Obama economists warn: Biden’s Build Back Better will make inflation worse and his stimulus caused inflation
The Daily Wire quotes Obama economists (who either want to save face or distance themselves from Biden) in a 13 December article as they point out how Biden’s COVID stimulus caused the current inflation and how his Build Back Better multiply the inflation problem.
Two former top economic officials for former President Barack Obama are warning that President Joe Biden’s massive social spending bill, known as the Build Back Better Act, will increase inflation at a time when rates are already skyrocketing and will add hundreds of billions of dollars a year to the national debt.
Larry Summers, former Treasury Secretary for Clinton and Obama administration official, and Steven Rattner, Obama’s former auto czar, made the warnings in an interview last week with Bloomberg News.
When asked during the interview if Biden’s multi-trillion-dollar leftist spending bill would worsen inflation, Summers responded, “I think the inflation rate would be slightly higher in 2022 and 2023 with the Build Back Better than it would be without the Build Back Better.”
Summers said that the latest Consumer Price Index (CPI), which was 6.8%, “confirmed” that the inflation that has erupted under Biden is “not transitory,” like the administration has tried to claim.
“And I think everybody recognizes now with the statements from Chairman Powell, with the statements from Secretary Yellen, that this isn’t going to just go away of its own accord,” Summers warned. “That the Fed’s going to have to take substantial action to control inflation … we put in motion for the first time in 40 years, excessive inflation, caused by overheating of the economy, and that’s going to have to be worked out of the system and that’s probably not going to be such an easy thing.”
Rattner weighed in sg that he “completely agree[d]” with Summers’ analysis of the problem and that ” it’s going to take multiple years certainly to work it out.”
(Read more at the Daily Wire)
If the CPI were still the 1970’s CPI, then other things would be obvious
Because the equation used to track inflation has changed multiple times in ways that mask the true amount of inflation which has occurred, we might have found as early as October 2021 that inflation had then jumped to a 30-year high.
What would we have now, since the current economists use the watered-down current CPI?
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Sixty-nine percent of Americans disapprove of Biden’s handling of inflation
A 12 December 2021 article in The Hill suggests that a full 69% of Americans disapprove of the way Biden has handled inflation.
Nearly 70 percent of Americans say they disapprove of how President Biden is handling inflation, according to a new ABC News-Ipsos poll released on Sunday.
The poll found that 69 percent of Americans disapprove of how Biden has handled inflation, while only 28 percent said they approve. Along party lines, 94 percent Republicans said they disapprove, while 54 percent of Democrats said the same. Among independent voters, 71 percent disapprove.
When it came to the economic recovery, 57 percent said they disapprove of Biden’s performance so far.
ABC News noted that Biden’s approval ratings also dropped when it came to crime and gun violence, with 36 and 32 percent of those surveyed approving of his handling of those issues.
However, Biden has managed to maintain a slim majority of approval in one area of his presidency: his handling of the COVID-19 pandemic. According to the ABC-Ipsos poll, 53 percent said they approved of how Biden has managed the pandemic.
The ABC News-Ipsos poll was conducted from Dec. 10 to Dec. 11 using a random sample of 524 adults. The results of the poll have a margin of error of 5 percentage points.
These new approval ratings come as inflation rates continue to soar. Last week, it was reported that consumer prices had risen by 6.8 percent in the past year leading into November — the highest annual inflation rate since 1982.
(Read more at The Hill)
This is what made this post “low fruit”
Considering the amount of griping that came out of my compatriot’s mouths as we exited Sunday School, picking the topic of Biden’s poor performance in inflation-handling performance was picking low fruit.
And, from the results of this poll, most of America agrees. The only thing that would make it lower fruit would be contrary claims by Biden and contrary proof by the main stream press.
Surprise:
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CNN tries to spin terrible inflation news as “sign of a really strong economy”
NewsBusters points out the terrible spin laid on a particular CNN story.
CNN can’t help itself. The network actually spun news of Americans seeing the highest inflation in nearly 40 years as positive news in an attempt to benefit President Joe Biden.
The Bureau of Labor Statistics released a jaw-dropping report showing that the Consumer Price Index skyrocketed 6.8 percent on a year-over-year basis in November. The inflation was “even more than expected,” and was the “fastest rate since 1982,” according to CNBC.
CNN Chief Business Correspondent Christine Romans kicked off her coverage of the inflation news on CNN Newsroom by initially characterizing it as a “gut punch that feels like it really peaked there,” and “the worst in years.”
Then came the incredible spin: “But demand is strong. This is a sign of a really strong economy, guys. People are rushing out all at the same time to buy the stuff they want after we’ve been in a huge pandemic.” Perhaps Romans didn’t realize that “too many dollars chasing too few goods” is actually a glaring reason why the U.S. is experiencing horrific inflation now.
(Watch the video and read more at NewsBusters)
As an afterthought, since I posted this after Bunkerville had posted a very similar post — I need to acknowledge that post
I don’t know if it is just that conservative minds think alike or if we were both going after the low fruit, but here is an acknowledgement to Bunkerville
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Mark 1:1 
Sometimes I wonder if Biden knows what he’s doing with this inflation
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