“I’m SICK of this stuff!”
Joe Biden is furious that Americans blame inflation on his government spending. pic.twitter.com/quRxB2lfvA
— Townhall.com (@townhallcom) March 11, 2022
Inflation
- Donald R. McClarey
Donald R. McClarey
Cradle Catholic. Active in the pro-life movement since 1973. Father of three, one in Heaven, and happily married for 43 years. Small town lawyer and amateur historian. Former president of the board of directors of the local crisis pregnancy center for a decade.
I hope he’s gaslighting us, because if he’s stupid enough to believe what he’s saying, we’re in even more trouble than I thought.
To the degree that Joe Biden has any analytical ability left to him, it’s probably true that, being a lifetime Beltway de jure tax-and-spend Democrat, he doesn’t [believe-understand-comprehend-admit, choose one] that massive government spending effectively devalues the individual American’s dollar.
This newest $5 Trillion bill is outrageous. It’s for combatting COVID. Say what! That virus is on the way out. Who knows where and to whom the money will really go.
According to a R representative the bill was dropped at 0230 and the House was to vote on it by start of the workday. Another Pelosi “pass it and you can read it afterwards”. Insane! New Iran deal brokered in secret with Russia as the middle man is worse than O’Bama’s.
Again, inflation is a monetary phenomenon and the cause is bad policy by the Federal Reserve Board. I cannot figure out why they are doing what they are doing.
The horrendous deficits are the fault of Congress mostly, with an assist from the current executive crew and Trump. Deficits per se do not generate much inflation unless the Fed takes to hoovering up Treasuries on the secondary market, expanding the monetary base. The charitable explanation I can think of for this is that Jerome Powell, et al thought if they did not reduce the Treasury issues in circulation, their wouldn’t be a market for new bond issues. Rates on Treasuries have been so low for so long, I cannot imagine why they think that, but bond markets are not my trade.
We face one huge problem right now: our politicians are horrible people. Crooked and incompetent beyond belief.