How The White House Fumbled The Inflation
Football And Lost The Game
Issues & Insights,
by
The Editorial Board
Original Article
Posted By: RockyTCB,
6/3/2022 6:02:45 AM
Wasn’t it not even a year ago we were told that inflation would, in fact, be a “good” thing? That it was “transitory”? Not a serious threat. Now we’re finding that the media, Wall Street economists, Fed officials, but most of all, the Biden administration, were all wrong. Does anyone pay a price for gross incompetence anymore?
Last year, headlines were filled with inflation cheerleaders. We searched the term “inflation is good” and got back 508 million hits.
What’s troubling about this expert consensus is that inflation, now at a 40-year-high, isn’t good for anyone.
Reply 1 - Posted by:
Bur Oak 6/3/2022 6:57:44 AM (No. 1174523)
Inflation is a feature of the swamp dwellers' plan to enslave the rest of the country. They gain and the common citizens loose, especially those on fixed incomes.
10 people like this.
Reply 2 - Posted by:
seamusm 6/3/2022 8:35:29 AM (No. 1174603)
Unless Republicans completely fumble the ball, this Fall's election should put the Congress back in our hands - not the Presidency - at least not yet. But it is critical that we paint the economic damage as CAUSED by Biden and the Dims TO those members of our society most harmed by inflation and sky rocketing crime rates - our inner city Black poor. We will have secured the future and the demise of Dim libs if we can wrest away these traditional Democrat supporters.
2 people like this.
Reply 3 - Posted by:
Clinger 6/3/2022 9:01:21 AM (No. 1174626)
Economic freedom is personal freedom. When the government takes your entire paycheck you are indisputably a slave. When you willingly accept an obligation to do your part for the common good and pay taxes in that regard you are free. When government decides that without the legislative process they will simply redefine the relationship between citizen and government by seizing 40% of your wealth they have broken that convenient with the people. The instrument they use to seize that wealth changes nothing. We are becoming slaves incrementally.
4 people like this.
Reply 4 - Posted by:
TLCary 6/3/2022 10:22:18 AM (No. 1174727)
Simple solution: make Milton Friedman the Fed Chair. I know he passed in 2006, but that would help him not be pressured into increasing the money supply. Every Fed Chair we have ever had sang the same song, but has did the opposite. Either way the future goes I have a plan, (and my chickens aren't ever getting a dollar an egg), but I don't see any adults left in the USA to address this. The Great Depression wasn't the worst possible economic disaster, it was just a disaster. We no longer have a predominately agricultural or even manufacturing based economy, that and J.I.T. manufacturing makes us more vulnerable than any time in our history. It's possible for them to truly break the system that is our life support, not just our toy supply.
3 people like this.
Reply 5 - Posted by:
MDConservative 6/3/2022 10:53:52 AM (No. 1174763)
Inflation is a direct product of too much money chasing too few products. It is worse when the money has no intrinsic value behind it. In 2020 Congress and the Trump administration plowed $6 TRILLION into the American economy to take the edge off our COVIDS-induced nonproduction in the form of stimulus and expanded unemployment benefits, paycheck protection, otehr such handouts, and the funding for military expansion into providing care (like a hospital ship moored in NYC), the development of "vaccines" at "Warp Speed", money to subsidize the expense of COVID treatment in hospitals, including bonuses for various classes of "Heroes" that worked here, there, and everywhere. The actual expenditure in that era has been estimated to actualy exceed $10 TRILLION. And that was all pre-Biden.
Biden has tossed another $1.5 TRILLION on the fire. Our national debt is $30 TRILLION!!! And we still have checks in the checkbook, so the nation isn't broke yet.
Anyone with brains knew well that inflation was inevitable with all this spending with no backing but the ink on paper. Some suggested that with the first appropriations and were pooh-poohed by the zealots. And here we are - many of the same zealots now outraged by Yellen, Biden and this runaway inflation. As Ronald Reagan said famously, "You ain't seen nothing yet." Inflation is not solved by anything but draining money out of the economy, by high interest rates or even taxes. It takes great social and financial pain.
Those in the 60s and 70s, when pensions and paychecks were not adjusted for inflation annually, knew what a "fixed income" really was, their fixed $55/mo pension whittled to $25 of buying power. (Today, with COLA mechanisms, virtually no one is on a fixed income.) The 20s will be remembered by those paycheck-to-paycheck households who know no thrift or denial. Who will be the next Reagan and Volcker to take the political pain and risk this time...after the slogans and WIN buttons fail again?
1 person likes this.
Reply 6 - Posted by:
Strike3 6/3/2022 11:18:51 AM (No. 1174784)
When in doubt, lie. When you need to deceive, lie. When you are in over your head, lie. See the pattern here?
2 people like this.
Reply 7 - Posted by:
jeffkinnh 6/3/2022 12:30:18 PM (No. 1174877)
"Does anyone pay a price for gross incompetence anymore?"
Dems always skate on ANY responsibility for anything.
On the other hand, Conservatives are blamed for competence because they successfully unravel progressive cheating.
"What’s troubling about this expert consensus is that inflation, now at a 40-year-high, isn’t good for anyone."
Beyond the impacts mentioned in the story, another aspect is that, even if wages increase in an attempt to block some of the impact, that in itself is inflationary. Further, if wages go up, more taxes are taken out for FICA and income tax. FICA (7.65%) and income (12% for many) means that any compensatory wage increases fall almost 20% short. In addition, employers have to pay another 7.65% to FICA.
"the White House has once again shown why it is now one of the least popular administrations in modern history: It is incapable of acting in the public interest"
That is a very damning statement. Incapable means a inherent disability to perform as required. The dems CANNOT fix it because they cannot think straight. No amount of program adjustments or messaging can fix their problems because they think they are playing checkers and they should actually be playing chess. They don't understand the rules of the game.
Finally, as the article suggests, ALL THIS WAS KNOWN before Biden was elected. Too much government spending is inflationary. Only fools (dems) will not see or admit this because to do so would block their agenda which is more important to them than the public interest. Massive spending is ESSENTIAL to progressive goals and damn the inevitable (certain, inescapable, unavoidable) consequences.
Yellen implying she did not understand this makes her either a liar and/or a moron.
3 people like this.
Reply 8 - Posted by:
JimBob 6/3/2022 11:38:22 PM (No. 1175350)
"Now we’re finding that the media, Wall Street economists, Fed officials, but most of all, the Biden administration, were all wrong. "
Wrong?....No!
LIED!....YES!
1 person likes this.
Below, you will find ...
Most Recent Articles posted by "RockyTCB"
and
Most Active Articles (last 48 hours)