Originally posted February 14, 2022.
President Biden is operating on the same principles as a Middle Ages alchemist: Turning base metals into precious gold. Eventually, reality won out, that gold was an element (atomic element #79).
Operating on the same alchemist principles, Joe Biden is trying to turn his record of “dross” into a golden success, explains Victor Davis Hanson in American Greatness. The more Joe Biden fails, “the more zealously he embraces his next new fantasy.”
Causes of 7.5% Inflation
- Printing money
- Talking up low interest rates
- Disincentivizing work
- Subsidizing inactivity
- Being unprepared for a two-year pent-up, locked down, constipated economy
Even a child knows that too much demand and liquidity and too few available goods and services cause prices to rise, continues Mr. Hanson.
The rate of inflation is increasing at an annualized rate not seen in 40 years. And the jump already follows a prior 2021 annual rate of 6.8%. The prices of gas, food, and houses – the stuff of life – are collectively rising far higher than just 7.5 percent.
Meanwhile, the midterm reckoning is approaching.
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