The high inflation of today will cause permanent damage if it isn't reversed
Alan Blinder, an economist, along with other leftists like Janet Yellen, are admitting that they were wrong when they misled the public that inflation was transitory.
But Blinder says don't worry because oil prices will stop rising as fast someday and inflation will slow.
What Blinder doesn't seem to recognize, or care about, is the short-, medium-, and long-term damage that the current high energy prices have caused to the economy already. The poor, middle class, and small businesses are being decimated and the longer the current or higher prices last, the greater the harm even as price increases eventually slow down. Part of the solution is to stop the war on fossil fuels and to stop pretending that the government can control temperatures and the climate.
The stated intent of Joe Biden and the Democrats is to put the fossil fuel industry out of business. That policy gave Russia and other oil-producing tyrants new markets as America fell off-line on oil production and the Canadians were shut out with Biden's cancellation of the Keystone XL pipeline. Putin ended up with a much higher income and now has the wherewithal to destroy Ukraine.
For years, Germany, and other European countries have intentionally made themselves dependent on Russia while they pretended that they could control the temperatures and the climate through greenie energy. It didn't work of course, and they went hat in hand to Putin to make up the difference to them. The Europeans allowed Putin to enrich himself and his country and now have funded the war.
It is sad and laughable to see the U.S and other countries place endless sanctions on Russia and then complain when Russia cuts off their energy. What did they expect Putin to do? Just sit there and take it?
People are intentionally ignorant if they believe that Russia, China, Iran, Venezuela, or Saudi Arabia care about their carbon footprint. Think how vulnerable we would be if they use war machines powered by oil and we must rely on wind, solar, and batteries, especially when the materials for the batteries come significantly from China.
Alan Blinder is an economist who believes big government is the solution to all problems. He does not care that the massive spending, borrowing, and printing of money causes inflation and tremendous long-term problems. He doesn’t care about the damage to the private sector from high taxes.
But he gets lots of laurels from Princeton:
Professor Alan Blinder is a leading macroeconomist and political liberal who for over thirty years has remained an outspoken champion of Keynesian economics and policies
The Biden administration is also issuing regulations as fast as they can to exert more control over all of us. These regulations contribute greatly to the reduction of productivity and that reduction is extremely inflationary.
Besides inflation being at a 40-year high, productivity is in the biggest slide in almost 80 years. This has led to unit labor costs going up over 11%.
Maybe when the media, Biden, and other Democrats are bragging about how great the economy is, they could highlight inflation and productivity. Then they would be telling the truth instead of spreading misinformation.
Nonfarm business sector labor productivity decreased 7.3 percent in the first quarter of 2022, the U.S. Bureau of Labor Statistics reported today, as output decreased 2.3 percent and hours worked increased 5.4 percent. This is the largest decline in quarterly productivity since the third quarter of 1947, when the measure decreased 11.7 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the same quarter a year ago, nonfarm business sector labor productivity decreased 0.6 percent, reflecting a 4.2-percent increase in output that was outpaced by a 4.8-percent increase in hours worked.
The following is an example of how easy it is to mislead people on statistics:
If a person buys a stock in one year for $50 and during the year it goes to $100, they earned 100%. If the stock drops the next year to $25, they only lost 75% that year. An investment advisor could truthfully say I gave you an average rate of return of 12.5% when the actual results show you lost 50% of your money.
In California, they now pretend that bumble bees are fish. What a joke!
Bees are now legally considered fish in California under the state’s endangered species law, an appeals court in Sacramento ruled Tuesday.
It is no more truthful to pretend that bees are fish than it is to pretend that Lia Thomas is a woman. And the media and other Democrats pretend that they are the party of science.
The lesson to be learned from this is never to trust the media, people who call themselves experts, politicians, economists, or anyone else. Always do your own research. Almost everyone is pushing an agenda. Facts haven't mattered for a long time. It does matter if they are talking about bees being fish, men being women, economics, Russian collusion, gun control, or climate change. Believing and repeating everything you are told is naive, at best.
One of the most dangerous things that has happened over many decades is the dumbing down of children. They are indoctrinated instead of encouraged to debate and do research. It does not matter whether the subject is CRT, sexual orientation, climate change, inflation, or anything else. They are taught to repeat what they are told. When they can't pass math, reading, and science, the solution is not to improve the teaching. Nope, it is to stop testing or to just adjust scores based on race.
We constantly hear that the solution for people who are suffering from high oil prices is to just buy $70,000 electric vehicles that aren't available. It is insufferable to hear this drivel. Do they really expect people who live paycheck to paycheck, and who rent instead of owning homes to just go out and spend $70,000 to buy impractical cars powered by a flammable pollutant?
Globalists like Bill Gates are extremely dangerous. He supports the dumbing down of children and replacing them with artificial intelligence. Isn't it pure racism to claim that getting the right answer is an example of white supremacy? If not, why not?
He also flies in private jets and lives in mansions while lecturing us about our carbon footprint.
"White supremacy culture shows up in math classrooms when... The focus is on getting the 'right' answer."
The only chance to save the U.S from intentional destruction is to vote against the people who pretend journalists are journalists, instead of campaigners willing to spread misinformation.
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