- Most voters hold Biden administration responsible for higher inflation
The Washington Examiner reports that most voters hold Biden responsible for the ever-increasing inflation.
A new poll found that 59% of registered voters place the blame for the increased inflation at the Biden administration’s feet.
The Politico/Morning Consult survey released on Wednesday found that among all voters, 39% held the administration “very” responsible for the higher costs, and 20% said President Joe Biden was “somewhat” responsible. Only 28% of those polled said that the administration’s policies were not too responsible or not responsible at all for the inflation.
Among Republicans, a resounding 82% pointed to Biden’s economic policies as an inflationary culprit, including 65% who said the policies were very responsible. Forty-one percent of Democrats said the administration’s actions were very or somewhat responsible for the surging prices.
Earlier this month, the Department of Labor announced that consumer prices increased 5.4% for the year ending June, the highest rate of inflation since 2008. The numbers blew past forecast expectations of 4.9%.
Economists have pegged several factors as contributing to the rise in costs. One element is a surge in demand precipitated by people receiving vaccinations and the economy continuing to reopen, with consumers with pent-up demand eager to venture out and spend their money. The Biden administration’s fiscal policies have also infused the economy with federal spending, another reason why some economists say inflation is up.
Another huge factor contributing to inflationary pressure is the supply-chain bottlenecks that have plagued the country, as well as the rest of the world, since the start of the pandemic. As demand increases, there have been backlogs of goods, which is creating scarcity and driving up prices. For example, a lack of computer chips for cars has resulted in fewer new cars and has sent used car prices skyrocketing, and the furniture industry is struggling with long waits and back-orders for merchandise.
Among the nearly 2,000 registered voters surveyed, 53% also blamed America’s return to pre-pandemic behaviors as to why inflation is at a 13-year high, with 69% of Democrats and 39% of Republicans saying the same.
(Read about the ways the Federal Reserve could make inflation worse at the Washington Examiner)
On the other hand, 41% of these Americans are so blinded by Trump Derangement Syndrome that they cannot think straight
Thankfully, it is not all Democrats. At least a few have enough common sense to admit they are getting buyer’s remorse from having voted for Dementia Joe. And just as thankfully, not too many of them are RINOs (but, as Liz and Adam show us, there are some).
- Signs of the times: Bidenflation
The Epoch Times digs into a few points of concern regarding inflation.
If you’ve ever had a conversation that addresses how going to the theater, ordering dinner, or carrying out another regular activity used to be less expensive, you’ve discussed the concept of inflation. Over time, prices tend to shift upward, though the pace of their upward trajectory is not always consistent. On occasion, economic circumstances can also cause a reversal in prices, and you may watch costs drop quickly.
The rate of inflation is frequently used as an indicator that signals how the economy is faring. With that in mind, what rate is considered acceptable? And what types of rates signal economic trouble? The following is an overview of different inflation levels, along with what each may mean for the present and future times.
When inflation rates hover around 3 percent or under, they are often referred to as “creeping inflation.” This type of inflation is usually considered to be mild. While consumers expect prices to rise, they are not afraid of the slow change and they continue to spend. In fact, they may purchase items early to avoid paying more later. By and large, “American families should be able to manage inflation rates of 3 percent or less without significant reductions in their living standards,” Dr. Krieg Tidemann, an assistant professor of economics at Niagara University, told The Epoch Times. In best-case scenarios, worker wages grow faster than the increase in prices of goods and services, which benefits employees and their households.
If prices increase between 3 percent and 10 percent year after year, it is often said an economy is experiencing “walking inflation.” This can be disruptive, as families may be worried about the rise in their grocery store bills and other costs of living. They might try to buy more items soon so they don’t have to pay steep prices later. The trend may cause supplies to become scarce and further drive prices up. In addition, employers may not be able to raise salaries for their employees at a rate that keeps up with inflation. For instance, if you earn $50,000 a year, and inflation is 10 percent, you need to receive $55,000 to cover the increase in prices. If you don’t receive a raise, you may have to reduce your spending or find a way to earn additional income to make ends meet.
How worrisome is inflation between 5 percent and 10 percent? “It depends on whether the causes are seen as temporary and, very importantly, on the credibility of the Fed and the government to not let it get out of control, as expectations about inflation are a key driver for inflation,” Viktoriya Zotova, an assistant professor at Georgetown University McDonough School of Business, told The Epoch Times. If there are several short-lived shortages in supply chains in a few sectors, there may not be many reasons to be concerned. If, however, uncertainty over the Fed and the government is high, it could cause consumers to feel anxious and spend heavily, leading to more supply shortages and another hike in prices.
(Read about galloping inflation and hyperinflation at The Epoch Times)
If the 18 RINO Senators and 50 Democrats get their way on the multi-trillion “anything-is-infrastructure” bill
If Joe gets his Marxist wish list spending bill, I think we will go from walking inflation to hyperinflation. However, that does not seem to matter to 50 Democrats and 18 RINOs.
- Even at liberal rags, they see that inflation is the new battle line
The New York Times points out the obvious pain we all have started to feel under Joe Biden.
Republicans have made Americans’ concerns over rising prices their primary line of attack on President Biden’s economic agenda, seeking to derail trillions of dollars in spending programs and tax cuts by warning that they will produce rocketing 1970s-style inflation.
They have seized on the increasing costs of gasoline, used cars and other goods and services to accuse the president of stoking “Bidenflation,” first with the $1.9 trillion stimulus bill he signed in March and now with a proposed $3.5 trillion economic bill that Democrats have begun to draft in the Senate.
There are unusually large amounts of uncertainty over the path of inflation in the coming months, given the vagaries around restarting a pandemic-stricken economy. Yet even many economists who worry high prices will linger longer than analysts initially expected say there is little reason to believe the problem will worsen if Mr. Biden succeeds in his attempts to bolster child care, education, paid leave, low-emission energy and more.
“There’s been a lot of fear-mongering concerning inflation,” Joseph E. Stiglitz, a liberal economist at Columbia University, said on Tuesday during a conference call to support Mr. Biden’s economic plans. But the president’s spending proposals, he said, “are almost entirely paid for.”
(If you know the code words, read more at the New York Times)
Liberal economist Stiglitz has a different definition of “almost entirely paid for”
By the standards of borrowing from this program and stealing from that, Frankenstein is almost entirely breathing.
Yes, I know Frankenstein is fiction. So is most of this bill at this point.
- Top Wall Street executives say inflation could be worse than predicted
The Epoch Times reports on the opinion of several wall street executives who think that Joe Biden’s inflation could get much worse.
Two of Wall Street’s top CEOs have differing views on inflation, but both diverge from the Federal Reserve’s predictions that price increases are transitory and will fade once supply shocks and other pressures ease.
Larry Fink, chairman and CEO of BlackRock, the world’s largest asset manager, is convinced that inflation isn’t temporary, as he believes deglobalization will lead to “systematically more inflation” in the future.
“It is my view that inflation is going to be more systematical,” Fink told CNBC on July 14. “I believe it is a fundamental, foundational change in how we navigate economic policy.”
The focus that shifted from globalization to national security during the Trump administration will continue, according to Fink.
“Post-World War II, our economic policy was based on consumerism,” he said, adding that this policy enabled Americans to buy cheaper goods.
“In the last five years, we’ve navigated away from that foundational belief, and now we are saying jobs are more important than consumerism,” Fink said.
He noted that Washington is now focusing more on national security matters, as well as bringing back manufacturing.
The Fed’s inflation projection in June rose sharply to 3.4 percent for this year, up from the 2.4 percent projected earlier. But Fed officials expect inflation to return to 2.1 percent next year and remain close to its long-term inflation target of 2 percent, indicating that inflationary pressures will be transitory.
In an interview with CBS’s “60 Minutes” in April, Fed Chair Jerome Powell argued that it’s hard to see inflation in a country “when wages can move overseas.”
“The globalization of the economy and technology have enabled manufacturing to take place all around the world. It’s very hard for people in wealthy countries to raise prices or to raise wages,” he said, suggesting that this trend will continue.
Most economists are still in the transitory camp and say inflationary pressures will fade away next year.
During congressional hearings last week, Powell faced an intense grilling on rising prices and was questioned about the central bank’s ability to manage inflation.
Powell reiterated that current easy monetary policy is appropriate as the economy’s progress toward the Fed’s goals is “still a ways off.”
Consumer prices continued to rise at the fastest pace since 2008. Inflation rose 5.4 percent from a year ago, as supply bottlenecks and ongoing recovery in sectors hit hardest by the pandemic continued to lift prices.
JPMorgan Chase executives are bullish on the U.S. economy, but they believe the strong rebound will continue to fuel inflation.
“I don’t think it’s all temporary,” JPMorgan’s CEO Jamie Dimon said on July 13 during an earnings call with analysts. “But that doesn’t matter if we have very strong growth.”
(Read more at The Epoch Times)
Why do we need Wall Street input when we have our own eyes?
I think that this comes form a failure of our education system that relies too heavily on rote memorization and too little on analytical thinking. Otherwise, I would not have had to have argued during March about the rising prices of eggs, chicken, gasoline, and other staples of modern existence. People were believing the nightly news rather than their own Walmart and Kroger receipts.
Now, with more people feeling the pinch and talking about it, the news spreads without the “news” networks (and our trust in their biased reporting continues to slide).
- IMF economist: Biden policies to turn America into a Latin American style economy
One America News Network reports on the words of an IMF economist who believes that Biden’s policies will turn America into a Latin-America-style economy.
A rising number of economist have warned Joe Biden’s policies could turn the U.S. into a Latin American type of economy. On Monday, Former International Monetary Fund Deputy Director Desmond Lachman said Biden’s inflation, money printing and high government spending posed a problem for the U.S. economy.
Lachman said Biden’s policies could push the U.S. budget deficit up to 15 percent per year. He warned this was not a sustainable level of deficit spending, which may bankrupt the U.S.
Biden's plan for economic recovery: -inflation, -increase taxes, -overspend by trillions, -pay people to stay hom… twitter.com/i/web/status/1…—
Congressman Greg Steube (@RepGregSteube) July 12, 2021
(Read more at One America News Network)
Will Americans start hunting cats, dogs, and other animals?
Will America follow in the steps of the jewel of South America? At one time, Venezuela was a rich and cosmopolitan country. Now, after years of Marxism, their population combs through dumps and hunts dogs and cats for food.
- As inflation and government debt surge, Washington is ignoring our most critical economic crisis
The Hill points out a problem with the scant reporting on inflation and the surge in government debt.
Economic crises of all sorts loom on the horizon, ranging from high and rising federal debt, to high and rising inflation, to unsustainably high and rising housing costs. But the most important crisis we currently face is one you never hear about: historically low labor productivity growth.
Raising productivity growth is crucial. If we don’t do this, inflationary pressures will rise even more, we will struggle to manage all the federal debt we have already accumulated and the living standards of future generations will be much lower than they should be.
Despite this grim potential economic future, there is nary a word from Washington, D.C., policymakers about this challenge. Not from the White House, not from the Federal Reserve and not from Congress. Economic policies can make a big difference for productivity growth. But recent record spending, including Biden’s $1.9 trillion COVID-19 relief plan, did not incentivize higher productivity, and the future taxes required to pay for the debt used to finance this relief may well depress productivity growth even further.
Productivity growth fell significantly and abruptly in 2007, and it has never recovered. Since 2007, productivity has grown just 1.4 percent per year. But between 1948 and 2006, worker productivity grew at nearly 2.6 percent per year. This 1.2 percent annual difference is a very big deal, because at 2.6 percent, productivity, output and incomes will double every 27 years through the magic of exponential growth. But at 1.4 percent productivity growth, it now takes almost 50 years to double productivity, output and income.
The long-run consequences of today’s productivity growth are staggering. But this crisis isn’t just about living standards decades from now. This growth shortfall already has impacted our economy enormously. If productivity had grown at its historical level since 2007, my calculations show GDP would be nearly $5 trillion higher than it is today.
Calculations also indicate that accumulating these continuing output losses due to deficient productivity growth since 2007 means we have given up more than one year’s worth of GDP, which is currently valued at more than $22 trillion.
Those resources could have been used to eliminate our entire, privately-held national debt or increase our capital stock, including housing capital, by one-third, or dramatically improve the federal government’s unfunded liability position.
Productivity grows through several factors that enhance the ability of workers to produce, including business investment and innovation, technological breakthroughs and rising worker skills. But there is no evidence that productivity growth is rebounding. Business investment remains depressed, the population is aging and our schools continue to underperform.
(Read more at The Hill)
So maybe the pinch at the grocery store has caused the common people to worry
Hopefully, they will not get too busy with their second jobs to be able to vote these bums out on their ears in 2022.
- Meet the 18 Republicans who sold out on radical Democrat “infrastructure” plan without reading the bill
Breitbart reports on the 18 RINOs who sold out America in favor of sending money to Democrat districts.
Eighteen Senate Republicans sold out to Senate Democrats, with 17 of them voting Wednesday night to advance a $1.2 trillion Democrat “infrastructure” bill and another signaling he would.
The Senate voted to invoke cloture, or advance, H.R. 3684, the legislative vehicle for the $1.2 trillion infrastructure bill. The vote featured Republican and Democrat support for the bill. The Senate voted 67-32 to invoke cloture on the bill, with seventeen Republicans in favor of invoking cloture on the bill.
All of them voted for this procedural vote without reading the bill—because it would have been impossible for them to read a bill that does not yet exist. The bill has still not been written despite months of negotiations.
The Senate Republicans who voted for the Democrat $1.2 trillion bill include:
- Roy Blunt (R-MO)
- Richard Burr (R-NC)
- Shelley Moore Capito (R-WV)
- Bill Cassidy (R-LA)
- Mike Crapo (R-ID)
- Lindsey Graham (R-SC)
- Mitch McConnell (R-KY)
- Lisa Murkowski (R-AK)
- Rob Portman (R-OH)
- Jim Risch (R-ID)
- Mitt Romney (R-UT)
- Thom Tillis (R-NC)
- Todd Young (R-IN)
- Chuck Grassley (R-IA)
- John Hoeven (R-ND)
- Kevin Cramer (R-ND)
- Susan Collins (R-ME)
Sen. Mike Rounds (R-SD) was absent but signaled that he would have voted yes to advance the legislation.
(Read more at Breitbart)
This needs to stop
This needs to stop now.