'I did that': Word is getting out that Joe Biden's big spending is fueling inflation
Joe Biden has sought to blame inflation on gas station owners, "greedy" oil companies, chicken packers, Vladimir Putin and President Trump.
Well, from J.P. Morgan's Jaime Dimon, cited by Breitbart News in an interview with Bloomberg News, we learn different:
During an interview with Bloomberg on Monday, JPMorgan CEO Jamie Dimon stated that he believes there is a “good chance” that inflation will not decline enough by the fourth quarter, and things like infrastructure spending, the Inflation Reduction Act, bringing trade back into the U.S., and the green transition “have inflationary attributes” and bigger trends “are inflationary.” Morgan also stated that while avoiding a recession and bringing down inflation is doable, there’s also a chance of a mild recession or worse.
Dimon said that there could be a “soft landing” but “a mild recession’s possible, a harder recession is possible. I think there’s a good chance that inflation will come down, but not enough by the fourth quarter. The Fed may actually have to do more. And I think a lot of things that have happened in the world, think of bigger trends, are inflationary. Infrastructure spending, the [Inflation Reduction Act], lessening trade with certain parts of the world, bringing trade back into America, those things are all — the green transition’s going to take a lot of capital. So, all of those things kind of have inflationary attributes that are very different than we’ve been through the last 20 years.”
So the Inflation Reduction Act was inflationary all along, fueling more inflation, as if we didn't have enough of that already. And more specifically, the great green reset, present in that federal spendathon and all though Joe Biden's executive orders, is fuelling inflation even more. More greenie nonsense for a nonexistent problem, more inflation.
That's on Joe.
One thing that's not happening with this greenie promotion scheme is a reduction of carbon compounds.
According to economist Stephen Moore, who knows what he's talking about:
For at least the last 20 years, politicians in Washington, at the behest of green energy groups, have spent some $100 billion of taxpayer money to fight climate change and reduce greenhouse gas emissions. How is that going for us so far?
A recent Associated Press story, based on the latest data on global carbon emissions, provides a pretty accurate report card: “Carbon Dioxide Emissions Reached a Record High in 2022.”The article tells us: “Communities around the world emitted more carbon dioxide in 2022 than in any other year on records dating to 1900, a result of air travel rebounding from the pandemic and more cities turning to coal as a low-cost source of power. Emissions of the climate-warming gas that were caused by energy production grew 0.9% to reach 36.8 gigatons in 2022, the International Energy Agency reported Thursday. (The mass of one gigaton is equivalent to about 10,000 fully loaded aircraft carriers, according to NASA.)”
You’ve got to almost shriek out loud when you read this line: “Thursday’s (IEA) report was described as disconcerting by climate scientists.”
Instead of buying ourselves a greener environment, we have bought ourselves a browner one, with inflation all over the place to boot. Oh, and China has ramped up the coal plant construction in case there was any doubt. Coal, of course, is needed to create electricity to charge all those electrical cars. Make sense?
Here's what also makes sense: Inflation is always and everywhere a monetary phenomenon, as the expert on this matter, Milton Friedman, put it. It doesn't come from oil, it doesn't come from Putin, it doesn't come from anything other than too many dollars in circulation chasing too few goods. Why do we have too many dollars? Well, because we don't have enough economy to absorb them. Why is that happening?
Because as Dimon says, the greenie agenda of Biden, including his trillion-dollar spending, including the $700 billion Inflation Reduction Act, is fueling the inflation.
GOP presidential candidate, Nikki Haley, pointed out that both parties are pretty fond of overspending and overprinting to do it, too, and Joe Biden is right there to sign on the dotted line for them.
In an op-ed run by the Detroit Free Press, she writes:
The current push to raise the federal debt limit is depressing. Worse is the fact that this same fiasco will keep happening. Washington simply isn’t serious about getting spending under control.
We must be honest: Both Democrats and Republicans are responsible for America’s spending crisis. They have both supported multitrillion dollar deficits that have brought us to a $31.6 trillion national debt and counting.
The nonstop spending binge of the past three years also gave us the soaring inflation that’s still squeezing families and an economy that’s stumbling toward recession.
We need a president who will do what no one has done to date: Stand up to the big spenders in both parties.
The past few years prove that while Democrats and Republicans can’t agree on much, they do agree on spending America into bankruptcy.
Her op-ed is very interesting in that she traces how it happened in granular detail -- through the reintroduction of earmarks, the expansion of Medicaid and the expansion of welfare under COVID-19 auspices.
Like Moore and for that matter, Dimon, she knows what she's talking about, and it's significant that these voices are getting louder and more prominent.
Joe Biden, of course, remains blaming others for the inflation that is engulfing our economy, never admitting that his greenie agenda in all its forms, as well as his other big spending, is what's doing it. He just keeps asking to spend more.
His arguments are now on an uphill trajectory, as more and more people come to recognize that inflation is caused by Joe's spending. That's bad news for Joe, who is no fool like an old fool, and as an old fool, he never learns.
Image: Monica Showalter