Inflation at 9.1% now, and Democrats still can't pin that tail on the donkey
Inflation has hit 9.1% now, its highest level since the post–Jimmy Carter hangover year of 1981, and there's no sign it's letting up.
Thus far, it amounts to a pay cut for workers in the $3,000-plus range:
Voters are seeing price hikes like these:
Inflation continues to hit hard:— Heather Long (@byHeatherLong) July 13, 2022
Groceries: up 12% in past year -->Biggest annual increase since 1979
Chicken: Up 19% in past year-->Biggest increase ever
Gas up 60%-->Biggest since 1981
Electricity: Up 14% -->Biggest since 2006
Rent: Up 5.8% -->Biggest since 1986
There are signs that the government expects it to get even worse:
SSA COLA may be 10.5% for 2023. https://t.co/yY8cPJo06F— Joe McKinley (@bartmckinley) July 13, 2022
Joe Biden, though, says he's got it handled.
President Joe Biden set out to reassure those worried about the cost-of-living crisis by claiming U.S. inflation is the lowest of "almost every major nation."
It not only is an irrelevant and distracting claim; it's actually flat out false. Newsweek has a litany of developed nations whose inflation rates are far lower than those found in the U.S. Semi-developed countries led by despots, such as Turkey and Argentina, are the nations cited as having higher inflation. Way to best them, Joe.
Joe was also touting his plan to lower prescription drug costs as his inflation solution.
Memo to Joe: Inflation has set the entire house on fire, not just the medicine cabinet.
Besides this, Biden blamed high oil prices for the problem. Here's his White House statement:
While today's headline inflation reading is unacceptably high, it is also out-of-date. Energy alone comprised nearly half of the monthly increase in inflation. Today's data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June. Those savings are providing important breathing room for American families. And, other commodities like wheat have fallen sharply since this report.
This rather collides with his other statement that U.S. inflation is lower than other people's inflation. The differing inflation rates of developed countries tell a different story. Were oil at the root of it, all of these nations would sport the same inflation rate. They don't.
Actually, the problem comes from the Federal Reserve — and all of the central banks that print out more money than an economy can handle. Inflation, as the late Milton Friedman used to say, is "always and everywhere a monetary phenomenon" because everything is priced in currencies.
But Democrats in general don't seem to understand that it's their money-printing spree, with largely wasted and stolen COVID funds, that created the problem. They prefer, like Joe, to say that prosperity is just around the corner:
In December, Biden claimed we were at “the peak” of inflation when prices spiked 7%.— Ronna McDaniel (@GOPChairwoman) July 13, 2022
Now they are up 9.1% – a new 40-year high.
Sometimes, it's just little stuff in need of a tweak. Here's Biden's press secretary on the job:
The anti-inflation reconciliation bill the President is fighting for would do just that by empowering Medicare to negotiate down the cost of prescription drugs and save consumers and taxpayers money at the same time.— Karine Jean-Pierre (@PressSec) July 13, 2022
Congressional Republicans oppose it tooth and nail.
A few price controls on the meds, and we're good to go.
Others have no idea where inflation comes from, which brings us to Kamala Harris.
.@VP Harris on inflation report: "There is no question that we still have work to do. [...] President Joe Biden and I are always fighting to make sure that working families can get ahead and stay ahead." https://t.co/38Mr8Y7OOe pic.twitter.com/CWhXJkMO0H— The Hill (@thehill) July 13, 2022
She's hot on the job looking for all those root causes. Like the migrant surge she's charged with halting, she has no idea how to stop this and isn't about to learn, so she's got "work to do." Work, work, work, with results about the same as what's going on at the border. She likes to keep it vague for all us yahoos out there in order to get the fawning press coverage, but she doesn't have any answers other than to spend more federal money and have the Federal Reserve print it out for her.
Elizabeth Warren was even nuttier, saying banks did it. Some of her fellow Democrats were claiming that bank overdraft fees are the problem.
Embattled purple-state senator Mark Kelly thought the supply chain was at the root of the problem, rather than a byproduct:
Pathetic. Who’s going to tell him inflation is always and everywhere a monetary phenomenon? https://t.co/GUPLG4EbP3— Monica Showalter (@mmshowalter1) July 13, 2022
Fact is, Democrats are all over the map. And it's always someone else who did it:
“Big Meat” is still my favorite https://t.co/LBlyiD7L7O— Conn Carroll (@conncarroll) July 13, 2022
Ron Paul, same as Steve Hanke and John Greenwood, knows what happened and forecast its appearance correctly:
This didn't stop Democrats from printing cash, calling their last super-spending plan "paid for."
Remember when Dems in power said the $1.9 trillion stimulus was “paid for” and “would not increase inflation?”— Elisa Martinez (@elisa1121) July 13, 2022
Yep, they lied about that too.
The hard reality is, Democrats have caused this inflation through their profligate spending and pliant Federal Reserve, and because they can't admit they caused it, they'll never find a solution — inflation can just keep going up, as it does in Argentina and Turkey.
Anybody want to keep that model come November?
Image: Twitter screen shot.