Inflation exceeds a 40-year-high, gasoline and diesel have never cost more, and The Fed appears determined to thrust the country into joblessness and recession. The mainstream and fake news media continue to spew a phony narrative indicating your impending economic doom is the work of Russian strongman Vladimir Putin. That is a complete and utter fabrication only a brainwashed liberal idiot believes when it airs on CNN — the leader in fake news.
Fortunately, not every media organization is as passionate about deflecting blame away from Joe Biden, Federal Reserve Chairman Jerome Powell, or Treasury Secretary Janet Yellen. The Wall Street Journal recently published a scathing rebuke about the incompetent trio of economic fools called, “How the Fed and the Biden Administration Got Inflation Wrong: Officials applied an old playbook to a new crisis.”
“In recent weeks, top officials in the Biden administration and Federal Reserve have publicly conceded that they made mistakes in their handling of inflation. Behind their errors was a misreading of the economy,” the Wall Street Journal reports. “Advisers to President Biden and Fed officials worried the Covid-19 pandemic and related restrictions would bring similar consequences to the 2007-09 financial crisis: weak demand, slow growth, long periods of high unemployment, and too-low inflation.”
Biden and his economic geniuses actually believed inflation was “transitory” and worried about the cost of fuel and groceries not increasing enough. But what’s particularly troubling is the same group who “fought the last war,” as Jason Furman, a Democrat who was chairman of President Barack Obama’s Council of Economic Advisers, reportedly said, lost that recession battle. The country struggled under a slow and punishing recovery. Joe Biden, Powell, and Yellen were all part of the same brain trust that missed the mark in 2009.
One month into his presidency, Obama signed a massive stimulus package and doled out more than $800 billion. Spreading the wealth to primarily Democrat-leaning organizations did nothing but drive up inflation and prolong a recession.
Consider for a moment that when Biden was Veep, he and his boss escalated 7.9 percent unemployment in January 2009 to 10.4 percent by October. Inflation under team Obama-Biden ratcheted up inflation from -0.36 percent in January 2009 to 3.16 percent in 2011. Biden, still acting the role of flunky, signed a $1.9 billion Covid stimulus package that resulted in money-for-nothing spending, triggering inflation.
“President Biden’s $1.9 trillion American Rescue Plan is ambitious, but achievable, and will rescue the American economy,” a White House press release states.
It’s like déjà vu all over again.
And with the same liberals running the White House, the administration went on a rampage attacking the fossil fuel industry with precisely the same flavor as the Obama Administration. The repercussions are being felt at the pump and the price of truck diesel curses consumers with relentless inflation.
The group who “fought the last war” have put their failure on steroids this time around. Since taking office, Joe Biden and his accounting whizzes have posted the highest inflation rates of the 21st Century. In 2022, the numbers tell the tale of January 7.5, February 7.9, March 8.5, April 8.3, and May 8.6 percent. The June inflation metrics are due July 13, and they do not look promising.
So, how did Joe Biden, Powell, Yellen, and the other cast of characters miss every conceivable sign the economy was heading off the cliff? The answer is not necessarily quantifiable. It’s a fatal human flaw that festers in this administration, much as it did during the Obama years — arrogance. Stop and consider what the architects of economic disaster are saying.
“Our economy has recovered more quickly than our peers’ around the world, with a historically strong and equitable labor market recovery and historic reductions in human suffering,” Brian Deese, director of the White House National Economic Council, reportedly said.
“Inflation outside of energy and food, what the economists call core inflation, moderated the last two months,” Biden falsely stated to news crews.
As long as you don’t drive to work or eat, inflation isn’t a problem, in Biden’s opinion.
“I understand Americans are anxious, and they’re anxious for good reason. We have never seen anything like Putin’s tax on both food and gas. Putin’s price hike is hitting Americans hard,” Biden reportedly said, passing the buck to the Russian boogeyman.
But what’s alarming in mid-June is that The Fed is prepared to raise interest rates monthly in a move that will almost certainly thrust the country into recession. These jokers simply do not know what else to do but redeploy previously failed economic strategies. Truth be told, they don’t have the business acumen of former Pres. Donald J. Trump and his economic dream team. They’re incompetent.