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Inflation – Breathtaking Incompetence from the Biden Administration

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. 

Great.

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?

https://www.wsj.com/articles/my-plan-for-fighting-inflation-joe-biden-gas-prices-economy-unemployment-jobs-covid-11653940654?mod=opinion_major_pos6&mod=article_inline

https://www.wsj.com/articles/when-progressives-fail-inflation-edition-janet-yellen-economics-white-house-biden-rising-prices-11654121580?mod=opinion_lead_pos1

https://www.wsj.com/articles/biden-has-no-plan-to-fight-inflation-op-ed-journal-times-economy-midterms-president-11654116239?mod=opinion_lead_pos8

https://www.wsj.com/articles/yellen-admits-inflation-error-11654122038?mod=Searchresults_pos6&page=1

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13 Comments

  1. Chipper

    Let’s face it. We are doomed under this administration. This is the most inept government since
    Jimmy Carter.

    Reply
    • Ben

      We are living under a commie dictatorship and it’s up to us to stand against it

      Reply
      • ben

        What does that entail? Spewing on a conservative web site enough?

        Reply
        • Joe Gilbertson

          I’d say voting Republican in November. And watching to make sure the Democrats don’t cheat again.

          Reply
          • frank stetson

            Ah, you lost, we cheated, you couldn’t catch us then, but now you watch and somehow expect a different outcome. Isn’t that the definition of something?

  2. Ben

    Joe, fyi, your chart is old data. Shows March data, not the .2 decrease in April. That’s right, for those who believe a datapoint is a trend, this baby is dropping. And if I was a spin-master like Biden, I would say it’s dropped 2.3% in one month and that’s heading towards a 15% drop by end of year. Or if I was Donnie boy, I might say it will be over by December if you just drink Clorox and shine a bright light up your arse. :>)

    Reply
    • Joe Gilbertson

      My chart? You are worried about graphics when your money is losing value this fast?

      Reply
      • Ben

        When you weaponize a problem misinforming as to the causes in order to spin the issue to your cause, and then you use a chart showing the upward trend which took a downward trajectory last month, yeah, I am worried when you use your little pictures to LIE.

        Fact is this die was cast beginning with Trump, and it will always begin there. Biden didn’t help, but he didn’t start the fire.

        And yes, my money is losing value, just not like yours. Before the end of 2021, in December, I sold most of my equities, taking fantastic paper profits and turning them into reality. I held a number of interest bearing assets, non-taxables, and inflation-stocks like commodities. And a few pandemic stocks, figuring a dip in cases, like Disney —- OK, that appears to be an oops because of freaking politics. Can’t all be winners, it will work out.

        So, yeah, I am hurting like anyone. I also have a yuge pile of cash to weather the storm. I am actually trying to measure the trough to figure out where the far wall is so I can re-invest at bargain prices, thank you very much. I also paid my largest tax bill ever, thank you Donald J. Trump, he really nailed me on property taxes and some other targeted tax increases specially designed to screw Blue states. Actually already bought some Citicorp on a whim and it’s already turning a profit, may sell soon. I am waiting also to see how high fixed asset interest might go, that’s always a safer port in recession, our next port of economic call.

        I knew Trump started the inflation fire, Biden dumped gas on it, and now we are off to the races. Worse yet, we all know what follows inflation, and trust me, the next phase of recession will be worse, there’s only so much free money in this world.

        Fuck Karl Rove and the WSJ: you can’t take credit for a debt-infused Trumpian fired-up economy built with a debt overdose blamed on the pandemic dropped unnecessarily on top of the Obama recovery already in process that was needed to respond to the Bush economic collapse and then you call foul for Biden lowering the rise in the deficit (which I don’t count for much anyway ever after Regan invented the concept.) due to the pandemic. Can’t have it both ways. It’s all part of the circle of life in the economy, a circle that Trump started this time.

        In 2020, Trump gave away $3.666T, the most egregious free money handout ever in the history of America. He even bent over for $1T of it right at the end of 2020 as he attempted to steal the 2020 election with his payola for votes. He dumped this debt at the very end of 2020 right into the lap of Joe Biden. Biden stupidly said: “thank you voting taxpayer, would you like some more” and added a mere, in Trumpian give-a-ways at least, a mere $1.9 Trillion in March of 2021, shabby in Trump dollars, but which IMO was totally unnecessary. Bet I wish he had some of that back now. At least it could have been targeted to lower incomes. Politics for both jackasses who have not done the best for the economy when using politics as the reason to print money, IMO.

        But — can you really tell me that US inflation which started it’s uptick in the 3Q of 2021 is totally Joe’s fault given Trump ladled out $3.7T of free money in 2020, almost a third of it in December of 2020 as he walked out the door. That’s just under twice the money Biden gave away a few months later. I bet Trump grabbed the wrong boxes when he left office and got the documents and not the dollars :>). But Joe, like after handing out $2.7T in 2020, Trump hands almost $1T more of it in December of 2020, do you really think that Joe’s $1.9T in March of 2021 was the only cause of inflation’s start in July of 2021. Fuck, we were still cashing the checks!
        Nope, it’s shared responsibility that got us into it, and now it’s Joe’s to get us out of it, and so far, not a great start and Yellen ain’t giving me confidence. These guys aren’t as dumb as Trumps, but certainly not the dream team.

        But continue to weaponize and blame Biden. I didn’t blame party, and I am sitting on a pile of cash awaiting my next move. Maybe even fixed assets, like 5 yr cd’s at 2.25% today —- getting close, but still not ahead of inflation, probably never will be, but shit —- they were under 1% a few months ago… Before the Bush crash, I got Wachovia at 5% and rode it through the entire recession. That worked out pretty well. Not so good for Wachovia though :>)

        Reply
        • Curtis

          You probably turned tricks in a fag bar

          Reply
          • Ben

            Closet-case Curtis is a typical Trumplicant. Rumor has it he loves orange hair and the fattest ass in town. I mean that ass is so big, the C-man has to pay a toll in Jersey. Curtsy, as the boys call him, always says, and I quote, “the bigger the cushion, the easier I’m pushing!” Not my cup of tea but some here can curtsy with the best of em.

  3. John

    The people I used to refer to as dope smoking, dirt bag hippies, back in the 70’s-80’s are now running the country by pulling the strings on our feckless President!

    Reply
  4. Poorgrandchildrrn

    The part of inflation caused by high fuel costs was not a result of incompetence. The puppeteers pulling Biden’s strings did that deliberately, probably to push us toward not-green electric.

    Reply
  5. Tony Bell

    We are looking evil in the face and living under evil control. Remember Biden’s election text number 30330? Do the math, they are not hiding it. Divide election year 2020 by 30330 and you get the enlightening reveal.

    Reply

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