{"id":17031,"date":"2022-01-23T20:26:22","date_gmt":"2022-01-24T01:26:22","guid":{"rendered":"https:\/\/jimbovard.com\/blog\/?p=17031"},"modified":"2022-01-23T21:47:26","modified_gmt":"2022-01-24T02:47:26","slug":"new-york-post-will-inflation-bankrupt-joe-biden","status":"publish","type":"post","link":"https:\/\/jimbovard.com\/blog\/2022\/01\/23\/new-york-post-will-inflation-bankrupt-joe-biden\/","title":{"rendered":"New York Post: Will Inflation Bankrupt Joe Biden?"},"content":{"rendered":"

\"\"<\/a>New York Post, January 24, 2022<\/h2>\n

Inflation only goes up and will bankrupt Joe Biden and the Democrats<\/a><\/h1>\n
\n
By James Bovard<\/a><\/div>\n<\/div>\n

In his victory lap at his marathon press conference <\/a>last week, President Joe Biden boasted that \u201cI have probably outperformed what anybody thought would happen\u201d and \u201cI have gotten the critical crises out of the way.\u201d He shrugged off concerns about inflation, which he has blamed on greedy corporations and supply-chain snafus. But inflation will be the wrecking ball that could politically destroy Biden and his Democratic allies in the coming months.<\/p>\n

Inflation has risen more than fourfold since Biden took office, jumping from 1.4% to 7%. Cynics are quipping that it\u2019s now higher than Biden\u2019s approval rating, but that is a cheap shot \u2014 or at least premature.<\/strong><\/p>\n

Last month, Biden characterized inflation as a \u201cbump in the road<\/a>.\u201d But that \u201cbump\u201d is a hole in the gas tank for tens of millions of Americans who drive to work. Oil prices closed at their highest level in seven years <\/a>the day Biden spoke.<\/p>\n

Biden said in July, \u201cThere\u2019s nobody suggesting there\u2019s unchecked inflation on the way<\/a>,\u201d but there were plenty of dire warnings from experts early last year. The president claims that inflation is a problem everywhere, but National Public Radio reported that \u201cbetween 2019 and 2021, the U.S. saw one of<\/a> the biggest inflation rate increases in the world, behind only Brazil and Turkey.\u201d<\/p>\n

Liberal outlets have responded to this debacle by painting inflation as practically a divine blessing that Biden is bestowing on Americans.<\/strong><\/p>\n

MSNBC tweeted, \u201cWhy the inflation we\u2019re seeing now is a good thing<\/a>,\u201d while The Intercept went whole-hog on soaring milk prices: \u201cInflation Is Good for You<\/a>.\u201d The Washington Post editorial board offered a jaw-dropping absolution of the president: \u201cThe main reason inflation is at its highest level since 1982\u2033 is because \u201cpeople continue to spend<\/a> a lot of time at home\u201d and demand more goods.<\/p>\n

It gets wackier. On Tuesday, NPR ran a tear-jerking piece headlined: \u201cThe Movement To Stick <\/a>Inflation Blame On Biden.\u201d After disparaging the \u201cI did that!\u201d stickers of Biden\u2019s face being attached to gas pumps and other places, NPR lamented, \u201cIt\u2019s not just vandals, pranksters, and TikTokers trying to stick inflation blame on Biden.\u201d After admitting that real wages for workers fell 2.4% last year, NPR consoles, \u201cIt\u2019s A Crummy Time To Be A World Leader.\u201d<\/p>\n

But it will take more than media pity parties to save the Biden administration.<\/p>\n

Biden\u2019s policymakers appear devoted to Modern Monetary Theory \u2014 the notion that politicians can spend unlimited amounts of newly created money with no adverse effect on the econom<\/strong>y. A Washington Post headline last April captured the administration\u2019s presumptions: \u201cBiden\u2019s big bet<\/a>: That he can remake economy with no bad side effects\u201d such as \u201cless incentive to work.\u201d But, as USA Today reported, \u201cMany people have permanently stopped working<\/a>, depressing labor force participation\u201d by millions of people<\/p>\n

Biden\u2019s pro-inflation policies are dividing Americans between those who work for a living and those who vote for a living.<\/strong> In November, Biden boasted,\u201cEven after accounting for inflation . . . our families have more money in their pockets<\/a> than they did before the pandemic.\u201d Putting more unearned dollars in people\u2019s pockets will be a windfall for politicians but will worsen economic disruptions. Besides, it is scant consolation to have more dollars that purchase less and less each month.<\/p>\n

In his press conference, Biden signaled support for the Federal Reserve tightening monetary policy<\/a>, which will likely mean higher interest rates soon. Biden boasts about high stock-market prices as vindication for his economic policies (as did Donald Trump). But markets will recoil when the Fed raises rates, and that will be one more development that embittered investors blame on Biden and other Democrats.<\/p>\n

After his vice presidential term ended, Joe Biden received a 10% cut of a shady Chinese deal that his son Hunter finagled, reports Post columnist Miranda Devine<\/a>. But Americans should be far more concerned about a different 10% cut heading their way: At some point later this year, Biden\u2019s inflation will have inflicted a 10% cut in the purchasing power of Americans\u2019 paychecks and savings accounts. People with $50,000 in savings will effectively be hit with a hidden $5,000 federal tax.<\/strong><\/p>\n

Will the president suffer \u201cdeath by a thousand price hikes,\u201d as consumers blame Biden each time they hit the gas pump or grocery store? More handouts for government dependents will do nothing to ease the inflation pain of hardworking middle-class families. Biden\u2019s attempt to portray himself as an innocent bystander to the destruction of value of the US dollar will be a disastrous flop.<\/strong><\/p>\n

James Bovard is the author of 10 books and a member of the USA Today Board of Contributors.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

New York Post, January 24, 2022 Inflation only goes up and will bankrupt Joe Biden and the Democrats By James Bovard In his victory lap at his marathon press conference last week, President Joe Biden boasted that \u201cI have probably outperformed what anybody thought would happen\u201d and \u201cI have gotten the critical crises out of […]<\/p>\n","protected":false},"author":1,"featured_media":16941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[2124,3151,53,2423,710,2588,1985,611],"class_list":["post-17031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-biden","tag-bump","tag-federal-reserve","tag-hunter-biden","tag-inflation","tag-modern-monetary-theory","tag-national-public-radio","tag-npr"],"yoast_head":"\nNew York Post: Will Inflation Bankrupt Joe Biden? - James Bovard<\/title>\n<meta name=\"description\" content=\"Soaring inflation could politically destroy President Biden and his Democratic allies\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jimbovard.com\/blog\/2022\/01\/23\/new-york-post-will-inflation-bankrupt-joe-biden\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York Post: Will Inflation Bankrupt Joe Biden? 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