Small errors, when multiplied, become huge. Inflation is like that. The error started with Biden hyping COVID and pushing mass federal spending. This was untargeted, late, not well administered, and expensive. To that, he added trillion-dollar spending on programs most do not want; the nation could not afford. Then came a clampdown on fossil fuels, higher taxes, and executive orders slowing growth. Impact? Inflation.
Biden’s response – and backpedaling by Congressional Democrats – falls into four categories; Inflation is “transitory,” spending was necessary to stop COVID, necessary to save the planet, and Russia did it.
None of this holds water, and Americans know it. The inflation spike is like a freight train downing downhill; it builds momentum – as the Fed is well aware. Once it has built a head of steam, reinforced by reckless fiscal policies, it is hard to turn back. It is anything but “transitory.” Nice word, no dice.
Second, mass COVID spending, excessive federal unemployment adds of $600, then $300 dollars a month (which shrank labor participation), hammering landlords with federal eviction bans (which the Supreme Court declared unconstitutional), leveraging OSHA fines on employers over 100 who did not demand employees get vaccinated (overturned by the Supreme Court), and similar actions – were all wrongheaded. See, e.g., Inflation Surge To Continue: Here Are 3 Reasons Why; Commentary: Overspending is fueling US inflation;
They put federal money that disincentivized work, fear by employees and employers, and go-slow, spend-more, forget-the-cost policies in place, which did what you might expect. The labor pool got smaller, driving wages higher, bankrupting some, slowing consumption, and slowing growth.
These policies created greater individual and corporate dependence on the federal government while also raising federal debt, in turn taxes and interest rates, slowing the economy – as inflation took off.
The idea that we could turn off all US fossil fuel exploration, fracking, drilling pipelines, production, refinement, self-sufficiency, and export was also a “pipedream,” somehow forgetting that sun and wind power does not begin to power the electric grid, that coal and oil burning powers the electricity that, in turn, powers “clean” electric cars.
More to the point, keeping homes warm in winter and powering most cars and trucks takes the power generation that Biden and the Democrats turned off. Unwise? Yes, rather obviously. Inflationary? Yes, because it demands we become dependent on foreign oil – which is expensive, more so when they know they have us over a barrel, literally.
All this was unwise – and bound to create inflation hard to slow – long before Saudi Arabia declined Biden’s request to pump more oil or lower prices, long before Russia invaded Ukraine, and long before Americans began looking at five-dollar-a-gallon gas, which may now shoot toward ten. See, e.g., Former Obama adviser: Don’t blame Russia, blame Biden for inflation rates.
Is this someone’s misjudgment? What do you think? 18 months ago, America was energy independent, states and vaccine companies, not the federal government, were effectively managing COVID’s containment. In that time block, spending was limited, socialism was just a goofy idea, taxes were lower, and life was manageable.
Today, inflation just his 7.9 percent, meaning your last year’s dollar is worth about 92 cents, next year’s likely to be worth 80-some cents, following year’s maybe 70-some cents. Is that the trend you want? Costs you want at the pump, for groceries, everything? Do you think wages will keep up? No. See, e.g., US inflation soared 7.9% in past year, a fresh 40-year high; Inflation rises 7.9% in February, a new 40-year high.
In short, we are on the wrong track. Someone let the inflation monster out of the cage that held it for 40 years. The Administration and Congress are controlled by one party. Think about that … next time you shop.
Let it out? Dems built it, just as Frankenstein built his monster. They love and cherish it.
I guess you can say the inflation monster was let out of the cage, but on a leash in 1933 when FDR called in all privately held gold. LBJ’s years say the silver in coinage eliminated and under Nixon, the last tie of the dollar was removed from gold. I refer to the chart showing the buying power of the dollar over time since it is a true measure of inflation/devaluation.
Once gold and silver were not the set standard of value of the dollar, politicians were given a credit card with no limit to spend us into ruin and they are well on the way to doing just that.
Obviously you have not studied our history.
The founders learned a long time ago that the excessive
printing of paper money produced unstoppable inflation.
History does repeat itself.
I thought that Jimmy Carter was BAD when he was in office, he can’t compare tom this bumbling IDIOT, BIDEN!!!! What has been prove the last two election cycles and this is proving that in 2016 the republicans had no career politician to beat Trump, all of them hated him, he was not one of them (IN THE SWAMP), then in 2020 the DEMO-RATS figured JOEY had tried to get the Presidency and had served the PARTY FAITHFULLY in Washington they would put him on the ticket! So with COVRT and clamping down and doing a great job of scaring the hell out of going to vote at poling places and adding in and slanting for mail in voting and knowing they could push that, I still say it was rigged, all parties involved got their wish they DUMPED TRUMP, and we ended up with SLEEPY JOE in charge!!!!!! Trump did make mistakes but most of them did work out and he did prove that what he did put us in a lot better standing then JOEY could do in over 50 years of career politics, this does prove the experience of a politician suffers BRAIN FADE, thus changing of the old GUARD should come to TERM LIMITS!!!!!!
Joebama and 50 year old marxist democrat policies have caused everything harmful to America!
President Trump restored us to Greatness, the marxist democrats to ruin!
We must hold them accountable with the most OVERWHELMING DEFEAT in history this year!!!
This is done on purpose, to destroy the economy, and the middle class, so they (deep state, cabal, etc.) can usher in New World Order. It’s no mistake, no accident. Be warned.
This article is way off base….the super spending on covid began 8 months before Biden was elected….but let’s not let facts get in the way.
Thank you Mr. Charles! When I see your name at the top of an article, I know I am going to be informed and entertained. Keep ‘em coming!
Can’t give Biden all the credit, Pelosi and Shumar help.
Well RBC, with the Congressional Democrats and the puppet in the WH still trying to pass additional spending bills of little value to the country, pouring more fuel on the inflation fire, it should be interesting to see how the American people cope with not only rising inflation, but a Federal Reserve getting ready to start instituting interest rate hikes. Which will of course push the economy into a likely recession, as the Federal Reserve’s record on successfully engineering a soft landing is dismal. So we’ll have stagflation, which will hit most people from both sides at once. Yes, we truly live in interesting times. I guess Biden will have to blame that on the Chinese, once they get around to invading Taiwan. In the meantime, we continue to enrich our global adversaries, make ourselves more vulnerable and weaker, while we continue to impoverish the citizens of the United States. The “transformation” process to the socialist Utopia the Democrats envision for our country seems to be proceeding quite well.
No admin. could be this incompetent creating one crisis after another, if not by design. The plan-demic “overreaction” affected our election, economy, financial markets, healthcare, education and military with not one shot being fired. Printing monopoly money believing it was the cure all for the damage created. Now we are paying the price for the so call freebies. Called inflation. Nothing is free coming out of DC. This virus originated in China and yet no action by this admin.for the damage that occurred. The collateral damage continues in suicides, bankruptcies, drugs, alcoholism, depression. Reckless actions that weakened America and emboldened our enemies. This is the admin. that put us in this mess…Now we are expecting the same group that created this mess, to fix it. Good luck.
DICTATOR Beijing biden is at TOTAL FAULT for HIGH PRICES ON EVERYTHING.
But he lets in ILLEGAL ALIEN TERRORIST and GIVES THEM WELFARE WITH EVERYTHING FREE FOR ILLEGAL ALIENS WHILE AMERICANS PAY THE PRICE.
NO MORE FREE ANYTHING FOR DICTATOR Beijing biden and HIS TERRORIST LOVERS.
NO MORE FREE FUEL or FOOD FOR White House with Senate and Congress.
THESE TRAITOR POLITICIANS CAN PAY THEIR OWN WAY.
USA 1ST
Yikes, inflation!
I just got back from grocery shopping where prices were increasing before my eyes. Employees couldn’t replace the price stickers fast enough. Single large avocados 2 weeks ago were 88 cents, today–$1.18. Loaf of rye bread last week–2.98, today–3.28. Strawberries–5.12 last week, today–6.98, mixed salad greens last week–4.29, today–4.98. That’s much more than 7.9%! I thought about buying some cookies, but they were over 5 bucks! Forget it, if I want them, I’ll bake them.
This might be the year I learn how to can produce. And I’ve collected a few coupons from the free paper that comes every week. Now that’s something to look forward to!
Only one concerning issue with the article. Contrary to what Mr. Charles believes, I don’t think that “everyone” knows the administration is lying about the causes of inflation. I’ve spoken to a lot of people who only get their news from the MSM, and as you know the MSM parrots the administration, and I’ve had people tell me that Russia is the cause of inflation. Yes, those people are stupid, but they are still allowed to vote. Add to that, the huge welfare class and government employees, and you have the misinformed and the I-don’t-cares adding up to a lot of registered voters.
What that says to me is that 100% of conservatives MUST vote in November. Yes there will be fraud, but if we don’t–every one of us–vote, then we’ll make it easy for them. OTOH, if we do all vote, there’s a chance the widespread fraud will be obvious–when the total vote exceeds registered voters a numerous jurisdictions, for example.
Inflation is just a politician’s way to not be responsible to spending money (much of which is aimed at keeping them and/or their party popular for reelection purposed. But businesses and citizens are becoming wise to their lies and deception and merely raising their prices, etc. I suspect we are approaching an era where inflation will be a ghastly reality. The general public is getting wise to the rise as it loses its surprise to the citizenry. I would like to see Constitutional Amendment that the Congress members have to take a % salary cut equivalent to the per centage rise in inflation!!! HA, HA …. that has the chance of a snowball surviving in a pizza oven!
Let it out? Dems built it, just as Frankenstein built his monster. They love and cherish it.
I guess you can say the inflation monster was let out of the cage, but on a leash in 1933 when FDR called in all privately held gold. LBJ’s years say the silver in coinage eliminated and under Nixon, the last tie of the dollar was removed from gold. I refer to the chart showing the buying power of the dollar over time since it is a true measure of inflation/devaluation.
Once gold and silver were not the set standard of value of the dollar, politicians were given a credit card with no limit to spend us into ruin and they are well on the way to doing just that.
Obviously you have not studied our history.
The founders learned a long time ago that the excessive
printing of paper money produced unstoppable inflation.
History does repeat itself.
I thought that Jimmy Carter was BAD when he was in office, he can’t compare tom this bumbling IDIOT, BIDEN!!!! What has been prove the last two election cycles and this is proving that in 2016 the republicans had no career politician to beat Trump, all of them hated him, he was not one of them (IN THE SWAMP), then in 2020 the DEMO-RATS figured JOEY had tried to get the Presidency and had served the PARTY FAITHFULLY in Washington they would put him on the ticket! So with COVRT and clamping down and doing a great job of scaring the hell out of going to vote at poling places and adding in and slanting for mail in voting and knowing they could push that, I still say it was rigged, all parties involved got their wish they DUMPED TRUMP, and we ended up with SLEEPY JOE in charge!!!!!! Trump did make mistakes but most of them did work out and he did prove that what he did put us in a lot better standing then JOEY could do in over 50 years of career politics, this does prove the experience of a politician suffers BRAIN FADE, thus changing of the old GUARD should come to TERM LIMITS!!!!!!
Joebama and 50 year old marxist democrat policies have caused everything harmful to America!
President Trump restored us to Greatness, the marxist democrats to ruin!
We must hold them accountable with the most OVERWHELMING DEFEAT in history this year!!!
This is done on purpose, to destroy the economy, and the middle class, so they (deep state, cabal, etc.) can usher in New World Order. It’s no mistake, no accident. Be warned.
This article is way off base….the super spending on covid began 8 months before Biden was elected….but let’s not let facts get in the way.
Thank you Mr. Charles! When I see your name at the top of an article, I know I am going to be informed and entertained. Keep ‘em coming!
Can’t give Biden all the credit, Pelosi and Shumar help.
Well RBC, with the Congressional Democrats and the puppet in the WH still trying to pass additional spending bills of little value to the country, pouring more fuel on the inflation fire, it should be interesting to see how the American people cope with not only rising inflation, but a Federal Reserve getting ready to start instituting interest rate hikes. Which will of course push the economy into a likely recession, as the Federal Reserve’s record on successfully engineering a soft landing is dismal. So we’ll have stagflation, which will hit most people from both sides at once. Yes, we truly live in interesting times. I guess Biden will have to blame that on the Chinese, once they get around to invading Taiwan. In the meantime, we continue to enrich our global adversaries, make ourselves more vulnerable and weaker, while we continue to impoverish the citizens of the United States. The “transformation” process to the socialist Utopia the Democrats envision for our country seems to be proceeding quite well.
No admin. could be this incompetent creating one crisis after another, if not by design. The plan-demic “overreaction” affected our election, economy, financial markets, healthcare, education and military with not one shot being fired. Printing monopoly money believing it was the cure all for the damage created. Now we are paying the price for the so call freebies. Called inflation. Nothing is free coming out of DC. This virus originated in China and yet no action by this admin.for the damage that occurred. The collateral damage continues in suicides, bankruptcies, drugs, alcoholism, depression. Reckless actions that weakened America and emboldened our enemies. This is the admin. that put us in this mess…Now we are expecting the same group that created this mess, to fix it. Good luck.
DICTATOR Beijing biden is at TOTAL FAULT for HIGH PRICES ON EVERYTHING.
But he lets in ILLEGAL ALIEN TERRORIST and GIVES THEM WELFARE WITH EVERYTHING FREE FOR ILLEGAL ALIENS WHILE AMERICANS PAY THE PRICE.
NO MORE FREE ANYTHING FOR DICTATOR Beijing biden and HIS TERRORIST LOVERS.
NO MORE FREE FUEL or FOOD FOR White House with Senate and Congress.
THESE TRAITOR POLITICIANS CAN PAY THEIR OWN WAY.
USA 1ST
Yikes, inflation!
I just got back from grocery shopping where prices were increasing before my eyes. Employees couldn’t replace the price stickers fast enough. Single large avocados 2 weeks ago were 88 cents, today–$1.18. Loaf of rye bread last week–2.98, today–3.28. Strawberries–5.12 last week, today–6.98, mixed salad greens last week–4.29, today–4.98. That’s much more than 7.9%! I thought about buying some cookies, but they were over 5 bucks! Forget it, if I want them, I’ll bake them.
This might be the year I learn how to can produce. And I’ve collected a few coupons from the free paper that comes every week. Now that’s something to look forward to!
Only one concerning issue with the article. Contrary to what Mr. Charles believes, I don’t think that “everyone” knows the administration is lying about the causes of inflation. I’ve spoken to a lot of people who only get their news from the MSM, and as you know the MSM parrots the administration, and I’ve had people tell me that Russia is the cause of inflation. Yes, those people are stupid, but they are still allowed to vote. Add to that, the huge welfare class and government employees, and you have the misinformed and the I-don’t-cares adding up to a lot of registered voters.
What that says to me is that 100% of conservatives MUST vote in November. Yes there will be fraud, but if we don’t–every one of us–vote, then we’ll make it easy for them. OTOH, if we do all vote, there’s a chance the widespread fraud will be obvious–when the total vote exceeds registered voters a numerous jurisdictions, for example.
Inflation is just a politician’s way to not be responsible to spending money (much of which is aimed at keeping them and/or their party popular for reelection purposed. But businesses and citizens are becoming wise to their lies and deception and merely raising their prices, etc. I suspect we are approaching an era where inflation will be a ghastly reality. The general public is getting wise to the rise as it loses its surprise to the citizenry. I would like to see Constitutional Amendment that the Congress members have to take a % salary cut equivalent to the per centage rise in inflation!!! HA, HA …. that has the chance of a snowball surviving in a pizza oven!