Authored by Mike Shedlock via MishTalk.com,
Let's discuss plans to bring down inflation. Who has one and who doesn't.
No Plan to Deal With Inflation
According to Eugene Daniels, a White House correspondent for Politico, Biden will go after Republicans for not having a plan to deal with inflation.
"Expect Biden to step up his attacks on the GOP. An administration official told Eugene this weekend that we can expect to see Biden be a bit tougher on Republicans for taking credit for an infrastructure bill that some voted against, and for not having a plan to bring down inflation."
Hoot of the Day
That wins my hoot of the day award easily. I thought about having a Hoot of the Month, but there is still time left for something even more ridiculous.
History suggests we won't be disappointed.
Fact Check Questions
Which party has the White House, the House, and the Senate?
What the heck is Biden's plan?
If he has one, is it working?
Eight Inflationary Things
Build Back Better
Clean energy
Student debt cancellation
Eviction moratoriums
Push for more unions
Push for higher wages
Tariffs and sanctions
Free Money
The Biden administration is guilty of all eight.
To be fair, Biden mostly continued Trump's tariff policy but Biden did increase the lumber tariffs on Canadian lumber that Trump started.
Amazingly, Biden believes Build back better is not inflationary. Fortunately, Senator Joe Manchin saw through the smoke screen and blocked the deal.
Doing Everything to Drive Prices Up
On March 22, I noted Biden Doing Everything Possible to Drive Up the Price of Oil, Some of It's Illegal.
Oil Prices Jump Again, Hello Mr. President, What Will You Do For an Encore?
On March 31, 2022, president Biden announced release from the Strategic Petroleum Reserves to lower gas prices. Relief was short lived.
For discussion, please see Oil Prices Jump Again, Hello Mr. President, What Will You Do For an Encore?
On April 1, 2022 Phil Flynn and I discussed numerous Biden proposals to lower the price of gas and whether or not they will work.
Flynn noted Biden planned to release more oil from the reserves than was physically higher than the pipeline capacity!
For the video discussion, please see MishTalk TV With the Head Energy Trader at Price Futures Group
November 21, 2021 Flashback
On that date I correctly stated Biden's Foolish Effort to Reduce Oil Prices by Tapping Reserves Will Fail.
The price of crude on November 21, 2021 was $76.20.
Republican Plan
Republicans would propose more deregulation and more drilling here. Biden asked Saudi Arabia to pump more. Biden even courted Venezuela. That was my hoot of the day on that date.
Any plan (Even None at All) would do better than the Biden administration's plan.
Four Measures of Inflation
Consumer Price Index data from BLS, PCE data from the BEA, chart by Mish
Real Hourly Wages Dive Again in March, Negative for 13 of Last 15 Months
On April 12, I noted Real Hourly Wages Dive Again in March, Negative for 13 of Last 15 Months
That post contains the previous chart. Note when Inflation took off and why.
Instead, Biden blames Putin for an invasion that started on February 24, 2022.
Lame Duck
In November, Biden will officially be a lame duck.
Unfortunately, he can still inflict damage by executive order, but the midterm election will end the chance of Biden getting his highly inflationary policies through Congress.
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