Olds Biden Still Doesn’t Get Inflation Blame Game

WSJ says the 2.7% decline in real wages over 2021 is due to Biden’s & not Putin’s record inflation as “the price rises began long before Russia invaded Ukraine & will be hard to stop.” Still, like a die-hard Oldsmobile salesman, Joe doesn’t get it.

Noted the editorial board: “White House aides were out in force on Monday warning Tuesday’s inflation report would be ugly and blame Vladmir Putin.” Well, it was and they did. “No doubt that beats blaming your own policies,” the editors dished. But, unless a stubborn Mr. Biden “shifts” his policies “to tighten money & less spending that fuels excess demand,” the editors don’t see any rainbow over the horizon, especially as Joe keeps doubling down on his take no prisoners War on Fossil Fuels & a multi-trillion dollar Build Back Better aka Green New Deal agenda.

How bad does the future really look, since the historical rule of thumb solution to inflation is for the FED to raise interest rates higher than the inflation rate (i.e., now, it would be more than 9%), which, in turn, could trigger a recession? Thanks to the March inflationary surge, “real average weekly earnings fell a striking $4.26” last month alone “and they’ve fallen nearly $18 during the Biden Presidency.” Concluded the editorial board: “Inflation is a powerful political force because it can’t be explained away [and] nearly every voter feels it every day. If the November elections are a referendum on the cost of living, voters won’t blame the Kremlin. They’ll blame the party in power in Washington.”

Davd Soul