America is currently experiencing inflation unlike anything we have seen in decades.
The Biden administration acts like all of this is unavoidable, but they have clearly been a massive factor in this problem.
Even one of Obama’s former advisers has said so.
The Associated Press reported:
On Wednesday, the government said its consumer price index soared 6.2% from a year ago — the biggest 12-month jump since 1990.
“It’s a large blow against the transitory narrative,” said Jason Furman, who served as the top economic adviser in the Obama administration. “Inflation is not slowing. It’s maintaining a red-hot pace.’’…
“A sizeable chunk of the inflation we’re seeing is the inevitable result of coming out of the pandemic,” said Furman, now an economist at the Harvard Kennedy School.
Furman suggested, though, that misguided policy played a role, too. Policymakers were so intent on staving off an economic collapse that they “systematically underestimated inflation,” he said.
“They poured kerosene on the fire.”
A flood of government spending — including President Joe Biden’s $1.9 trillion coronavirus relief package, with its $1,400 checks to most households in March — overstimulated the economy, Furman said.
“Inflation is a lot higher in the United States than it is in Europe,” he noted. “Europe is going through the same supply shocks as the United States is, the same supply chain issues. But they didn’t do nearly as much stimulus.’’
Biden’s claims that inflation is transitory are part of a pattern.
Biden said inflation was transitory, but it’s not. He said illegal immigration was seasonal, but it isn’t. He said paying money 2 illegal immigrants was garbage but it’s true. He said US wouldn’t leave Americans behind in Afghanistan but we did. Does he even know what’s going on?
— Ari Fleischer (@AriFleischer) November 11, 2021
It’s hard to get too angry at Biden over this.
The man barely knows where he is half of the time.
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