Biden administration inflation management not working

 David Harsanyi:

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Wholesale prices rose 8.6% from a year ago in October, another record annual gain and the biggest spike in more than a decade. Inflation hit 6.2%, the highest rate of annualized inflation since the 1990s. Whereas once voters were promised “transitory” inflation, today, economists warn that we’ll be in this for a while.

“Reversing this trend is a top priority for me,” President Joe Biden said Nov. 10, after months of his administration’s dismissing inflation as a “high-class” and short-term predicament. There’s “nobody suggesting there’s unchecked inflation on the way — no serious economist,” the president promised a few months ago. Biden’s National Economic Council Deputy Director Brian Deese had argued that inflation was actually a good thing, and the entire administration had pushed the notion that the best prescription to alleviate inflation was more big progressive spending — part of a broader trend of Democrats saying utterly absurd things about the economy.

Democrats have seriously underestimated the frustration that voters, unable to get the things they desire nearly instantaneously, are going to feel, as people such as Jen Psaki crack jokes about supply-chain problems, “the tragedy of the treadmill that’s delayed.” What about rising prices? 

Last week, liberal punditry spent a day mocking a Texas mother of nine who groused about rising milk prices on CNN. I’m not sure if Krista Stotler had her all stats entirely correct, but I suspect most voters don’t really care to pinpoint price points. Inflation is something they feel.

Perhaps even more than the education issue that helped sink Democrats in Virginia, inflation remains the most consequential issue in politics right now. It’s hard to spin your way out of a wealth-destroying tax. There’s no one to accuse of racism. No Trump to blame. If we account for inflation, real average hourly earnings, for instance, have decreased over the past year. And all Democrats want to do is spend more money — lots of it.

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All they appear to want to do is suggest that their big-spending will solve inflation along with other problems, but the history and the data rebut that argument.  The Biden adminsitration appears clueless and seems to view infaltion as a distraction from their FDR wannabe agenda.

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