It’s as if Joe Biden can only read from the Jimmy Carter playbook. Inflation, international humiliation, left wing social policies, and incompetence seem to be his deja vu homage to one of the worst presidents in American history. Liz Peek brings on the details.
Inflation soared to a 31 year high in October Now the Biden Admin is arguing that the cure for inflation spurred by their reckless spending is to pursue even more reckless spending
— ChuckGrassley (@ChuckGrassley) November 18, 2021
Peek: “Are you better off than you were two years ago? That’s what Republicans will ask voters a year from now.
That was the question Ronald Reagan famously posed to Americans during his last debate with then-president Jimmy Carter. The country answered by delivering one of the greatest election landslides of all time; Reagan won 489 Electoral College votes to Carter’s 49. How will the nation respond this time around?
One clue comes from the horrendous consumer sentiment survey just released from the University of Michigan. The monthly pulse-taking came in at 66.8, the lowest in a decade, revealing a deeply unhappy country. By comparison, consumer sentiment just before Reagan’s 1980 win was 75.
It is notable that even with all partisan acrimony and in spite of COVID-19 causing death and economic hardship around the entire globe, consumers never sank to this level of gloom during President Trump’s four years in office. Richard Curtin, who oversees the survey, says the poor results mainly reflect concern about rising prices. Consumers expect inflation next year to reach 4.9%, the highest since 2008 and well below the actual current pace of price increases.
The most pessimistic respondents were older people and lower-income Americans for whom the rising costs of basic necessities is especially harmful. These are worrisome trends that echo other recent sentiment surveys. They are especially shocking when you consider that the stock market, normally a yardstick of the country’s mood, keeps hitting all-time highs; also, jobs are plentiful.
It only makes sense when combined with President Biden’s ghastly approval ratings, and Curtin’s assessment that consumers increasingly believe “that no effective policies have yet been developed to reduce the damage from surging inflation.” Consumers aren’t stupid; not only does the Biden administration have no “effective policies” to manage inflation, until just recently they didn’t even admit the problem existed.
President Biden finally addressed the issue last week, sounding more like Jackie Mason playing the Borscht Belt than an effective commander in chief. “Did you ever think you’d be paying this much for a gallon of gas? In some parts of California, they’re paying $4.50 a gallon!” Surprising he didn’t add, “Did you hear the one about the price of used cars???” Unfortunately, Biden’s late-breaking awareness of our inflation problem did not come packaged with a solution. Instead, tin-eared Biden continues to hype his multitrillion-dollar Build Back Better bill, which he says will help bring prices down…
Federal programs are by definition inefficient; that’s the nature of the beast. Add to that Joe Biden’s push to ensure that workers added to provide home care, pre-K and other services be unionized, thus demanding higher pay, and you can rest assured the BBB will not lower inflation. Just the opposite. Voters rejected Big Government this past Election Day. They should do so again in 2022. I’m guessing they will.