Inflation – Breathtaking Incompetence from the Biden Administration
President Biden published an op-ed in the Wall Street Journal, entitled “Joe Biden: My plan for fighting inflation.”
What is his plan?
First, let the Federal Reserve handle it.
Janet Yellen, former Chairman of the Federal Reserve and current Treasury Secretary, appears to be clueless:
“I think I was wrong then about the path that inflation would take,” Treasury Secretary Janet Yellen told CNN on Tuesday, referring to a 2021 comment that there was a “small risk” of inflation. “There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I, at the time, didn’t fully understand, but we recognize that now.”
Thanks, Janet, I’m glad you are seeing it now after it has hit us all in the face. It was only “unanticipated” because you were not paying attention. Large shocks? Did you miss the whole covid thing? Plenty of people anticipated this, including Democrat economist and former Secretary of the Treasury Larry Summers.
Second, reduce prices? Release from the federal oil reserve? (talk about pissing into a hurricane). “Fix the supply chain”? Haven’t you been trying to do this all along? And spend more money to reduce prices. Perfect sense. “Build Back Better” was rejected, but they actually claimed that this would reduce inflation. They should call the Ivy League universities where they got their degrees and ask for a refund. Inflation is primarily from too much demand, and not enough production, how does the government’s spending of more money affect that equation? Especially since that would have been spent from the deficit.
Third, reduce the federal deficit? What a joke. He wants to do this by taxing the 644 American billionaires, right? Even if you sucked them all dry, to the last penny, it would not make a dent in the deficit. He wants to tax corporations, which is simply a passthrough to consumers, the people he said specifically that he won’t tax. He points to figures that are the result of the covid shutdown and claims credit for them. No credibility there.
Karl Rove responded to this, also in an editorial in the Wall Street Journal. He notes:
“The deficit did shrink, but not because of your actions. It was because Congress blocked your extraordinarily expensive Build Back Better plan and didn’t provide another massive Covid relief package as it did twice in 2020 because circumstances had changed”
The WSJ Editorial Board also published a response. I can sum their response up with one quote:
“One hallmark of our era is the collapse of public trust in government and experts of all kinds.”
Need I say more?