Biden appears clueless about the inflation he caused
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Biden has spent the last few months attempting to compound his mistake further, spending another $5 trillion on his completely unnecessary Build Back Better boondoggle. Even now, knowing that inflation rose to 7.5% in January, Biden's White House is still calling on Congress to pass that bill, claiming, in contravention of all laws of economics, that it will make the problem better and not worse. Really? Is someone making use of all those crack pipes whose distribution to addicts Biden's Department of Health and Human Services just abruptly canceled?
The topline 7.5% inflation figure released on Thursday is quite close to the 12-month increase in the cost of groceries and restaurant food. Energy prices, however, are up a staggering 27% over the last 12 months. Electricity is up 11%. Natural gas is up 24%. Gasoline prices are up 40%.
In other words, there is no part of daily life that Bidenflation has not affected. Although workers' wages have gone up in nominal terms, they are not keeping up with the cost of everyday necessities.
At first, the Biden White House tried to maintain that the inflation problem was just temporary. That talking point has long since expired. This is becoming a crisis. The Federal Reserve will soon be forced to raise interest rates far more quickly than people are accustomed to, and to painful levels that haven't been seen in a generation.
For reference, mortgage interest rates had to top out above 13% before Reagan could beat inflation in the early 1980s. Could you even imagine that today? Can you imagine what it would do to the value of your home?
Biden inherited a rapidly recovering economy. All he had to do was get out of the way, let it happen, and claim credit. He couldn't manage that. Biden had an ideological vision that was more important than the nation's return to prosperity. Part of his agenda is to increase prices for fossil fuels, and another part is to give away massive government handouts, even if they cause inflation.
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Biden deliberately drove up energy prices and those prices impact inflation in just getting good produced and getting them to market. He still thinks that wind and solar are going to fix things when they are not. The Democrats are largely going along with this nonsense. It is another reason why they deserved to be voted out in 2022.
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