Inflation Is at a 30-Year High. Biden’s Big Economy Speech Barely Mentioned It.

This afternoon, President Joe Biden spoke on the economic state. It was supposed to address the issue of “lowering prices for Americans”. Biden seems to want us all forget that price inflation is an economic problem.

Biden spent his jawboning time mostly praising his accomplishments and avoided discussing large-scale inflation in price. Yet, Biden did admit to gasoline inflation. There are reasonsToday’s Science Correspondent Ronald Bailey reports that the Biden Administration continues to follow policies that reduce supply, which in turn drives up prices for gas, despite Biden’s new tricks about opening strategic oil reserves.

Biden wants us to believe only his genius and power telling ports to remain open longer and shops to stock shelves more often is what has caused any improvement in the supply chain crisis. We hope that no American thinks it is necessary for federal action to allow private companies to stay in business and be profitable.

Biden’s recent decision to keep Jerome Powell at his Federal Reserve seat (indicating Biden thinks that these inflationary monetary policies have worked) combined with the president’s apparent belief in the fact that gas is the main inflation problem (or his belief in the supply chain as the problem right now) shows that Biden doesn’t think inflation is something he has to worry about politically, while Democrats are blaming greedy corporations for current inflation.

Biden and we want to forget that Consumer Price Index-measured Price Inflation is at 30-year highs. He apparently wants voters to believe that this has nothing to do with fiscal and monetary policies. This includes huge new buying power being injected into the economy via COVID-19 relief, quadrupling M1’s monetary supply over the past year, which will, all things considered, lead to less money, or price inflation.

Biden might consider the fate of Jimmy Carter, a Democratic President who discovered that people hate seeing prices go up. Carter discovered that inflation is often blamed on the money managers.