Dems responsible for inflation

 Alfredo Ortiz:

The bill for bad Democratic policies is coming due in the form of historic inflation. Last week, the Bureau of Labor Statistics (BLS) announced consumer prices increased by 9.1 percent over the past year, a 41-year high. Runaway prices are causing real wages and living standards to meaningfully decline. Over the previous year, real weekly earnings have fallen by 4.4 percent, a greater drop than even during the Great Recession.

President Biden reacted to the inflation numbers by calling them “out-of-date” because gas prices have moderated slightly over the past couple of weeks. But this perspective overlooks the fact that “core” inflation, excluding energy and food prices, is accelerating. BLS called price hikes “broad-based.” Biden repeatedly has been wrong about inflation, calling it “temporary” last July and saying it had hit “its peak” in December. So, there’s no reason to pay attention to him now.

Things are especially difficult for small businesses. On Thursday, the BLS revealed that wholesale prices increased by 11.3 percent over the past year. Small businesses operating on narrow profit margins have no choice but to pass along these high costs, potentially alienating loyal customers, reducing demand, and accelerating the inflationary cycle.
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This painful inflation and its broader economic consequences directly result from bad Democratic policies. Exhibit A: Trillions of dollars in reckless spending in 2021 when the economy was recovering led to too many dollars chasing too few goods. Exhibit B: The numerous government programs such as expanded unemployment insurance through most of 2021 that encouraged Americans not to work, reducing labor supply and pushing up costs.

Exhibit C: Radical green energy policies downstream from Biden’s “guarantee” on the campaign trail “to end fossil fuel” that reduced supply and drove up gas prices. Exhibit D: Support for easy money and Modern Monetary Theory policy that led to a historic expansion of the money supply and devalued the dollar.
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Ortiz hits the bullseye in explaining how the Democrats screwed things up.  So far, they seem to be mainly searching for scapegoats other than their own policies, and otherwise deny reality.

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