Lest you’re thinking that I only pick on democrats and their leftist progressive brothers and sisters or what have you, I actually don’t blame them for the out of control inflation.
No really, “Bidenflation” existed before he fell into office on January 20, 2021.
Nearly every republican supported the worst piece of legislation in US history on Annunciation Day, 2020, which gave way to an avalanche of pieces of legislation underwriting and incentivizing COVID lockdowns.
The chief cheerleader of the bill was Senate Majority Leader Mitch McConnell, the person republicans are praying to return as leader once more next year to resolve the inflation crisis. But to resolve it, we’d have to acknowledge the cause and who was responsible.
Last month, Sen. McConnell said Biden caused inflation with his $1.9 trillion reckless spending “on party line” last year. What he doesn’t tell you is that the unfathomable levels of spending came from the $2.2 trillion COVID lockdown/Big Pharma bill that he pushed for in March 2020, which at the time, represented 1/2 the complete federal budget! That bill led to a cascading effect that unleashed $10 trillion on the economy. McConnell praised it as “a wartime level of investment into our nation.” “The men and ladies of the best country on Earth are visiting defeat this coronavirus and reclaim our future,” he said. “The senate’s visiting confirm that they need the ammunition they have to try to to it.” Except, it wasn’t a wartime investment in production, it absolutely was an investment in lockdown, paying people to not work, farmers to not farm, imposing tyranny, and inducing a positive feedback of huge pharma failure that perpetuated both the pandemic and also the economic misery.
Milton Friedman famously described inflation as the results of “too much money chasing too few goods.” Never in history has congress voted to spend more money to simultaneously pick up production and make goods scarce while lining the pockets of people and corporations with endless cash. The Federal Reserve Bank said in March when groping for the culprit of the history of inflation, “In seeking evidence, we address the mix of direct fiscal support introduced to counteract the economic devastation caused by the pandemic.” Because of the terrible COVID policies republicans still refuse to acknowledge, the Federal Reserve went on such a bond buying spree that it increased the money supply by 40% and shrank output. Hence, plenty of cash suddenly chasing diminishing quantities of products. What’s worse, these same republicans then immediately jumped on the bandwagon of the next current thing by criticizing Biden for not giving enough money to Ukraine. It wasn’t just the over $50 billion we sent there without an understanding of the end result, but it perpetuated a war and sanctions that are crushing supply chains, which exacerbates inflation. McConnell famously said in May that “the most significant thing happening within the world without delay is that the war in Ukraine.” Hence, McConnell carping about inflation is now equivalent to the arsonist blaming the fireplace inspector. The foundation for this crisis was set in stone with the bills shepherded by McConnell when he was in the majority. which date wasn’t January 2021, but March 2020, when republicans controlled two of the three branches.
Since March 2020, the gross debt has increased over $7 trillion. It took from George Washington’s day to 2004 to accrue our first $7 trillion of debt.
In 2010 during the Tea Party era, republicans claimed to oppose spending. Today, they’re not acknowledging the problem that caused the inflation. As such, how are we to believe anything would change on the opposite side of a national “red wave”?
