Joe Biden has come up with a variety of justifications to try and explain away inflation, including blaming Vladimir Putin’s invasion of Ukraine even though inflation had been present for months before February when that war began.
Despite a variety of potential supply shocks to the economy, Summers remarked, “We actually held inflation under control for 40 years.” But because of “massively expansionary policies relative to the size of the GDP deficit, we lost the thread…about a year and a half ago. In comparison to the financial crisis, the fiscal stimulus was multiplied by five.”
What happened around a year and a half ago, really? In other words, Biden’s $1.9 trillion stimulus package known as the “American Rescue Plan” contributed to a frenzy of inflation. Biden, who has been proven to be incorrect on all counts for the past forty years, is elected, and his policies result in unprecedented inflation that hasn’t been witnessed in 40 years. Now, this idea is not brand-new. But you can tell something is wrong when even the Democratic economic experts are outlining it because they care more about the state of the nation than they do about defending Biden’s poor decisions.
For the past forty years, people have had enough knowledge to prevent this. Then Biden enters and either doesn’t understand the effects of careless spending or he deliberately wanted it to go bust. Because it wasn’t difficult to predict what would happen. Last year, despite numerous cautions, he continued to press for further spending.
Summers hasn’t been afraid to express an opinion that is contrary to the Biden campaign’s narrative in the past. He previously expressed the opinion that it would be challenging for the Fed to implement a “soft landing” after rising interest rates. In other words, things will grow worse.
This must be highlighted in every election as we approach the midterms: according to one estimate, $4200 per average American, Democratic policies are directly draining our pockets of cash. By removing Democrats from office in as many places as we can, we need to send them a clear message that this must stop.
