It was just a few weeks ago that the press and the Biden administration were assuring everyone that the current inflation highs are just a temporary transition. Paul Krugman even penned a piece for The New York Times entitled “The Week Inflation Panic Died.”
As Democrats and their media allies explained, all those higher prices you are paying for groceries, materials, products, and energy are largely just a figment of your imagination. Things aren’t really that bad. I mean, hotdog prices were down 16 cents.
We were so much younger then. pic.twitter.com/iSkInpzFBF
— Noah Rothman (@NoahCRothman) July 13, 2021
That Krugman wrote that piece should have been the clue that we were about to get bad news. After all, he is perhaps the worst economic mind in existence, being consistently wrong on essentially every issue despite his credentials and received awards.
Well, the bad news has arrived. For the month of June, inflation was up 5.4% year over year, the worst mark since the financial collapse of 2008.
WASHINGTON (AP) — US consumer prices jumped 5.4% in past 12 months, most since 2008, even with hopes for lower inflation ahead.
— Zeke Miller (@ZekeJMiller) July 13, 2021
I’ve written a lot on the causes of the current outsized inflationary cycle so I won’t rehash everything here. Suffice it to say, Joe Biden’s policies are directly responsible. You can not blow $2 trillion of freshly printed, unpaid-for money into an already organically recovering economy and not expect to cause massive inflation. That’s what happened here, and it’s obvious to anyone looking at the timeline of events.
It’s really the gaslighting that is so remarkable here, though. Note the AP reporter’s framing as this news dropping amid “hopes for lower inflation.” Hopes based on what exactly? Expressed by whom? Democrats are pressing for even more spending and regulation, which will only make the inflation worse. Yes, the Biden administration has been lying, claiming the inflation was going to slow down, but that’s hardly dispositive to the point where a journalist should be citing their assertions.
Fortunately, we have our stalwart “fact-checkers” to let us know that none of this is Biden’s fault.
— Glenn Kessler (@GlennKesslerWP) July 13, 2021
Let’s recap exactly what the current president has done on this front since taking office.
He’s canceled the Keystone XL pipeline, a massive transporter of energy that not only helped the environment but lowered the costs of distribution and created thousands of jobs. Biden also froze some leases and stopped drilling in ANWR, which has had so many environmental studies done on it that I’ve lost count at this point. Further, as I mentioned above, he passed a massive “relief” bill along party lines that produced big-time inflation in all commodities.
Yet, according to Kessler, those 7-year high gas prices that just so happened to coincide with Biden’s presidency and his sweeping policy changes have absolutely nothing to do with Joe Biden. Convenient, right?
These people are shameless. Yet, it’s not going to save the Democrats in 2022. They own this and voters know they own it. No amount of gaslighting will change that.