Biden claims inflation 'a top priority'
Joe Biden was out and about on Twitter yesterday, commenting on inflation:
Today’s report shows an increase over last month on inflation. Reversing this trend is a top priority.— President Biden (@POTUS) November 10, 2021
My Infrastructure bill will bring down costs by reducing bottlenecks and I urge Congress to pass my Build Back Better Act — which will ease inflationary pressures.
That would be in response to the 6.2% inflation spike reported Friday, in its biggest jump since 1990, showing inflation shot through the system.
Here's what most voters know:
Printing money like crazy to finance your egregious spending agenda will only increase inflation. pic.twitter.com/i7wfhUNFzZ— BudFox (@DemandHacker) November 10, 2021
So, on the one hand, the Biden administration and its media cheerleaders have been saying that inflation is temporary, transitory, consumers' "fault," a good thing and, in any case, not that high at all — hot dog prices, after all, supposedly fell 16 cents last July — while on the other hand, Biden's now saying inflation is "a top priority."
Sounds like someone's behind the curve, and on the matter of inflation, you don't ever want to be behind the curve. See: Argentina.
The fault is not of the supply chain, the staffing shortages, the poor leadership, inflation or anything else, the real problem, according to this, is you, an irrational consumer, having unrealistic expectations. https://t.co/C7W0rwe1Tg— Kyle Lamb (@kylamb8) October 19, 2021
On the other, does anyone seriously think Joe Biden has the answer? On inflation, does anyone think Joe knows what he's doing? All we have to do now is leave it to Joe?
Joe's the one with the spokeswoman who stated just the other day she couldn't think of anything Joe was doing to lower gas prices:
Biden Spokeswoman Karine Jean-Pierre can’t name ANYTHING the Biden administration is doing to lower gas prices.— RNC Research (@RNCResearch) November 8, 2021
“I don’t have anything specific.” pic.twitter.com/9Rh3QKwXo0
Biden's only stated solution to runaway inflation is his federal "build back better" multi-trillion-dollar spendathon.
That's the lunacy where the Fed will have to print money to enable Joe to have his expensive government programs, and after it's used for that purpose, that cash will then float around in the system having too few goods to chase, meaning higher prices.
In an economy with this printout:
Sir, the national debt is 29T and the Fed’s balance sheet is 8.5T. M2 money supply has increased 40% in the last two years. Did you think no inflation? The wealth gap has increased drastically. Our annual interest expense is 300B and that’s with the Fed now owning 25% of UST mkt!— Luke (@Sammy6879) November 11, 2021
Inflation, as most voters know, is "always and everywhere a monetary phenomenon," as Milton Friedman noted, and as a matter of fact, yes, he is "running the show" contrary to what Joe claims. Stephen Green at PJMedia had some choice words on that:
Of all the stupid, petty, bigoted things Presidentish Biden ever sputtered, none bothers me so much as "Milton Friedman isn't running the show anymore."
In April of last year, when Biden's $5 trillion "Build Back Better" scheme was first percolating in dark, shriveled mass that was once his frontal lobe, the then-candidate told POLITICO he wanted "a new stimulus 'a hell of a lot bigger' than $2 trillion."
"Milton Friedman isn't running the show anymore," a reportedly "fiery" Biden told POLITICO's Michael Grunwald.
It wasn't Biden's first run-in with the libertarian-leaning, Nobel Prize-winning economist:
"When did Milton Friedman die and become king?" Biden asked in 2019. The truth is that Friedman, who died in 2006, has held little sway over either Democrats or Republicans for almost two decades. But Biden wants to mark the definitive end of Friedman and the "neoliberal" economics he espoused by unleashing a tsunami of dollars into the global economy and inundating Americans with new entitlements.
So now we're supposed to think the man who went out of his way to honor his hero, Jimmy Carter, with a visit has Jimmy's answer to inflation through more government spending. Even Jimmy changed course late in the game, but Joe still hasn't gotten the memo.
It's grotesque. He can't gaslight his way out of this one. Inflation is real — it not only erases the hard-earned wage gains of workers seen during the Trump era, it affects everything they spend, every day in ordinary life, and there's no relief in sight:
Food prices jumped by 5.4% in October. Oils & fats are up by 16.9%, bread, 1.3%, meat is up with 12.5%, sugar and related products are 0.7% more expensive. Veg is up by 13.9% and fruit by 15.4%. Overall inflation for October is 3.6% compared to 3.5% in September. pic.twitter.com/ynkWi0kQCc— Kosmos 94.1 (@Kosmos941) November 11, 2021
U.S. inflation was up 6.2% in October over a year ago -the highest inflation in 31 years. Supply chain disruptions and strong consumer demand continue to drive up prices for everything from energy and food to shelter and used cars. pic.twitter.com/efovn9mLGh— Michelle Fleury (@BizFleury) November 10, 2021
Joe says just let him spend his way out of it. Color us skeptical.
Image: Twitter screen shot.
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