Why Biden officially owns the inflation disaster
S E E D E D C O N T E N T
President Joe Biden has attempted to blame various scapegoats, from Russian President Vladimir Putin to big corporations, for the nation's inflation woes. But thanks to the latest data and his own promises, the president officially owns the inflation disaster.
We just got yet more alarming metrics from the Bureau of Labor Statistics, showing inflation rising 8.2% from September 2021 to September 2022 — with double-digit increases in key goods from food to energy and beyond. This is the last inflation update we will receive before the November midterm elections, dealing a death blow to whatever hope Democrats had that inflation would ease before voters head to the polls. Remember when it was "transitory?"
Biden and his allies must now walk into the final stretch of this election with an inflation anchor weighing them down. And because of their own missteps, there's no more deflecting responsibility.
Remember, Biden signed the Inflation Reduction Act into law in August. He promised this bill would "fight inflation and lower costs for American families." Just on Sept. 13, the president had a celebratory event at the White House touting how awesome the plan was. Now, just a month later, we're still seeing disastrous price increases. Oh, and real wages (adjusted for purchasing power) are declining, not rising. Wasn't the president's legislation supposed to stop this?
Well, the president's claims about the so-called Inflation Reduction Act were always, to borrow a term, "malarkey." It was never anything more than a partisan grab bag of unrelated spending projects and regulations. An Ivy League analysis warned us from the get-go that it would have a " statistically indistinguishable from zero " impact on inflation. Even Bernie Sanders — yes, that Bernie Sanders! — admitted that "it will in fact have a minimal impact on inflation," although he nonetheless voted it for partisan reasons. So, Biden knowingly passed a legislative lie that he claimed would reduce inflation, and shocker, it has not reduced inflation.
This isn't just a failure. It removes any valid excuse from the president that this isn't his fault.
Prior to passing this joke of a bill, Biden could argue, not entirely without basis, that things like high gas prices are partially due to global factors beyond his control, although his policies have certainly made them worse . So, too, he could point to the significant spending Republicans passed before he took office as part of the problem. But then Biden truly set himself up for failure. He passed hallmark legislation he promised the public would reduce inflation, thus taking on the mantle entirely. But because that legislation was a farce never actually intended to address inflation in any meaningful way, it hasn't had any effect.
Now, Biden heads into the midterm elections with his party bearing the full blame in the minds of millions of voters, for whom this issue is a top priority. And he has no one to blame for this political and economic fiasco except himself.
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The whole world is suffering from even worse inflation than the U.S.
I assume you believe that is Biden's fault as well.
A rational person would actually do some research before blaming Biden for everything.
BS. The Philippines, a third world nation, has current inflation of 6.9 percent.
And many nations have much, much higher rates than the U.S. so what?
So the current inflation rate varies by country, not so hard to understand.
Fail at the goal post movement
You originally said...
"The whole world is suffering from even worse inflation than the U.S"
I proved you wrong by giving you the stats of one country
So I assume you believe that none of the bills or eo's signed by Biden have had anything to do with rising inflation in the U.S.
A rational person might question that opinion.
I guess that since America considers China, not Russia, not Iran, not the DPRK, to be America's NUMBER ONE ENEMY (for partisan political reasons, of course, since both the Republicans and the Democrats are afraid to admit that it is NOT) nobody wants to say that the inflation rate in China is 2%. Now how could that be, so of course the reply to that would be China never tells the truth. LOL Well, funny thing, but I haven't noticed much of an increase in food, utilities, rent, etc. but then you can't rely on what a person who is in the middle of it could possibly know what he's talking about.
Don't be so paranoid. I wasn't taking a shot at you. China's low rate of inflation was not mentioned in all the comments and I considered your comment "The statement is incorrect because there are nations with lower inflation rates than the US has currently." was a perfect place for me to make it, and I was SUBSTANTIATING what you said, not criticizing it. My comment did include my exasperation that Chins, which has only asked for COOPERATION with America keeps getting provoked by it. Jesus Christ, man, cool out.
The opposite is true, Biden blames everything on others and accepts no responsibiity.
The article has to do with inflation, and my comment was relevant because of the comment that YOU made.
I have some bad news for ya. Even in Philadelphia where crime is through the roof along with prices, the people know who to blame:
And, by the way, China doesn't need defending - These days America needs defending a lot more than China.
All the spending...all the regulating and all the reduction of US oil & gas production has finally bit Biden in the ass!
What is amazing is that Biden still continues to pull the 'trickle down' levers. You know unemployment really is low, wages really are increasing, consumer spending really has continued unabated, and there really is a resurgence in on-shore investments. It seems the economy is trying perform the way a capitalist economy should perform. And Biden seems to be trying to short circuit that.
Biden's problem is that the economy has side-lined the government. A working capitalist economy doesn't need government 'trickle down' largess. So, it has become more difficult to buy votes. The more votes Biden tries to buy, the worse inflation becomes. Biden is shrinking the buying power of increased wages and that's not helping. And it looks like it won't buy another election, either.
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You think Brandon isn't trying to buy votes?
What do you call his illegal $10,000 student loan debt forgiveness; where he bypassed Congress? What else is that besides buying votes? It sure as hell raises inflation.
What do you call trying to blackmail the Saudis into producing more oil to keep US gas prices down before the midterms. You know those evil vile murdering royal Saudis that are aiding Putin? Funny how the Saudis for worked a deal to bring back US prisoners of war (and prisoners from other countries) from Russia. The Saudis won't make the same mistake twice- that is for sure if this is the thanks they get from Brandon and the Democrats.
But I am sure Brandon and the Democrats will repay the Saudis by working harder on a nuclear pact with Iran- in return for that sweet, sweet, Iranian oil they so desperately need. In case Democrats missed it Iran and Saudi Arabia are mortal enemies. But hey, US funds to finance Iranian militias that kill our troops sounds like a great exchange. All for the low, low price of letting Iran eventually get nuclear weapons! What a great deal!
It’s humorous that the Republican Party could just cut away the anchor that is killing them (abortion) and run with the inflation thing. Instead, they shoot themselves in both feet as they approach the finish line.