Remember When Inflation Was Just Going to Be Transitory? By George Leef
So said President Biden last year. I don’t think many people believed it then and they sure don’t now.
It’s bad and will get worse, argues Timothy Nash of Northwood University’s McNair Center in this TownHall article.
Get ready for “Higher prices for basketballs, lipstick, pacemakers and automobiles — brought to you by the U. S. Federal Reserve Bank, the Biden Administration’s Green Energy policies and Putin’s foreign policy,” Nash writes.
Under Obama, Trump, and now Biden, the federal government has been creating money to cover its prodigious spending at an unprecedented pace. That’s actually what inflation is — the loss of value in the currency is just one of the consequences.
One of Nash’s key points is that Biden’s “green” energy policies have made a bad situation much worse. He observes, “If U.S. oil markets had remained less regulated under the Biden Administration, domestic and global oil supplies would be higher today. The price of oil per barrel on the global exchanges would be lower and Vladimir Putin’s ability to fund the acts of a tyrannical despot would be greatly reduced, while simultaneously validating that freedom and free enterprise is the best way to allocate resources globally.”
The American people are suffering as a result of our ravenous federal government, led by politicians who apparently believe that there are no adverse effects from their unbridled lust for spending and control. Of course, Biden and his minions will try to pin the blame elsewhere, but I’m optimistic that more and more Americans are starting to realize that the problem is the Leviathan on the Potomac.
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