The website once known as Twitter has become a vast wasteland of misinformation, hate and lunacy. Driving the point home is this recent post from Joe Biden's account on the evergreen topic of inflation:
“Let me be clear to any corporation that hasn't brought their prices back down even as inflation has come down: It's time to stop the price gouging.
Give American consumers a break.”
So much economic illiteracy on display in such a brief message. It's almost a kind of performance art. But let's be clear: Team Biden has plenty of economists on staff who know this assertion from the interns in the White House comms department isn't true.
What does that make it then? A nakedly cynical political ploy to shift the blame for inflation away from Biden, and on to those shadow Scrooge McDucks who are laughing at everyone else's misery.
Including Mr. Biden's. Like every other White House occupant since the founding, Biden knows that how individual voters believe they are faring in the economy drives election results. It doesn't matter if inflation is lower now than it was a few months ago. And that is especially true for inflation, the force that quietly but persistently erodes purchasing power.
It's no secret that massive government deficit spending, both in the last part of the Trump administration, and again at the beginning of the Biden term, flooded the economy with cash and fueled inflation.
Prices are still rising today – not at the breakneck speeds they were a year or two ago, but still rising.
And those price increases are accretive – they pile up, one on top of the other. Bringing those prices down – deflation – is hard to do.
What's an aged pol facing long re-election odds to do then? Exactly what Team Biden did with its post – shift the blame for ongoing inflation at unnamed, unknown, undefined “price gougers.”
One might be momentarily tempted to admire the amount of brass it take to make such an assertion. But the cynicism on display just makes the whole thing pathetic.
The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News.
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