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The Left Can’t Get Their Inflation Story Straight

It’s been almost comical watching The Left contort themselves as they try to explain how Bidenomics took the inflation rate from 1.4% when Trump left office to 9.1% 18 months later.

Biden has sounded like an oaf by at least three times, claiming that he “inherited” a 9% inflation rate (sic).

The absurdity of that repeated lie forced the Democrats to scramble to explain that what they meant to say was that inflation was headed to 9% because of Trump’s policies. But that isn’t true because, as this chart shows, almost all of the top government and Wall Street economists predicted low inflation for 2021 or 2022.

This argument is doubly fatuous because after Biden dumped some $3 trillion of added spending/debt into the budget in 2021, he and a unison of his minions insisted over and over that this would NOT cause inflation to rise. The only notable exception was former Clinton economist Larry Summers. Mary Daly a Democrat who runs the San Francisco Fed dismissed inflation worries as “a tug of fear.”

The Washington Post insisted that “fear of inflation [from Biden policies] just seems like a psychic hangover from another era — the 1970s and 1980s.”

But here’s the biggest problem from the Biden attempt to rewrite history.  If the Biden team truly believed that inflation was a Trump-ticking time bomb ready to detonate, the obvious remedy would have been to CUT government spending. Instead, they inflated the bubble of consumer demand by passing a cascade of supplemental trillion-dollar spending bills – and voila, 9% inflation.

Sometimes in life, the obvious explanation is the right one. If you are going to douse the economy with cheap money, you are going to wind up with the calamity of inflation. It’s called more money chasing fewer goods.

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