Biden’s Blunders Caused Record Inflation
By Michael James Lewinski – 7/27/22
The enormous post-pandemic acceleration of wealth growth over economic growth resulted in a resurgent inflation and inflation expectations, according to John Mauldin. There is much more to the story, however. Joe has told us inflation is not his fault, so do we have to believe him? Let’s look and see.
The first and the biggest blunder was canceling the XL pipeline. EO 13990 and other orders have Truckers and auto drivers paying much more for fuel. The great pretender also directed federal agencies to eliminate fossil fuel subsidies consistent with applicable law by 2022. He also directed the Secretary of the Interior to pause on granting new oil and natural gas leases on public lands or offshore waters to the extent possible under the law.
Another blunder was the Biden administration passing an unnecessary, additional $1.9 trillion spending bill in March, 2020. The policies being pushed by President Biden have led to a stagnant economy where inflation is out of control and energy prices are up.
Despite his denials, President Biden’s administration and his party are largely responsible for the current inflation. The Biden administration misread the rising threat of inflation for various reasons. They missed the warning signs, and we end up in this position.
Next was a spending bill that included extending a federal program that paid people not to work for months. States that continued to participate in additional unemployment benefits experienced a 0.8 percent higher unemployment rate in July. Analysts say many factors, including shipping slowdowns, supply chain problems, and increased demand, are driving up prices.
Rising food prices are bedeviling the Biden administration. He complained that the top four meat processors in beef, pork, and poultry controlled 85%, 70%, and 54% of their markets, respectively, and complained about exploitation.
In 2022, all food prices are predicted to increase between 8.5 and 9.5 percent, food-away-from-home prices are predicted to increase between 6.5 and 7.5 percent, and food-at-home prices are predicted to increase between 10.0 and 11.0 percent.
It’s long past time to get rid of these Progressives who are driving this unsustainable Inflation.