Here is the problem with our economy and the out-of-control inflation numbers that came out today. Since the President and his band of inept bureaucrats have no idea how they created this horrible economic environment, they cannot have a clue how to get us out of the mess. They are not capable of recovery.
The new inflation number came out Wednesday morning. Experts braced for an 8.8% number. The actual number came in at a staggering 9.1%. This inflation number is the worst in forty years, and rather than take steps to reverse the trend, he continues to play the blame game. Biden continues to blame energy and food increases for the inflation number, and nobody pushes back on his mistake. These commodities are not included in the Consumer Price Index (CPI). If they were, the actual CPI would be well over 15%.
Joe Biden promised he would not increase taxes on anyone but the ultra-rich. He lied. Inflation is not a tax, but when bad policies augment it, it becomes a broad-based tax on every citizen who purchases anything. Inflation also impacts low-income people the most because they can least afford to pay the inflated cost of goods and services. Biden is hurting the very people he promised to protect.
As long as Biden keeps at the blame game and people are buying his spin, he does not have to do anything to correct course. Biden is also trying to downplay the inflation number by touting the low unemployment number. Using misdirection, he believes he can make a case for the strongest economy in decades. It just isn’t true.
All of Biden’s surrogates are downplaying any possibility of a recession. Many economists feel we are already in a recession and that it will take a long time to recover from the downturn of the last eighteen months. This is the maddening part of the issue. There does not appear to be anything Biden will do the alter the economic downturn. He will not change his stance on domestic energy. Buttigieg is ineffective on the supply chain issue, and rising energy costs drive the cost of most anything bought in America.
The bottom line is that Team Biden has been working right on cue for his plan to take effect. He is still looking to kill the fossil fuel industry in this country while promoting it in countries like Russia, Iran, Saudi Arabia, and Venezuela. Months ago, when the supply chain issue surfaced, the DOT changed the rules for cargo ships to stage further offshore. This put the fleet of waiting vessels out of sight but not out of mind.
The Fed is taking action to mitigate the rising inflation, but the increasing interest rates are also harmful to many Americans. Credit card rates, car loans, and especially mortgages are more expensive. The increases in rates will force some to rethink their position and repair or upgrade an existing home instead of moving on to a newer, more expensive abode.
Gas prices may have come down thirty cents in June, but that will in no way assuage folks who are still deciding between gas and food or gas and utilities. The American people are in pain, and coming off the Pandemic, the last thing Americans needed was economic woes after two years of COVID restrictions. Joe Biden needs to feel this pain, or pay the price in November. One thing we can all agree on is that “transitory” was a mockery, as is “Putin” Inflation.