How Biden created US inflation
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If Putin is really the problem, then why is our inflation so much higher than the inflation rates of the other OECD big economies?
A recent study from the San Francisco Fed entitled "Why is U.S. inflation higher than in other countries?" shows that core U.S. CPI inflation is running about 5%, while the rest of the OECD is running about 2%.
Of course, there's never any mention of his $2 trillion emergency spending plan that provided the inflationary liftoff in the first place — like jamming even more demand into the Trump V-shaped recovery that was already strong and at the same time, the Bidens put the clamps on the fossil fuel industry and other anti-business policies that restricted the supply of goods and services.
So, in ordinary terms, Biden's woke economic policies boosted demand and shackled supply.
The result: higher inflation. This happened a year before Vladimir Putin was massing troops on the Ukraine border and in the year before Putin, inflation took off, as did gasoline prices, food prices and virtually every other price.
Biden won't admit to that. Neither will Yellen and by the way, neither will Fed head Jay Powell, who supported the Biden spending package and financed the borrowing of the Biden spending package by buying all the bonds and increasing the money supply. Let's not make this any harder than it needs to be.
It's just that Uncle Joe, who wants us to understand the root of the problem, absolutely does not want anybody to understand the real root of the problem.
Now, Joe boasts of deficit reduction, and it is true. The deficit over the past year is coming down, but that's mostly because many of the emergency spending programs are expiring. The successful Trump tax cuts are boosting revenues. Bidenflation is also boosting revenues and by the way, if Uncle Joe had his way with "Build Back Better," he would put another string of deficits and $3 trillion more of federal debt on the books from his not-paid-for $5 trillion "Build Back Better" plan.
In fact, the word "paid-for" is not in the Biden vocabulary, but Uncle Joe can't have it both ways. If you're cutting spending, then stop pushing for your spending package. As recently as his WSJ op-ed a couple days ago, he kept pushing for his spending plan. So then quit bragging about your deficit reduction. Anyway, this is all too much dog chasing tail for me. We saved America and killed the bill, and it's going to stay killed.
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Biden's credibility is hurt by all his lies. He lies because he does not want to take responsibility for the results of his policies. His arrogance is such that he thinks he can veto the laws of supply and demand and then blame someone else for the results,
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