via thefederalist:
By the time the “American Rescue Plan” was passed, there was already too much money chasing too few goods. Tons of people warned about the consequences of dumping more money into the economy. Even when inflation began inching up, Biden dismissed it — “no serious economist” is “suggesting there’s unchecked inflation on the way,” he said. Democrats, of course, wanted to cram through a $5 trillion progressive agenda spending bill. So when inflation became a big non-transitory political problem, the Biden administration began arguing that more spending would help ease inflation.
Again, the vital to remember about “Bidenomics” is that it makes absolutely zero sense.
Only after inflation became a political issue did the Democrats rename “Build Back Better” the “Inflation Reduction Act.” It still contained all the historic spending, corporate welfare, price-fixing, and tax hikes, but, more importantly, it also still had absolutely nothing to do with mitigating inflation.
Let’s not forget that “Bidenomics” also helped initiate the highest gas prices in history. The president signed a slew of executive orders pausing government leases on public lands, shutting down the Keystone XL pipeline, and stymieing drilling in the Gulf of Mexico over concocted “social cost of carbon” externalities, among other restrictions. Despite the uncertainty of the post-pandemic economy, all of this was done in the first weeks of his administration.
Gooder, and harder, America: The ghost of Milton Friedman is haunting President Biden.
Flashback: The ‘cabal’ that bragged of foisting Joe Biden on us must answer for his failed presidency.
by Ed Driscoll
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