Inflation Is at a 30-Year High. Biden's Big Economy Speech Barely Mentioned It.

I

ipatent

Inflation Is at a 30-Year High. Biden's Big Economy Speech Barely Mentioned It.

President Joe Biden gave a speech this afternoon on the state of the economy. According to its billing, it would address "lowering prices for the American people." Yet Biden seemingly wants us all to forget about price inflation as an economic issue.

In his half-hour or so of jawboning, Biden mostly crowed about his alleged achievements and almost entirely avoided the topic of large-scale price inflation. He did acknowledge such inflation in the world of gasoline, yet, as Reason Science Correspondent Ronald Bailey reported today, the Biden administration continues to pursue policies that restrict supply and thus goose up gas prices, despite his new sleight-of-hand about opening up strategic petroleum reserves.

Biden apparently wants us to believe that only the genius and strength of his government telling ports to stay open longer and stores to stock their shelves more frequently are behind any turnaround in the much-worried supply chain crisis of the season. One hopes no American believes it takes federal action for private businesses to try to keep themselves in business and profitable.

When it comes to overall price inflation, the combination of Biden's decision this week to keep Jerome Powell in his Federal Reserve chair (indicating Biden thinks the inflationary monetary policy decisions of the past few years are just fine) and the president's seeming belief that the only inflationary problem people care about is in gas (or perhaps his belief that inflation right now is entirely and only a supply chain problem, an opinion shared by many) makes it clear that Biden thinks inflation is a problem he can just ride out politically while fellow Democrats blame current inflation on greedy corporations.
 
CBO blows the lid off Biden's agenda as Bidenflation shows its teeth

New consumer price index data released Friday show that Bidenflation is truly spiraling out of control. In November, prices increased at a 6.8% clip — up from an already terrifying 6.2% in October. This is the worst inflation since Volcker was still delivering his medicine to the Reagan-era economy.

And no, it’s not just luxury items that have been affected, no matter what Democrats say. The prices of household staples such as beef and bacon are rising by as much as an annualized 25%. Gasoline, naturally, is through the roof. Workers in the United States are essentially getting a pay cut — not from their employers but directly from Biden.

The very same day, the Congressional Budget Office produced another new dataset for public consumption. CBO’s new analysis of Biden’s Build Back Better spending bill provides a less misleading account of how much it will cost. The BBB programs, extended through the 10-year window instead of having their costs hidden with arbitrary expiration dates, would cost nearly $3 trillion more than advertised for a total price tag of nearly $5 trillion — that’s roughly three times the figure the media have been sharing.

And note that aside from Biden’s increasingly ludicrous claims about where the money will come from, these costs cannot be paid for with the revenue that current laws will make available — nor with the tax hikes already contained in BBB. Rather, Democrats will have to impose massive tax hikes on the middle class in order to fund their misplaced priorities.
 
Remember that Biden has not actually spent the trillions he does not have that you keep hearing about, this is Trumpflation. His grandfather was a barber and pimp, giving people haircuts is an old Trump family tradition.
 
ipatent said:
A key inflation measure just hit a nearly four-decade high

New York (CNN Business) Prices remain high in America, and inflation shows no sign of slowing down anytime soon.

A key measure of US inflation rose 5.7% in the 12 months ended in November, the Bureau of Economic Analysis said Thursday. It was the fastest increase in the consumer spending price index since July 1982.
More...

When Trump took office Federal spending was 4 trillion and 20% of GDP

upload_2021-12-23_19-25-56.png




When Trump left office it was 7 trillion and 30% of GDP

upload_2021-12-23_19-25-3.png
 
Rents are up 40 percent in some cities, forcing millions to move

Average rents rose 14 percent last year, to $1,877 a month, with cities like Austin, New York and Miami notching increases of as much as 40 percent, according to real estate firm Redfin. And Americans expect rents will continue to rise — by about 10 percent this year — according to a report released this month by the Federal Reserve Bank of New York. At the same time, many local rent freezes and eviction moratoriums have already expired.
 
https://www.cnbc.com/2018/09/11/tru...lower-the-national-debt-woodward-reports.html
Trump told Gary Cohn to 'print money' to lower the national debt, according to Bob Woodward's book
  • "Just run the presses — print money," Trump said, according to Woodward, during a discussion on the national debt with Gary Cohn, former director of the White House National Economic Council.
https://www.thedailybeast.com/trump-on-coming-debt-crisis-i-wont-be-here-when-it-blows-up
Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up
The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

Cuddles said:
Did I say money printing didn't cause inflation? No, I didn't, numbnuts. It still doesn't change the fact that lumber prices are a result of supply chain bottlenecks.

You want to point the finger to trillions printed, assign the blame to the right presidency at least:

FED_1592323230126.png
21-of-all-us-dollars-were-printed-in-2020.png


https://www.cnbc.com/2018/09/11/tru...lower-the-national-debt-woodward-reports.html
Trump told Gary Cohn to 'print money' to lower the national debt, according to Bob Woodward's book
  • "Just run the presses — print money," Trump said, according to Woodward, during a discussion on the national debt with Gary Cohn, former director of the White House National Economic Council.
https://www.thedailybeast.com/trump-on-coming-debt-crisis-i-wont-be-here-when-it-blows-up
Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up
The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.
More...
 
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