Inflation: Senile Joe Biden’s inflation diagnosis and cure will make the disease worse
Biden wrote at The WSJ that his plan has three parts:
“First, the Federal Reserve has a primary responsibility to control inflation. My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation. I won’t do this. I have appointed highly qualified people from both parties to lead that institution. I agree with their assessment that fighting inflation is our top economic challenge right now.”
As with everything else, Joe is a little late to the party here. The Fed, through quantitative easing, has already ramped up the money supply so high that it will be very difficult to rein in inflation. You can’t un-ring a bell and dumping trillions of unsupported cash into the economy will show up. Americans see it whenever they go to the store or to the gas station.
Not “interfering” with the FED’s actions won’t earn Biden a pass here. He’s already done more than enough to set the inflation avalanche in motion. Staying out of the way now won’t alleviate the pain of those in its path. We’d best prepare our shovels to dig out from being buried by the flow.
Joe went on, “Second, we need to take every practical step to make things more affordable for families during this moment of economic uncertainty—and to boost the productive capacity of our economy over time. The price at the pump is elevated in large part because Russian oil, gas and refining capacity are off the market. We can’t let up on our global effort to punish Mr. Putin for what he’s done, and we must mitigate these effects for American consumers. That is why I led the largest release from global oil reserves in history. Congress could help right away by passing clean energy tax credits and investments that I have proposed. A dozen CEOs of America’s largest utility companies told me earlier this year that my plan would reduce the average family’s annual utility bills by $500 and accelerate our transition from energy produced by autocrats...”
Huh? The CEO’s Joe referenced must be Democrats. Since the vast majority of American energy is still realized through burning fossil fuels, how is it possible to reduce bills by cutting supply of what, pardon the expression, drives the economy? Biden must feel boxed in a corner with this green energy nonsense, so politically speaking, he can’t and won’t let it go. But ask your regular consumer whether he or she would be satisfied with tax credits and/or federal subsidies for windmills and solar panels and ethanol instead of just pumping more oil out of the ground, and he'll tell you to go catch a slow boat to China.
Even if Biden were correct, which he’s not, utility bills wouldn’t be reduced now, next year, or anytime soon by mass emphasis on “green energy”. Benefits twenty years down the line won’t “help” consumers pay for stuff in 2022. Here, again, Biden doesn’t have a clue what he’s talking about.
In his piece, Joe also wrote that Democrats would fix the supply chain, build more housing and lower prescription drug prices by empowering Medicare to negotiate with drug companies. This was standard Democrat-speak for more government price controls and useless interference in the free market. He also shifted responsibility to Congress for inaction on his ideas (which basically singles out Senator Joe Manchin). Do we want Joe Biden’s “help” here? No thanks.
Biden lays out the third part of his plan: “Third, we need to keep reducing the federal deficit, which will help ease price pressures. Last week the nonpartisan Congressional Budget Office projected that the deficit will fall by $1.7 trillion this year—the largest reduction in history. That will leave the deficit as a share of the economy lower than prepandemic levels and lower than CBO projected for this year before the American Rescue Plan passed. This deficit progress wasn’t preordained. In addition to winding down emergency programs responsibly, about half the reduction is driven by an increase in revenue—as my economic policies powered a rapid recovery.”
Not so astonishingly, Biden claims credit for “reducing the deficit” from the previous years, which not-so-loosely translated means, the government is spending slightly less than it was during the wanton appropriations binge during the COVID pandemic. While it may be true that the feds aren’t engaging in the splurging orgy that they were two years ago -- and last year, thanks to the $1.9 trillion, party-line vote “relief” bill -- the budget is still not even close to balancing.
Predictably, one of the many things Biden neglected to mention is the effect that paying higher interest rates to finance the enormous national debt will have on the annual budget. Every percentage point higher in interest adds up quickly when you’re servicing $30+ trillion that you’ve borrowed from the FED, China, taxpayers, whomever. How much will it cost in interest to finance what was borrowed a decade ago?
Not to mention, what about the revenues lost from the senseless reductions in energy production? Democrats never credit the significant tax collections that are generated from oil, gas and coal development. While it may not be possible to drill our way out of government deficits, every bit counts. God gifted the United States with the capability to not only achieve energy independence, but also to export the fuels to a thirsty global market.
As I’ve argued many times, boosting energy prices makes everything more expensive. Farmers don’t have electric tractors and combines and there aren’t “green energy” semi-trucks to transport the harvest, either.
Further, we have not yet begun to see the full effects of the inflation to come. Reports are emerging that food prices will increase dramatically when farmers harvest their crops and send them to market. In other words, the more they’re paying for fertilizer now to grow the same amount of grain or feed their livestock as the year before, the more they’ll ask for when they bring the crops for sale.
And what about all the personal credit card debt Americans are accumulating in trying to deal with the skyrocketing prices? Interest rate hikes will be found here, too, which will compound the already serious problem.
It’s clear by his repeated excuses and denials of culpability that Joe Biden neither understands what’s causing inflation nor how to deal with it. Government “help” has already done enough damage and every extra tidbit of tinkering with the free market will exacerbate the problem. Democrats brought the political anger upon themselves by elevating a senile dunce to the presidency.
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Hispanic breakthrough?
In another sign the November midterm elections will see widespread losses for Democrats, another poll finds Hispanic voters are more likely than white voters to disapprove of Joe Biden’s job performance and prefer Republicans control Congress.
The poll, conducted by Quinnipiac University and released May 18, found only 35 percent of all registered voters approved of Biden’s job performance, with 57 percent disapproving. Additionally, 47 percent of registered voters preferred Republicans win control of the U.S. House, with 43 percent preferring Democrats. (These numbers have actually declined even further, but we’ll stick with this particular poll for now.)
But what is surprising to many is Hispanics, generally considered a reliable Democrat voting bloc, are now more likely than white voters to disapprove of Biden and prefer Republicans.
When asked “Do you approve or disapprove of the way Joe Biden is handling his job as president?,” only 32 percent of white registered voters expressed approval. Among Hispanics it was even lower, at only 26 percent approval.
The trend continued in party approval. When asked “Do you approve or disapprove of the way the Republicans in Congress are handling their job?” Hispanics were more likely than whites to express approval, 33 percent to 28 percent.
Only 24 percent of Hispanics approve(d) of the way the Democrats in Congress are handling their job,” compared to 27 percent of whites.
While support for Republicans isn’t optimal, the rock-bottom approval of Biden and Democrats appears to be fueling strong Hispanic support for GOP candidates.
When asked “If the election were today, would you want to see the Republican Party or the Democratic Party win control of the United States House of Representatives?,” 48 percent of Hispanic registered voters backed Republicans and 34 percent backed Democrats.
All About the Money
I have a feeling that Hispanics, like all other subsets of our population, are starting to look at the bottom dollar. And at this point, there isn’t one. Families are going under with mounting fuel costs, skyrocketing grocery bills, and no relief in site. Even the little bitty babies are suffering from a formula shortage that Biden refuses to address properly. But he doesn’t mind giving Ukraine $40 Billion. How many Hispanic families could that money help?
Clearly, inflation is rampant. The consumer price index jumped another 8.3% in April alone. This trend isn’t slowing down. Not only is Bidenflation a problem, but we’re headed into stagflation– a stagnant economy mixed with inflation that is so bad, the 1970s are back for an encore performance.
That’s not the worst of our problems. Biden is the worst of our problems. Whether we’re talking foreign relations, military leadership, inflation, supply chain, trade, lingering effects of the scamdemic, the issue is really not what matters. What truly matters is what approach our leaders are taking to solve these crises. And that’s where we see what a demented clown is sitting in the White House.
https://theblacksphere.net/2022/06/hispanics-are-abandoning-democrats-droves/
****************************************************One Picture Of Trump’s Home Has Just Burst The Liberal Bubble!
The left loves to tout that President Trump and his supporters are white supremacists who hate women and want to steal your candy, but as we know that is hardly the truth. Trump is the one leader that we have had in a very long time that actually promotes unity to the American people, and wants to make American great for all that live in our nation.
However, that just doesn’t fly with liberals whose only desire is to destroy our country from the inside with division and hatred.
Now, to fly in the face of that ridiculous rhetoric from the left, a new picture is floating around Twitter that literally smacks these hateful leftists and their lies.
Caleb Hull posted a picture on the HUGE social media site showing Trump’s employees laughing, smiling, and trying to get a picture with him. Take a few seconds to focus on a different person each time you look at the picture. As Hull says, there is a LOT going on!
Yeah, there all sorts of diversity happening in that picture and they seem, do I dare say…happy?
There were lot of positive tweets about the picture but all have been deleted by Twitter
https://dailyallegiant.com/one-picture-of-trumps-home-has-just-burst-the-liberal-bubble-2/
************************************************Also see my other blogs. Main ones below:
http://edwatch.blogspot.com (EDUCATION WATCH)
http://antigreen.blogspot.com (GREENIE WATCH)
http://pcwatch.blogspot.com (POLITICAL CORRECTNESS WATCH)
http://australian-politics.blogspot.com/ (AUSTRALIAN POLITICS)
http://snorphty.blogspot.com/ (TONGUE-TIED)
https://immigwatch.blogspot.com/ (IMMIGRATION WATCH)
https://awesternheart.blogspot.com/ (THE PSYCHOLOGIST)
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