shot to more than four times what is typical, pushing up home prices and obliterating renovation budgets. Copper, a cog of industry found throughout the home and in electronics, hit record prices Friday. Crude oil hasn’t cost so much since 2018 and soybeans are trading at their loftiest level since 2012.
James Mackintosh, writing in the Wall Street Journal writes in “Everything screams inflation:”
We could be at a generational turning point for finance. Politics, economics, international relations, demography and labor are all shifting to supporting inflation. After more than 40 years of policies that gave priority to the fight against rising prices, investor- and consumer-friendly solutions are becoming less fashionable, not only in the U.S. but in much of the world.
What, me worry? Biden, deaf to the warnings, seem surprised that anyone would question the wisdom of his his bombing the economy with trillions of dollars–a policy that will certainly cheapen the dollar’s value. The Washington Post fact-checked Biden’s vastly exaggerated benefits of his economic policy when he said:
“There’s a broad consensus of economists — left, right, center — and they agree that what I’m proposing will help create millions of jobs and generate historic economic growth.”
[The Post disagrees:] Analysis: There is also a consensus of economists — left, right and center — who have expressed disapproval of Biden’s policies. The response has not been universal praise as Biden suggests. Some of Biden’s critics, from all idelologies, have expressed concern about the possible inflationary impact of his many spending proposals. Others have concluded the tax increases will be a drag on long-term economic growth.
Merrily Biden goes along, For the unmoored Biden, he saw things differently when he and fellow Democrats were overshadowed by Ronald Reagan’s inflation-fighting policies. As the New York Times Lisa Lerer recalls:
Like so many Democrats, [Biden] joined efforts to curb deficits, fretted about government spending and generally favored more incremental kinds of policies that could attract bipartisan support.
Nothing to see here. Move along, It’s too much to hope that facts and reason will land in the White House. Lacking as much, Biden’s fantasy world is a clear and present danger to an economy that on its own is recovering handsomely from the pandemic,