Good day all. The title of this post is a bit of a misnomer. The actual term used was “Totally dishonest.” The former Obama official was commenting on Joe “Bumbles Dementia” Biden’s remarks on inflation and the causes of it. Dementia Joe, as he always does, denied that his “policies” were at fault.
Like everyone else in the nation, since the installation of Joe Bumbles Dementia into the Oval Office, things have been rocketing downhill. Inflation is, to put it bluntly, out of control and the tools to fix it are going to hurt…a lot. We all know the reason inflation is exploding. Apparently, Dementia Joe does not. He’s blaming it on “Supply chain issues.” This caused the former Obama official to call out Bumbles Biden. Here are the details from Fox Business:
President Biden has repeatedly blamed tangled supply chains for the surging inflation that has seeped into every part of the U.S. economy – but a former Obama administration official on Thursday dismissed that as a “totally dishonest” argument.
Oh this should be fun!
In an op-ed for The New York Times, Steven Rattner – who served as counselor to the Treasury secretary under then-President Barack Obama – accused Biden of mischaracterizing the once-in-a-generation inflation spurt that Americans are experiencing.
“Supply issues are by no means the root cause of our inflation. Blaming inflation on supply lines is like complaining about your sweater keeping you too warm after you’ve added several logs to the fireplace,” Rattner wrote. “The bulk of our supply problems are the product of an overstimulated economy, not the cause of it.”
Rattner was referring to comments that Biden made during an interview last week with NBC News’ Lester Holt, in which the president said pandemic-induced bottlenecks in the global supply chain were the largest driver of soaring consumer prices. Biden pointed to semiconductor shortages, which have continued to delay car manufacturing and have contributed to a 12.2% annual rise in vehicle costs.
The chip shortage is an issue, however, it isn’t the main cause of price increases for new cars. It’s the devaluing of the dollar by out of control spending by the maladministration, with the able assistance of the idiots in Congress. Rattner was having none of that nonsense.
Although Rattner acknowledged the pandemic has indeed stretched supply chains, he said the primary inflation source is rapid consumer demand, fueled in large part by unprecedented levels of government spending, including three stimulus payments.
Like everyone else, I got a check I never asked for. I knew it was going to be a problem, and, Houston, the problem has landed.
On top of that, the pandemic has shifted what Americans are purchasing; as they continue to grapple with the virus, many Americans have shifted their spending to goods like cars, electronics and building materials for homes, rather than travel or entertainment. The Labor Department reported that spending on durable goods surged 25% in 2021, compared with 2020.
Most electronics come in from overseas. Recently, I’ve bought a new cellphone and just bought a new TV set. I’ve also been looking at a new car, specifically the Ford Bronco. (Not the Sport version, the real one) I’ve been put off buy the Bronco for two reasons. One is cost, although I think I can handle it. (Buy Amazon stuff from my links. Those pennies do add up) The other is the delay. I checked with two dealers and it’s now up to 8-16 months once I order it. I’m not in a rush, so I can wait.
“It’s a classic economic case of ‘too much money chasing too few goods,’ resulting in both higher prices and, given the extreme surge in demand, shortages,” Rattner said.
Biden’s comments came as the government reported that the consumer price index rose 7.5% in January from a year ago, marking the fastest increase since February 1982, when inflation hit 7.6%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.6% in the one-month period from December. The eye-popping reading marked the eighth consecutive month the gauge has been above 5%.
And who has been infesting the White House for that period of time? No rush, I can wait.
In order to tame rising prices, Rattner said that the Biden administration needs to shift its approach; instead of focusing on passing another trillion-dollar spending package, the economist suggested the White House should prioritize reducing the deficit.
There is a problem with that. Several actually. First, the only real way to reduce the deficit is to cut government spending, and cut deeply. Entire agencies need to be shut down. The second is to reverse Dementia Joe’s reversal of the Greatest President of the 21st century, Donald Trump’s policies on regulations.
Basically, he ordered that two regulations had to be removed for every one added. As I recall, it was actually closer to 4-5 cut for each one added. The Bumbles Dementia maladministration promptly reversed that and is now dropping the dead hand of government on everything.
Add to that Dementia Joe’s demands that everyone be forced to get injected with the covid vaccines of both questionable efficacy and safety or be fired, his orders that everyone be masked, and his general incompetence and you can see why the economy is tanking. (Getting us into World War Three for no reason isn’t helping matters)
The other issue with cutting spending is that the Democratic Communazis, especially the hard leftists like Alexandria Occasional-Cortex, are opposed to it. What they want to do is massively increase taxes on the productive people. They claim they want to “Soak the rich” but we all know that their idea of “The Rich” is anyone with two nickels to rub together. Once again, Obama’s words are coming true with regards to Joe “Bumbles Dementia” Biden.
Thatisall
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