Inflation has gone through the roof since Biden became president. It’s the highest it has been in 40 years with no end in sight. The American people are spending way more for groceries, gas and rent in the past 2 years.
Headline inflation has jumped by more than 13% since Biden’s inauguration in January 2021, and wages, meanwhile, have risen 8% over the same period, but this is actually a pay cut for ordinary Americans who struggle to pay for food, gas and rent.
“He’s increased demand dramatically with the fiscal policies, which is basically pumping up demand. Increased demand raises prices,” Thomas Philipson said. “And then he has restricted supply, particularly in energy but also in other sectors, by his regulatory state, which compared to Trump is massive. It’s massive even compared to Obama.”
The printing presses have been working non-stop to support Biden’s continuous spending. In his first 16 months in office, Joe Biden has charged American taxpayers $532 billion — all with no input from the American people themselves or a vote by their elected representatives in Congress.
Philipson noted, “Since the last two years, your income has not kept up with all the price increases, which made you poorer in the sense that you can’t buy as much,” he added. “Once they fill their tank, once they put their dinner on the table, they have much less left over for other things. That’s the real problem.”
Biden downplayed this worse-than-expected data, pointing to improvement in gas prices as a sign that inflation has begun to moderate, while at the same time blaming, Putin, Ukraine, gas companies, and car manufacturers for rising prices. Oh, did I miss anything.
Biden agreed with Janet Yellen, Secretary of the Treasury of the United States, when she said inflation was transitory. Then she back peddled and admitted she was wrong.
“I think I was wrong then about the path that inflation would take,” she told CNN’s Wolf Blitzer. “There have been unanticipated and large shocks 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.”
Both Biden and Yellen are masters at playing the blame game. Yellen recently appeared on “The Late Show with Stephen Colbert,” and was asked why inflation was so high. She blamed consumers’ excessive spending habits as a primary cause for the near 40-year-high in inflation. She said that the administration managed the COVID-19 pandemic so well that consumers felt comfortable to “splurge” on goods.
That’s right! Problem solved. We, the American people, are the root cause of inflation for spending money ” She never mentioned all the money the Biden Administration spent but touted the wonderful job this administration is doing for the country.
Next time you do your food shopping, think about spending ½ of what you would ordinally spend. And possibly you could fill your gas tank ½ way and not drive around as much. Don’t forget those Christmas presents for the kids. No more than one doll or a basketball might be on the list for this year. Sorry kiddos. If we all do our part, I’m sure Yellen will come up with another excuse for inflation.
And by the way, if you agree or disagree with my opinions, please comment and let me know what you think.