If inflation subsides enough by November that voters keep Biden’s party in control of Congress, there is no reason to think they won’t keep feeding the inflationary fire in the belief it will keep paying political dividends in 2024, writes JimAntle.
Inflation is showing signs of tapering off, and Federal Reserve Chairman Jerome Powell has vowed to do what it takes to continue squeezing it out of the economy. “Last month incomes were up, and overall prices were down — that’s according to an important measure of inflation, which showed prices actually came down nationwide last month,” Biden said in a celebratory statement issued by the White House.
But Biden’s entire domestic agenda has consisted of piling trillion-dollar pieces of legislation on top of each other, ignoring repeated warnings about their impact until top Democratic economists such as Larry Summers and Jason Furman sound like Milton Friedman. That’s on top of the additional trillions that Biden rightly notes was spent under former President Donald Trump and congressional Republicans.
Biden continues to maintain that inflation is primarily driven by private sector price-gouging, Russian President Vladimir Putin, and other factors beyond his control. Referring to past spending in response to the pandemic and the 2007-2008 economic crisis, Biden said, “No one complained that those loans caused inflation.”
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