When Joe Biden took office, he headed what James Freeman describes as a “smartly rebounding economy.” The President demanded and received from Congressional Democrats a $1.9 trillion “rescue” plan, while dismissing the risks.
Although Biden got his spending blowout, he failed to grasp what was happening in the U.S. economy, Mr. Freeman tells readers in the WSJ.
Temporary Price Hikes?
From the Washington Post:
On July 19, 2021, President Biden played down the risk of persistent inflation, telling reporters that price hikes “are expected to be temporary.”
Close to a year later, wonders Mr. Freeman, does the President understand the problem that occurs when Washington stokes consumer demand while simultaneously discouraging producers from supplying goods and services?
No Time for Political Games
According to the NBC report:
Rep. Stephanie Murphy, D-Fla., said the White House has failed to put forward what she called an “intellectually honest” plan to combat inflation—a burden that ranks first among Americans’ economic concerns, polling indicates. A bill the House passed to crack down on alleged gas price gouging isn’t an answer, she said.
“If I sound frustrated, it’s because I hear from my constituents,” Murphy said. “They’re struggling. This is not a time for political games. It’s not the time for finding bogeymen.”
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