IN BIDEN ADMINISTRATION, INFLATION
The Free Beacon has compiled the video below to commemorate the one-year anniversary of President Biden’s dismissal of inflation as “temporary.” It’s a long way to temporary. The Free Beacon prefaces the video with a summary by Andrew Stiles:
Exactly one year ago today, on July 19, 2021, President Joe Biden delivered a momentous address on the state of the U.S. economy. The speech, in retrospect, was a chilling portent of the economic calamity that has befallen this great country as a result of Biden’s failed leadership.
Biden’s remarks came several months after Democrats rammed through the $1.9 trillion package known as the American Rescue Plan. Some experts had warned that injecting so much money into the economy could lead to runaway inflation. The White House scoffed at such concerns. At the time of Biden’s speech, prices were already beginning to rise. The president took the opportunity to tell Americans to stop complaining.
“As our economy has come roaring back, we’ve seen some price increases,” Biden said. “Some folks have raised worries that this could be a sign of persistent inflation, but that’s not our view. Our experts believe, and the data shows, that most of the price increases we’ve seen were expected and [are] expected to be temporary.”
The Biden administration’s talking points on the economy have revealed his economic team to be hacks, from Treasury Secretary Janet Yellen — especially Janet Yellen — to NEC Director Brian Deese to White House chief economist Jared Bernstein and all the rest. Biden himself may or may not know what he is saying as he stares hypnotically at the teleprompter reading his script.
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