The Biden Administration blames everyone else for the highest inflation in 40 years (like Russia), everyone other than themselves, of course.
Amazon’s Jeff Bezos got it right — massive Federal spending (too much stimulus pumped into markets in a short period of time) is a major inflation culprit.
“In fact, the administration tried hard to inject even more stimulus into an already over-heated, inflationary economy and only Manchin saved them from themselves,” Bezos said on Twitter Sunday. “Inflation is a regressive tax that most hurts the least affluent. Misdirection doesn’t help the country.“
Well stated. But other factors are contributing to inflation such as excessive monetary stimulus and rising gasoline/diesel prices thanks to Biden’s halt of fossil fuel drilling. And then Biden asked gas stations to lower prices (only a career politician like Biden would think that this is a good idea).
The problem facing Americans is rising gasoline/diesel prices and refineries operating at near 100% capacity. The theory coming out of Washington DC is that if DC raises gasoline prices enough. But we are seeing refineries at near full capacity DESPITE gasoline prices being up over 100% since Biden took office in January 2021.
And The Federal Reserve still has not removed the Covid-related monetary stimulus yet.
Fourth of July has become a Weekend at Joe’s.