The White House Says More Government Spending Will Fix Inflation

As American workers grapple with soaring inflation—the consumer price index rose 6.2 percent since last October, the largest single-year increase in 30 years—the Biden administration has a plan: spend lots of money.

This week, President Joe Biden stated that government spending authorized under the “Build back Better” agenda would make goods more affordable by subsidizing American’s costs and making employees more productive.

 New York Times However, the article that defends the claims of administration does acknowledge that all these spending may have had a temporary impact. Increasing Inflation

A wide range of economists agree with the president — but only in part. Most economists accept the argument of the president that, in the long-term, the bill’s infrastructure plan and the bill could improve the productivity of businesses and workers, which will help lower inflation.

However, many economists, including an economic forecasting firm Mr. Biden often references to back his economic claims, think the bill has been structured in such a way as to increase inflation next year. This is before prices cool.

Some lawmakers and economists worry about the timing. Prices have picked up by 6.2 percent over the past year, the fastest pace in 31 years and far above the Federal Reserve’s inflation target.

Larry Summers (ex-Treasury Secretary) was the Director of the National Economic Council under the Obama Administration. He criticised Biden for failing to take inflation seriously. The following is from the New York PostYou can find this link:

Summers said Wednesday that he believes we are speeding down the roads at a very rapid pace. Summers spoke on CNN’s Cuomo Prime Time. It’s a steep climb. This is going to make it difficult to apply the brakes. “That’s the reason I am concerned.

Summers spoke on the same day that the Labor Department announced that its Consumer Price Index, which measures the cost of a basket of goods and services as well as energy and food, had jumped 6.2 percent in October from a year earlier — the biggest 12-month rise since 1990.

Summers stated Wednesday that Washington’s policy makers have been “almost every month behind the curve.” It doesn’t seem so transitory, they said. It was due to some specific factors, but it doesn’t seem to be. It was supposed that when September arrived and students went back to school it would increase the labor force, but it never happened.”

Sen. Joe Manchin (D–W.Va.Sen. Joe Manchin (D-W.Va.), will vote for any spending legislation. He is well known as being concerned about inflation and could kill or delay “Build Back Better” to stop it getting worse.

Over the past three decades, administrative bloat has become so severe in higher education that universities have more administrators than faculty. Yale University’s problem is worse: Yale employs more administrators than professors. Undergraduate Students The Yale Daily NewsYou can find this link:

Over the last two decades, the number of managerial and professional staff that Yale employs has risen three times faster than the undergraduate student body, according to University financial reports. Eight faculty members claim that the 44.7 percent increase in this group since 2003 has adversely affected students, faculty and tuition.

In 2003, when 5,307 undergraduate students studied on campus, the University employed 3,500 administrators and managers. In 2019, before the COVID-19 pandemic’s effects on student enrollment, only 600 more students were living and studying at Yale, yet the number of administrators had risen by more than 1,500 — a nearly 45 percent hike. In 2018, The Chronicle of Higher Education found that Yale had the highest manager-to-student ratio of any Ivy League university, and the fifth highest in the nation among four-year private colleges.

A roughly one-to-one undergraduate-to-administrator ratio has negative implications for freedom of expression and due process on campus, since the chief role of much administrative staff is to micromanage campus life. There will be more events and seminars aimed at suppressing the rights of students and professors if there are more vice-presidents for student services, diversity and inclusion.

This week’s United Nations Climate Change Conference is over. It is unclear if the participating countries have reached any sort of comprehensive agreement. According to The New York TimesYou can find this link:

As international climate change talks in Glasgow hurtled toward the closing hours, a new draft agreement released on Friday morning called for a doubling of money to help developing countries cope with climate impacts, and called on nations to strengthen their emissions-cutting targets by next year.

But much of the text in the draft — intended to push negotiators toward a deal that all nations can agree on — remained contentious for many countries. Disputes remain over money, the speed of emissions cuts and indeed whether an agreement should even mention “fossil fuels” — the principal cause of climate change, but a term that has never before appeared in a global climate agreement.

The differences, after nearly two weeks of negotiations, signaled that it would be difficult for negotiators to reach the sort of sweeping agreement that activists and scientists had urged before the start of the United Nations talks, known as COP26. To prevent the worst effects of global warming, scientists agree that greenhouse gas emissions must be cut by half by 2030. However, if countries continue to exceed their targets, then emissions will only increase.

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