Elitist Economic Illiterates Trying to Micromanage a $21 Trillion Economy
Means Historic Inflation
By James S. Soviero
A report recently released by Steve Moore and Jon Decker revealed that 62% of Biden appointees “who deal with economic policy, regulation, commerce, energy, and finance have virtually no business experience.”
The “vast majority of the Biden economic/commerce team members are professional politicians, lawyers, community organizers, lobbyists, or government employees.” Translation: They are elitists, untouched by reality, who are fully confident in their ability to know more about things than anyone else.
Here’s a Cliff Notes timeline; look into how these economic illiterates have trashed a $21 trillion economy.
When Biden took office in January of 2021, inflation was 1.4%. By April, it more than doubled to 4.2%. Fed Chairman Jerome Powell proclaimed, “These one-time price increases are likely to have only transitory effects on inflation.”
As the number ticked up to 5.0%, Treasury Sec. Janet Yellen said on 5/27/21, “My judgment right now is that the recent inflation that we have seen will be temporary. It’s not something that’s endemic.”
On July 19, 2021, while consumers continued suffering, Joe Biden assured the masses, “Some folks have raised worries this could be a sign of persistent inflation. Our experts believe…..that most of the price increases ….were expected and expected to be temporary.”
In December, with inflation hitting 7%, Powell, one of Joey’s “experts,” issued the following Kamala-type word salad. “We tend to use (transitory) to mean that it won’t leave a permanent mark in the form of higher inflation. I think it’s probably time to retire that word and try to explain more clearly what we mean.” Huh? How about retiring you.
Apparently, what “we mean” could best be explained by a series of Pinocchio Joe’s lies. On May 10, 2022, he blamed the spike to 8.6% thusly, “There are two leading causes of inflation we’re seeing today. The first….is a once-in-a-century-pandemic. This year we have a second cause-Mr Putin’s war in Ukraine.”
Back to the “experts,” Sec. Yellen, on 5/31/22, said, “I think I was wrong about the path inflation would take.” Ya think? And it only took this genius a full year and four days to figure it out!
Meanwhile, last month Biden bragged, “Look, here’s where we are. We have the fastest-growing economy in the world. The world. The world.” Even Dem-loving fact-checkers had to expose that blatant lie for what it was.
Last week Hunter’s Father huffed, “While today’s headline inflation reading (9.1%) is unacceptably high, it is also out-of-date.”
The 79-year-old, “out-of-date,” increasingly cognitively crippled Joe Biden said that without so much as a hint of irony, even while his clueless advisors continue to bury the American economy under waves of historic inflation.
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