Liberal Derangement

Harvard Economics Professor To CNN: Biden Has Wiped Out…

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In a move that ended up slamming our great economy given to us by the former Trump administration, the Biden administration has many people believing they intentionally destroyed our economy in a Cloward and Piven type scam to usher in big government solution of socialism. Cloward and Piven were two leftist professors who said in order to bring about socialism in a country you have to create economic policies that are so bad they will collapse the economy and you will have a socialist set of policies waiting in the wings to “save” the society from doom. The problem is, it’s the Cloward and Piven playbook and the socialism that follows that destroys any economy.

For months now, the Biden administration insisted to Americans that growing inflation is “not something we should” fear amid the recovery from the coronavirus recession, a recession that was brought to us by Democrat governors and mayors shutting down our economy with lockdowns that many believe not only failed to stop the spread of coronavirus, but made matters much worse.

Joe Biden told us that pumping multi-trillions of dollars in the form of spending bills into our economy wouldn’t have a serious impact with inflation as non-woke economists and Republicans in Congress questioned his position.

Joe Biden spent nearly 50 years in politics in Washington DC and he has been wrong on just about every issue he’s ever weighed in on. He’s never been considered an intelligent man and now with his cognitive decline it’s insufferable to listen to this dopey drunken grandpa figure, corrupt as the day is long, tell us that printing money out of thin air, not backed by anything, while not having enough of a workforce to manufacture products that people want to buy with all of that money, would not cause economic problems. And yet, here we are.

And when it became so obvious that even the idiot Paul Krugman could understand that inflation is in fact rising, the Biden administration changed lanes and told us that the increase is only transitory, that it is unavoidable, and incredibly, they said it was preferable. That means, for Joe Biden, transitory inflation is preferable to hiking rates, thinking those were the only two choices, but the problem now is that inflation is more than transitory.

The Fake News media types all nodded their leftist empty bobbleheads and repeated the message that inflation was transitory, unavoidable, and preferable. Close your eyes and image all the dopes from CNN and MSNBC lined up in squares across your television screen, saying in deadpan unison, “Inflation is transitory, unavoidable, and preferable.” While all that was going on, economists were telling us they were worried.

The economists told us that the cost of living, which is measured by the government’s own Consumer Price Index, rose 5.4 percent over the course of the last year ending in June. It was the largest annual increase in close to 13 years.

Sadly for CNN, a Harvard professor explained to them that the (artificial) wage gains that were brought by coronavirus relief packages (that will put your children and grandchildren into debt for the rest of their lives to pay it off) have been wiped out and annihilated by the skyrocketing inflation in the months after Biden “won” the election.

With no good way to spin it in favor of the Democrats, CNN reported it this way:

Companies big and small are raising wages to attract workers and hold onto employees as the economy revs back into gear. But those fatter paychecks aren’t going as far, thanks to rising inflation.

In fact, compensation is now lower than it was in December 2019, when adjusted for inflation, according to an analysis by Jason Furman, an economics professor at Harvard University.

The Employment Cost Index — which measures wages and salaries, along with health, retirement and other benefits — fell in the last quarter and is 2% below its pre-pandemic trend, when taking inflation into account. (Wages and salaries are growing at a faster pace than benefits.)

“The hot economy is heating prices more than it is heating wages,” said Furman.

When you remove the staggering inflation from the equation, wage compensation rose 2.8 percent from March to June 2021 according to the report. The Democrats will say that makes things look pretty good, but that’s not the entire story.

“At the same time, prices are soaring. Gas costs more. Food is more expensive. Car prices are at record levels. The consumer price index rose 0.9% in June and 5.4% over the past 12 months — the largest jumps for each since mid-2008, according to federal data,” the CNN report continued.

Leave it to Joe Biden to even screw up Trump’s gift to this administration. If Biden hadn’t written a single executive order negatively affecting our economy, had Joe Biden done nothing at all but watch reruns of The West Wing with a handful of grapes til it’s nappy time, he would right now be receiving praises for a thriving economic boom caused by Trump’s policies that the Dope-in-Chief would be able to take credit for. But he listened to the progressive ideologues who pull his strings and now he’s got a mess.

And it doesn’t look like things are going to get any better anytime soon. The Wall Street Journal, in an op-ed reacting to the Labor Department’s economic report for July, they said that inflation is here now and it could be here to stay.

“The meaning of ‘transitory’ is getting longer all the time,” the board noted, making a dig at Biden’s phony misinformation of the economic outlook. for our country. “Consumer prices rose 5.4% over the last 12 months. That’s two months in a row, after a 5% annual increase in May. When does transitory, in the Federal Reserve’s inflation lingo, become persistent?”

Republicans and anyone else with a triple-digit IQ have been saying for months that pumping money into our economy through relief and recovery packages will not work and will cause serious problems for our economy.

Let’s do a simplistic business/economic lesson for our dopey liberal friends. I know our readers get it, but you can explain it to your liberals friends in these terms and maybe they’ll get it too. Suppose you have some widgets for sale. People love to buy those widgets and the price for widgets is reasonable enough. Now, the government injects trillions of dollars into the economy and some of it filters down to everyday people who like to buy widgets. And they go out and buy your widgets. In fact, so many people now have enough money to buy your widgets that they bought them all up and now you don’t have any more to sell. You have to put in orders to bring in more widgets, but the manufacturers can’t produce the number of widgets that you need fast enough because the government is also paying the people who work at the widget factory enough money to not have to work, and instead they joined the Flat Ass Society. They’re sitting at home playing video games all day or messing around with all the widgets they just bought.

So until the manufacturers can hire enough people to create all the widgets that are needed, the ones that you can get your hands on cost more than they normally would. Scarcity in a product causes the price to go up. It’s called supply and demand. Now, when people want to buy more widgets, it’s going to cost them more money.

Joe Biden thought all they had to do to make themselves look like economic geniuses was throw a ton of money into the economy and everything would work itself out. Like I said, Joe Biden has never been considered an intelligent man.

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6 Comments
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