President Joe Biden and Democrats keep telling Americans not to worry about inflation, that it’s only temporary. Yet the record price hikes keep getting worse.
On Thursday, the Bureau of Labor Statistics reported yet another jump, a full 1 percent, in the producer price index (which measures prices before they reach consumers) for the month of July. Wholesale prices are now up 7.8 percent over the past year, the fastest annual surge since such recordkeeping began in 2010. …
And the prez is clearly worried: “There are going to be ups and down,” he rationalized Wednesday, announcing several (useless) steps to curb the spike, like “bringing together” port operators to encourage speedier operations and boost supplies and begging the Arab oil cartel to up production.
Meanwhile, he’s rushing to shell out trillions more in federal cash — via a $1.2 trillion infrastructure package and $3.5 trillion in social spending, just months after his nearly $2 trillion COVID relief package followed $4 trillion in COVID spending last year. (What’s a few trillion, here and there, right?) …
The bulk of that money is going to be newly manufactured, out of thin air. No one will have less money because of that spending. That’s how inflation is created. Having your cake and eating it too sounds good, but inflation balances the books eventually.
A whopping 86 percent say they’re concerned about inflation, a Fox News poll showed Wednesday, and 79 percent blame at least part of it on Biden policies.
Joe Biden is recreating his past. In the glorious 1970s he had all his hair and thought he understood what was going on.