Bidenflation
President Biden has delivered the worst inflation in 40 years. We see it one way or another every day. One effect of the current inflation is decline in real wages. It should come as no surprise to anyone that Biden has no idea what it means or that he is willing to say anything to try to mitigate the political damage that it is inflicting on Democrats who have enacted his policies.
Yesterday Biden gave shambling remarks at the Third Meeting of the White House Competition Council (White House transcript here). I wonder if they have a five-year plan, Soviet style.
His remarks require some translation. Biden seems to think that price controls will bring down inflation. “The bottom line for people on Medicare: They’re going to have less inflation; they’re not going to be paying as much money out,” he explained.
He will say anything to keep up the pretense that he has a handle on it. He bragged that he has brought energy prices down. “In some few states,” he said, gas is “below three bucks” a gallon.
Only last Friday the White House corrected a Biden transcript on this point. In fact, zero states have an average price under $2.99 per gallon. Even CNN said so.
The current average price is $3.72 for regular, yet Biden continued: “It’s, you know, in the low threes in most places, although there are some fires and some other problems that had to do with refining capacity in — in the far west, in the middle west. But we’re going to deal with that as well.”
He wasn’t done. He is still peddling the line that energy producers and gas stations are taking advantage of us....
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Biden is clueless on many levels. His policies caused inflation by throwing dollars around as a solution to the pandemic, and then he falsely accuses businesses for the inflation he caused.
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