The Bidenflation predicted by Bill Clinton’s Treasury Secretary Larry Summers is real and it has Barack Obama’s former economic guru Jason Furman jumping up and down. He howled at the Associated Press about Joe Biden’s imperial palace policy. “They poured kerosene on the fire!”
Bidenflation was predicted
The palace doesn’t have any answers but continues to insist Bidenflation has nothing to do with His Wisdom Joe Biden. Meanwhile, economists coined a new term that’s destined to go into future textbooks with an explanation of what went wrong.
With official Palace Propaganda Minister Jen Psaki on deaths’ doorstep, contaminated by COVID-19, despite the full quota of required vaccine shots, the palace is scrambling to explain why everything costs so much.
The pandemic is only a tiny part of the rising prices. According to Harvard Kennedy School economist Jason Furman, “policymakers were so intent on staving off an economic collapse” that they “systematically underestimated inflation.”
He owns it, so we might as well call it “Bidenflation.” It all started with the flood of unnecessary government spending. “They poured kerosene on the fire,” Furman flatly declared.
“Joe Biden’s $1.9 trillion coronavirus relief package, with its $1,400 checks to most households in March” is what sparked the inflation fire like an Antifa arsonist’s Bic.
Joe Biden “overstimulated the economy.” Thanks to Joe, Bidenflation “is a lot higher in the United States” than inflation is in Europe. They’re “going through the same supply shocks as the United States is, the same supply chain issues. But they didn’t do nearly as much stimulus.”
The experts were right
All the economic experts were criticized for sounding the Bidenflation alarm, right after the Imperial Leader’s installation. It turns out they were right. Only two months earlier, Congress passed a huge stimulus bill, “and most of the money from that hadn’t yet been spent.”
There was still cash floating around from the one in April 2020 which “hadn’t been spent yet either.” Experts like Larry Summers called it a recipe for disaster.
Too much stimulus is a bad thing. Bidenflation started with the kind of stimulus overload that only comes from jacking the pleasure center of your brain straight into a wall socket.
“Adding too much stimulus — especially consumer stimulus in a situation where supply issues would exist — were so directly inflationary that it hardly could be contradicted.” The palace is trying real hard to contradict it but their excuses aren’t working.
Summers predicted and Furman confirmed that Bidenflation is upon us. What he did “will set off inflationary pressures of a kind we have not seen in a generation.” Venezuela was just an economic pothole compared to the crater that’s coming to America.
As HotAir writes, not “only does Biden lack budgetary capital for that purpose, his massive incompetence has entirely depleted his political capital for that agenda. His job approval hasn’t fallen into the thirties because of a perception that Biden is overly concerned about voter priorities and household issues, after all.” Yesterday’s Consumer Price Index numbers “hit a 31-year record for inflation and show no sign of slowing down.”