Afternoon TEA: The Buck Stops With Biden
Did you know?
The Biden Administration has developed a real pattern of downplaying rising costs driven by their policies. To hear them tell it, inflation and skyrocketing energy costs are completely out of their hands and have nothing to do with their big-spending policies. It’s just a latent effect of the Covid-19 lockdown. Nothing to see here.
One of the wonkier terms for this is labelling the inflation hard-working Americans are currently struggling with as just “transitory.” Well, during recent testimony before a Senate committee, Federal Reserve Chairman Jerome Powell—who has been reappointed by President Biden—suddenly had something quite different to say:
“The word transitory has different meanings for different people. To many it carries a sense of short-lived. We tend to use it to mean that it won’t leave a permanent mark in the form of higher inflation … I think it’s probably a good time to retire that word and try to explain more clearly what we mean. You’ve seen our policy adapt and you’ll see it continue to adapt. We’ll use our tools to make sure that higher inflation does not become entrenched.”
Powell also predicted that the inflation we are already struggling with will likely last well into 2022.
So, what exactly does that word jumble mean? If what Biden’s own appointee is saying is true—that a policy change will fix our broken economy—then doesn’t that mean their policies broke it in the first place? Powell seems to think so.
Last week, we talked about how the “Biden Bill” of inflated prices and huge energy bills is burdening American families this holiday season. And, now, here we are with his own appointees confirming that the costly bill does indeed rest firmly on Biden’s shoulders.
The facts are, Biden has spent an incomprehensible, unprecedented amount of money. And, his policies have intentionally punished much of the American energy industry by blocking oil and gas leasing, shutting down pipelines and creating a hostile environment toward domestic energy production. The price index in the U.S. rose 6.2 percent over the last year. That’s the biggest jump in inflation in over 30 years. And, energy has shot up 30 percent during that time.
Biden needs to follow Powell’s lead and own the terrible effects his expensive, “green at all costs” policies are having on our economy and the well-being of American families. We have the drive and the resources to do so much better. Biden needs to fix what he has broken and let hard-working Americans have the prosperity and security they deserve.