Good day all. It’s only taken the Fake President’s maladministration 4 months to crush the greatest period of economic growth in America since records started to be kept. Now we have reports of inflation exploding upwards at levels not seen ever.
Dementia Joe has spent his entire “Career” spending other people’s money, and now the Democratic CommuNazis want to spend trillions of dollars we do not have. The only way they can do this is to fire up the virtual printing presses and massively inflate the economy, rendering the Dollar basically, worthless. Here are the details from Fox News:
Producer prices rose in April at the fastest annual pace on record as the reopening of the U.S. economy from COVID-19 lockdowns continued to gain momentum. The producer price index for final demand last month rose at a 6.2% annual pace, quickening from March’s 4.2% increase, the Labor Department said Thursday. The April reading made for the biggest annual jump since record keeping began in November 2010. On a monthly basis, prices jumped 0.6%, slowing from last month’s 1.0% increase.
Now there are several reasons why prices can increase. One is shortages. Thanks to the idiotic lock-downs, manufacturing plants were forced to shut down, which meant finished products became scarce. We’re seeing this in the Auto industry where both computer chips used to run modern cars and the metals used to make them are in short supply.
Then there is the out of control spending by Congress. Thanks to the Panicdemic, congress has borrowed several trillion dollars and pumped it out as “Stimulus” payments. The first batch went directly to people, (And frankly wasn’t needed by most), however the second payout was sent to the usual progressive suspects with small amounts being sent to people, and a fair number of the recipients are illegal aliens who’s only “payout” is a plane ticket back to the Turd World Hellholes they came from.
The rapid increase in prices has caused some investors to question whether the Federal Reserve will be forced to abandon the emergency measures that were enacted to support the U.S. economy. The central bank last year cut interest rates to near zero and announced unlimited asset purchases after the economy was hurled into recession due to lockdowns aimed at slowing the spread of COVID-19.
The 2020 recession can be directly blamed on governments, both here and abroad. It’s now seen as a major mistake that did far more harm then good. Of course, the CommuNazis are blaming this all on President Trump, however he never issued any order closing the country down. That is totally on the governors of both parties.
The Fed has said it will let inflation run above its 2% target “for some time” with the hopes of spurring inflation that has been elusive since the 2008 financial crisis.
The Federal Reserve is staffed by Keynesian morons who can’t get it through their thick heads that what they are doing never works, has never worked and will never work. They think that a weak dollar is great for trade, but America has always done better when the dollar was strong. Frankly, the existence of the Federal Reserve is constitutionally questionable. Their complete incompetence is not.
Sadly, things will get a lot worse thanks to the blithering idiots and incompetents in Washington, frankly on both sides of the aisle. The CommuNazis want to massively increase spending money we do not have and never will have, and try to recoup by raising tax levels on everyone but themselves to confiscatory levels. Mitch McConnell and Kevin McCarthy should flat out stop any thoughts of cooperation and start digging in their heals. Let the CommuNazis ram through their plans for economic destruction on party line votes, and stop giving them cover with “Bipartisanship.” You’ve gotten rid on one RINO already, now you need to start acting for the people you claim to represent.
Thatisall
(2 votes, average: 5.00 out of 5)
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