Conservatives warned, and no one listened.
Inflation jumped up more than expected last month with prices going up at the fastest rate in over 12 years, and the Biden administration continues to ignore sound fiscal policy and pumps trillions of dollars into the economy in the name of pandemic recovery.
Had they sat Joe Biden down in the Oval Office, given him a couple of grapes, and told him to go to sleep since January 20, the country would be well on its way to soaring economic heights again. Instead, they let him loose with progressive puppet strings attached and calling all the shots, and now the economy is going to hell in a handbasket on fire.
Think of all the things the Great Destroyer has botched since coming in office. In just four months, Biden took an immigration system that was fixed by the Trump administration and ruined it. Four months ago the US was energy-independent and the biggest exporter of oil, and today we have gas lines in multiple states. The Biden administration is blaming a cyberattack on an oil company, but the fact is Biden wrote executive orders shutting down the Keystone Pipeline, he suspended gas and oil leasing permits, and he signed executive orders on climate change that harmed the oil industry, and orders signed will affect future fracking operations, just to name a few, all meaning we were already well on our way to having oil shortages thanks to Joe Biden.
On Wednesday, the Labor Department reported the Consumer Price Index (CPI), which is a way of measuring prices paid for goods and services, including housing and energy costs, jumped 4.2 percent from where it was a year ago at this time. Economists thought inflation would increase 3.6 percent, but thanks to Biden, in April, inflation rose by 0.8 percent.
A 4.2 percent rise in inflation is the fastest increase since 2008 when Democrats blamed George W Bush for the 08 economic crash when it was really due to their housing market scam that ran for over 30 years.
According to CNBC, energy prices have jumped 25 percent from this time last year. That includes a 49.6 percent increase on gasoline and 37.3 percent on fuel oil. Prices at the pump started climbing in May after a slight drop in April of 1.4 percent, with the national average now at $3 a gallon for the first time since 2014.
Prices for used cars and trucks, a prime inflation indicator, rose 21 percent, 10 percent in April alone!
Other than Biden, world events have also taken a toll and caused prices to increase, things most people don’t ever think about. For example, when there were production issues with semiconductors found in electronics products, that caused a shortage in the supply which increased an already high demand for products that use those semiconductors. In March the Suez Canal was blocked, and now there’s a shortage of lumber for building houses and whatnot. The failures of energy in Texas and elsewhere by severe weather have also added to the mix.
The increase in prices is coming at a really bad time for people in the jobs market, as the jobs report for April was a real stinker. Only 266,000 new jobs were created when economists were expecting over a million new jobs. The unemployment rate has gone from 6 percent to 6.1.
Economists told the White House that Biden’s $1.9 trillion American Rescue Plan will inject too much money into the economy, the fastest way to bring on inflation which lowers your purchasing power. The Democrats now want to spend $4.1 trillion on infrastructure, and we don’t even have the $1.9 trillion. What’s going on now is just the beginning.
Economic adviser to former President Barack Obama, Lawrence Summers, penned an op-ed for the Washington Post explaining his concerns that Biden’s stimulus will cause “inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability.”
Recently complaints by small business owners that they can’t find anyone to take jobs because the federal government is now paying people more money than they would earn at a real job.
Economists are terrified that we are going all the way back to the 1970s and that Biden will single-handedly bring back “stagnation” which is when prices and unemployment rise together. I honestly don’t think the Biden people care. I think they are intentionally tanking our economy in a federal Cloward and Piven-like experiment to crash our economic system and then declare that only a socialist model will save us.
Then to finish the flashback to the Carter years, if inflation continues to rise sharply, the Federal Reserve Bank, which is no more federal than FedEx, will raise interest rates to get people to stop buying so much that they start to put their money into savings instead. So, we may once again have high interest rates and high inflation at the same time. What could go wrong?
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Policy wonks are saying they’re yet unconcerned about the April increase in inflation, blaming the COVID-19 pandemic like everything else. They say it’s possible that inflation will be distorted for a few months because of the pandemic response, even though it never happened during the pandemic but after it ended all Biden had to do was shut up and do nothing, because the Trump administration had already done most of the heavy lifting for vaccine creation and distribution even though the Biden administration flat out lied about it.
Rich is syndicated opinion columnist for David Harris Jr. and owner of Maga-Chat.com. He writes about politics, culture, liberty and faith.
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