This Christmas everything costs more. From going out to eat, to presents, to gas for your car, the prices are up. There is but one reason for it, the economic incompetence of the Biden administration. Writer Carol Roth clarifies the issue.
Why do politicians who shout “Tax the Rich” like @elonmusk keep taxing the poor through inflation? 🥲
— Natalie ₿runell (@natbrunell) December 15, 2021
Roth: Remember not that long ago when the mainstream media and many of the “experts” and politicians told you that inflation wasn’t supposed to be a big deal? Well, recent data continues to tell a different story. The Producer Price Index (PPI), which measures increases in wholesale prices, came in this week at a 9.6% increase on a year-over-year basis. Last week the CPI measure of inflation was up 6.8% on an annualized basis, the fastest rate since 1982.
But you don’t need that data—based on your own personal knowledge of shopping for your family’s needs, you know prices for goods and services are rising rapidly and wages aren’t keeping up the same pace.
Inflation has been one of many big lies of the last couple of years, an entirely predictable outcome of very concrete events. The Federal Reserve pumping trillions of dollars into the market was always going to have consequences. Add to that the federal stimulus spending, plus lockdowns and other government decisions disrupting the labor market and supply chains, and you have the perfect (and, again, entirely predictable) storm of more money chasing a decreased supply of goods and services. You don’t need an economics degree to surmise that higher prices would be the outcome.
If you had listened the “experts,” including many economists, mainstream media, politicians, the Federal Reserve and even the head of the Treasury, they told you a different story.
First, we were told that inflation wasn’t likely. Then we were told it was going to be that infamous word—”transitory” or temporary. That phrase was recently abandoned. And now, as you have seen the statistics on rising prices, they are still trying to gaslight you.
The latest media farces range from multiple outlets saying that inflation is good for you (spoiler alert, it isn’t) or that with inflation, you should spend your paycheck sooner. The latter sounds like it might be right out of the World Economic Forum’s “The Great Reset” playbook; the one that touts that, “you will own nothing and be happy.” That doesn’t sound like the path to wealth creation or happiness. Why the blatant lies?
The Federal Reserve, whose mandate from Congress is stable prices (that is, controlling inflation) and full employment (at this point, monetary policy isn’t likely to get people back into the labor force), seems to have abandoned their dual directive. They also seem to have more of a focus on propping up Wall Street and enabling government spending. So, perhaps the lies buy them more time to do those things…
The bottom line is that the people in charge of multi-trillion dollar decisions are either wildly incompetent or liars themselves. No matter which one it is, or the way the media tries to spin it, the outcome is the same, and every American is paying dearly for it.