Biden Is Out Of Touch With Reality On Inflation

m.knox

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Aug 20, 2003
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Should have stopped at "Biden is out of touch"..................

https://issuesinsights.com/2022/01/14/biden-is-out-of-touch-with-reality-on-inflation/

These days, when President Joe Biden isn’t lying about being arrested during the Civil Rights struggles of the 1960s, he’s telling equally large fibs about “making progress” on inflation and the economy. Truth is, in the space of less than a year, he’s turned a recovering economy into dross.

Thursday brought yet more disastrous news about the “transitory” upsurge in inflation the media shills and Biden administration economic advisers talk about.

After Wednesday’s consumer price data showed a 7% rise in consumer prices for 2021, the highest since 1982, came worse news for producer prices: They rose a record 9.7% last year, as supply-chain issues and a massive burst of money printing by the Fed created a classic case of too much money chasing too few goods.

Yet, in a statement Wednesday, Biden claimed “we are making progress in slowing the rate of price increases.”

“Progress?” Really? As the New York Post helpfully points out: “Although Biden claimed food prices were falling, the new Consumer Price Index data indicate that food prices actually increased by 0.5% from November to December, up in total 6.3% over 12 months. The monthly rate of increase slowed from 0.7% in November.”

The supply-chain disruption and resulting shortages are also putting pressure on prices. Biden seems to want to simply declare victory and go home, saying just before Christmas: “The much-predicted crisis didn’t occur. Packages are moving. Gifts are being delivered. Shelves are not empty.”

White House Chief of Staff Ron Klain took it a step further, describing the supply-chain chaos as “an overhyped narrative.”

Recall, it was a mere six months ago that Biden poo-poohed the very idea of inflation, claiming that “no serious economist” believed there was a problem.