We don't have enough inflation. Let's pump more trillions into the economy to make sure we do.

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.

The Wall Street Journal is keeping track.

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,

Filed under: Uncategorized

Tags: economy, inflation

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  • There was a reason Biden went to visit the hapless Jimmy Carter last week: he wanted some tips on old Democrat talking points. No matter what the inflation, no matter what the shortages, no matter what conflicts break out the MSM and the Leftist trolls here will blame Trump. And Reagan. And Coolidge. It's never the Democrat's fault.

  • "Hapless" Jimmy Carter is a remarkable human being. He won a Nobel Peace Prize and has long be an advocate for the poor and marginal in the world. In this vein, he has been instrumental in building homes for the poor with the organization Habitat for Humanity. Whatever his failings as president, they should not overshadow his inherent goodness and noble decency.

  • In reply to Aquinas wired:

    I was comparing the two presidents in a political sense. Carter has redeemed himself post-presidency as a human being. Unfortunately, good political intentions can pave the road to an earthly hell. Biden will make Carter's inflation and foreign policy errors look small by the time the handlers who run this demented old man are finished. Biden, however, is a nasty, money-grubbing innately corrupt, and evil person, the godfather of a crime family, the "big guy." Not to mention a plagiarist and a consummate liar. In this sense, he is no Carter. Imagine, we agree!

  • "been"

  • "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,"

    You've got to be kidding. Maybe you've forgotten what "facts and reason" are after catering to the alternate reality of Trump. I believe Biden's handling of the pandemic has contributed to bringing back the economy, though you are too partisan to admit it.

  • In reply to Aquinas wired:

    "catering" to Trump? Your whataboutism doesn't work. But back to the topic at hand: Please itemize how Biden's handling of the pandemic has contributed to bringing back the economy. You're an odd one to be accusing someone of being too partisan.

  • But the Wall Street Journal is also reporting that Christopher Waller and other Fed officials are cautioning against hasty conclusions.

    "Fed officials say the increase in inflation was likely driven by temporary factors related to the pandemic, including massive fiscal stimulus, supply-chain bottlenecks and a surge in demand as the economy reopens. So-called calendar effects also played a role as low inflation in April 2020, when much of the economy was shut down, dropped out of the 12-month price measure."

    https://www.msn.com/en-us/money/markets/fed-s-waller-says-inflation-jump-likely-temporary-urges-patience/ar-BB1gHeBf?ocid=msedgntp

  • In reply to jnorto:

    I wouldn't argue with that. The economy is spinning out of the recession as it opens up (something that should have been done months ago). No particular thanks to Biden.

    Except that one long-lasting "factor" will be the trillions of devalued dollars that will be flooding the economy. That means inflation. It also could be a risk for the "dollar standard." It makes no sense to "fuel the economy" when it already is breaking out. Over fueling it is risky, to say the least. Wisdom should require that the $6 trillion aid packages should be held up. At least until we have a better idea of which way the economy is headed.

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