{"id":21383,"date":"2025-02-24T14:15:38","date_gmt":"2025-02-24T19:15:38","guid":{"rendered":"https:\/\/jimbovard.com\/blog\/?p=21383"},"modified":"2025-02-24T14:20:03","modified_gmt":"2025-02-24T19:20:03","slug":"bidenflation-torpedoed-biden-harris","status":"publish","type":"post","link":"https:\/\/jimbovard.com\/blog\/2025\/02\/24\/bidenflation-torpedoed-biden-harris\/","title":{"rendered":"Bidenflation Torpedoed Biden-Harris"},"content":{"rendered":"
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Bidenflation Torpedoed Biden-Harris<\/strong><\/a><\/h1>\n<\/div>\n
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by James Bovard, FFF<\/a> February 2025<\/p>\n<\/div>\n

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High inflation spurred Donald Trump\u2019s defeat of Kamala Harris last November. The economy was the top issue for most voters, and inflation was the top economic issue. As Biden\u2019s partner in economic crime, Harris could not escape the blame for the torpedoing of the dollar\u2019s value in recent years.<\/p>\n<\/div>\n

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Inflation occurs when the government prints excessive currency, resulting in more money chasing the same amount of goods and services. Nobel Laureate economist Friedrich Hayek<\/strong> wrote, \u201cInflation is never an unavoidable natural disaster; it is always the result of the weakness or ignorance of those in charge of monetary policy.\u201d As economist Per Bylund<\/strong> observed, \u201cInflation is money losing its purchasing power.\u201d Government is the premier profiteer of inflation, providing politicians with \u201cfree\u201d money to spend while systematically defaulting on any debts government promised to pay.<\/p>\n<\/div>\n

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Biden inflation lies begin<\/strong><\/p>\n<\/div>\n

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In July 2021, Biden declared, \u201cThere\u2019s nobody suggesting there\u2019s unchecked inflation on the way \u2014 no serious economist.\u201d Actually,\u00a0 there were plenty of dire warnings. In December 2021, Biden scoffed at inflation as a \u201cbump in the road.\u201d But that \u201cbump\u201d became a hole in the gas tank for tens of millions of Americans who drive to work as fuel prices set one record after another. Biden claimed inflation is a problem everywhere, but National Public Radio reported that \u201cbetween 2019 and 2021, the United States saw one of the biggest inflation rate increases in the world, behind only Brazil and Turkey.\u201d Rep. Lance Gooden (R\u2013Texas) noted, \u201cJoe Biden promised $2,000 stimulus checks but gave Americans $5,000 per year inflation instead.\u201d<\/p>\n<\/div>\n

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Biden spawned the highest rate of food inflation since the Nixon administration, but he scoffed when a CNN interviewer recently asked him about the 30 percent rise in grocery prices. Biden ridiculously declared of consumers, \u201cThey have the money to spend!\u201d Exiled whistleblower Edward Snowden quipped that the White House was trying to defuse anger by \u201ctelling people no, no, a shopping cart full of groceries has always cost $36,000.\u201d<\/p>\n<\/div>\n

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Biden\u2019s pro-inflation policies divided Americans between those who work for a living and those who vote for a living.<\/strong> In\u00a0 2021, Biden boasted, \u201cEven after accounting for inflation … our families have more money in their pockets than they did before the pandemic.\u201d Putting more unearned dollars in people\u2019s pockets was a windfall for politicians, but it worsened economic disruptions. Besides, it was scant consolation to have more dollars that purchase less and less each month.<\/p>\n<\/div>\n

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Experts kindly offered plenty of financial remedies to hard-pressed Americans. For Thanksgiving 2021, the Federal Reserve recommended that people rely on soybean-based dinners instead of turkey \u2014 saving 76 cents a serving. Georgia Democratic Party leader Stacey Abrams touted abortion as a cure for inflation: \u201cHaving children is why you\u2019re worried about your price for gas, it\u2019s why you\u2019re concerned about how much food costs. For women, this is not a reductive issue.\u201d Professor Teresa Ghilarducci, in a Washington Post<\/em> op-ed, recommended that families with an income less than $289,000 per year \u201cadjust\u201d to inflation by eating lentils instead of meat, ditching their car and taking public transit, and maybe letting their pets die. In October 2022, Biden implied that soaring food prices wouldn\u2019t be a real problem if Americans bought no-name, store-brand Raisin Bran instead of Kellogg\u2019s.<\/p>\n<\/div>\n

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Biden\u2019s media whores<\/strong><\/p>\n<\/div>\n

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Pro-Biden media outlets painted inflation as practically a divine blessing that Biden is bestowing on Americans.<\/strong> MSNBC tweeted, \u201cWhy the inflation we\u2019re seeing now is a good thing,\u201d while The Intercept <\/em>went whole-hog on soaring milk prices: \u201cInflation is Good for You.\u201d\u00a0 The Washington Post<\/em> editorial board rushed to absolve Biden: \u201cThe main reason inflation is at its highest level since 1982\u201d is because \u201cpeople continue to spend a lot of time at home\u201d and demand more goods. MSNBC anchor Joy Reid claimed in November 2022 that inflation was a word that Republicans \u201ctaught people…. Most people would have never used that word ever in their lives are using it now because they\u2019ve been taught it.\u201d The same month, Treasury Secretary Janet Yellen blamed inflation on citizens frustrated by lockdowns who \u201csuddenly started splurging on goods.\u201d Most pundits dismissed or disdained people who complained about how the 20+ percent inflation of the Biden era harmed their families. Author Tom Woods noted that leftists \u201care now mocking people who are concerned about price inflation by using the expression \u2018burger too expensive.\u2019\u201d<\/p>\n<\/div>\n

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NPR ran a tear-jerking piece headlined: \u201cThe Movement To Stick Inflation Blame On Biden.\u201d<\/strong> 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 percent last year, NPR consoles, \u201cIt\u2019s A Crummy Time To Be A World Leader.\u201d<\/p>\n<\/div>\n

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But inflation was much worse than Biden or the media admitted.<\/strong> Beginning in the 1980s, the formula for calculating inflation was revised dozens of times, almost always with a downward bias. The Consumer Price Index is skewed because it does not attempt to compare the price of the same basket of goods over time. Instead, federal officials concocted a gauge they claim measures a \u201cconstant level of satisfaction.\u201d But who in hell made bureaucrats the supreme judges of happiness?<\/p>\n<\/div>\n

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In addition to that bureaucratic fairy dust, the inflation formula was changed to severely underweight rises in housing prices, instead relying on \u201cthe new concept of homeowners\u2019 equivalent rent, where the government would estimate how much it would cost to own your own house,\u201d John Williams, the founder of Shadow Stats, observed. The average monthly mortgage payment on a median-priced home has doubled since Biden took office.<\/p>\n<\/div>\n

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Larry Summers, Bill Clinton\u2019s treasury secretary, observed that if the feds used the same inflation gauges during Biden\u2019s administration that were used in the 1970s, Biden\u2019s peak inflation would have been 18 percent, twice as high as the reported number and the highest inflation rate in U.S. history.<\/strong> Understating inflation permitted the Biden administration to deny much of the financial damage it inflicted.<\/p>\n<\/div>\n

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Biden portrayed himself as inflation\u2019s biggest victim. \u201c<\/strong>Inflation is the bane of our existence,\u201d Biden lamented to a talk show host in June 2022. Unfortunately, he was referring to inflation\u2019s effect on his approval ratings, not the plight of average Americans struggling to pay for gas and groceries. When Peter Doocy of Fox News asked about the impact of inflation in January, Biden called him \u201ca stupid son of a bitch.\u201d The Biden administration presumed that giving more handouts to government dependents would ease the pain of self-reliant middle class families \u2014 perhaps by osmosis.<\/p>\n<\/div>\n

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Economic hocus pocus<\/strong><\/p>\n<\/div>\n

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Biden\u2019s policies were based the \u201cMagic Bean School of Political Economy.\u201d His policymakers favor Modern Monetary Theory (MMT) \u2014 the notion that government spending almost never has an <\/strong>adverse effect on the economy<\/strong>. MMT advocates believe there is practically no problem that cannot supposedly be solved by bigger gushers of free government money. A Washington Post<\/em> headline captured the administration\u2019s presumptions: \u201cBiden\u2019s big bet: That he can remake economy with no bad side effects\u201d such as \u201cless incentive to work.\u201d But as USA Today<\/em> reported, \u201cMany people have permanently stopped working, depressing labor force participation\u201d by millions of people. Labor force participation has fallen sharply since 2019.<\/p>\n<\/div>\n

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MMT champions are adamant that the flood of new money is irrelevant to rising price levels. In a March 2022 speech to Democratic members of Congress, Biden raged at being blamed for inflation: \u201cI\u2019m sick of this stuff!… We have to talk about it because the American people think the reason for inflation is the government spending more money. Simply. Not. True.\u201d<\/p>\n<\/div>\n

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Biden sought to deflate the political peril by demagoguing against corporations for raising prices. After Russia invaded Ukraine, Biden found a new culprit: \u201cMake no mistake, inflation is largely the fault of Putin.\u201d But inflation was already at 7 percent before the invasion of Ukraine. Biden began denouncing the \u201cPutin Price Hikes,\u201d but polls showed that few Americans\u00a0 swallowed that assertion. In June 2022, the Washington Post<\/em> reported that Biden was blaming his White House aides for his problem with inflation: he \u201ccomplained to aides that they were not doing a good job explaining the causes of inflation and what the administration is doing about it.\u201d<\/p>\n<\/div>\n

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In the final weeks of the 2022 midterm congressional campaign, Biden boasted of the impact of inflation \u2014 at least on voters pocketing federal checks. He told senior citizens in Florida, \u201cOn my watch, for the first time in 10 years, seniors are getting an increase in their Social Security checks.\u201d In reality, Social Security benefits have increased every year since 2016. The White House tweeted: \u201cSeniors are getting the biggest increase in their Social Security checks in 10 years through President Biden\u2019s leadership.\u201d Even CNN derided that comment, since Social Security benefits are linked to inflation by law. Actually, the benefit boost was the largest in 40 years.<\/p>\n<\/div>\n

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According to Biden, \u201cshrinkflation\u201d \u2014 adjusting for inflation by selling smaller products for the same price \u2014 is a worse crime than anything his administration inflicted on the American people.<\/strong> Biden condemned corporations for \u201ccharging folks more and more for less and less.\u201d In his 2024 Super Bowl ad denouncing shrinkflation, Biden declared, \u201cThe American public is tired of being played for suckers.\u201d Politico<\/em> reported, \u201cThe White House has been aggressively testing out the [shrinkflation] messaging on the airwaves and in internal polling ahead\u201d of Biden\u2019s State of the Union speech. But unlike governments that force people to pay more taxes for worse services, corporations cannot conscript their victims. Biden\u2019s attempt to persuade Americans they were being crucified on a cross made of shrinking candy bars failed.<\/p>\n<\/div>\n

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Biden sought to \u201cfix\u201d inflation the same way he \u201csolved\u201d other debacles: with brazen lies that presumed his listeners are either idiots or NPR junkies<\/strong>. As voters focused more on the losses of their purchasing power, Biden repeatedly declared in early 2024 that the inflation rate was 9 percent at the time he took office\u00a0 \u2014 almost six times the actual rate. Biden\u2019s credibility deteriorated even faster than the value of the U.S. dollar.<\/p>\n<\/div>\n

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Policymakers ignored the devastation they inflicted. When asked during a January 2022 news conference about how \u201cinflation affects different groups of Americans,\u201d Fed Chair Jerome Powell said he wasn\u2019t \u201caware of … inflation literally falling more on different socioeconomic groups…. The point is some people are just really prone to suffer more.\u201d Inflation sounded like a problem that therapists must solve. In reality, lower-income households spend a far higher percent of their income on food, gas, and heating their homes \u2014 three categories where prices have soared. A survey by Lending Club in early 2022 found that \u201c61 percent of the U.S. population lived paycheck to paycheck, up seven percentage points since the first report in June 2021, including 77 percent of consumers earning less than $50,000.\u201d In October 2022, the Federal Reserve Bank of Dallas reported that most American workers had suffered the harshest fall in wages in 25 years, including a \u201cmedian decline in real wages\u201d of more than 8.5 percent.<\/p>\n<\/div>\n

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Biden\u2019s attempt to portray himself as an innocent bystander to the destruction of value of the U.S. dollar was a disastrous flop. The president suffered political \u201cdeath by a thousand price hikes,\u201d as consumers blamed Biden each time they hit the gas pump or grocery store.<\/strong><\/p>\n<\/div>\n

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When Kamala Harris signaled that she would likely continue Biden\u2019s policies across the board, voters recognized that she had learned nothing from Biden\u2019s debacles. The Harris campaign believed that perpetually championing the right to abortion would guarantee them more than enough votes from women. But it turned out that \u201cwomen buy milk and eggs more often than they get abortions.\u201d<\/p>\n<\/div>\n

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A century ago, Americans clearly recognized the moral implications of inflation. Vice President Calvin Coolidge bluntly declared in 1922: \u201cInflation is repudiation.\u201d But it remains to be seen whether the inflationary torrent of recent years will awaken Americans to the folly of trusting Washington to not sabotage their personal independence or the nation\u2019s prosperity.<\/strong><\/p>\n<\/div>\n

James Bovard is a policy advisor to The Future of Freedom Foundation and is the author of the ebook <\/em>Freedom Frauds: Hard Lessons in American Liberty<\/a>, published by FFF, his new book,<\/em> Last Rights: The Death of American Liberty, and nine other books.<\/em><\/div>\n
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Bidenflation Torpedoed Biden-Harris by James Bovard, FFF February 2025 High inflation spurred Donald Trump\u2019s defeat of Kamala Harris last November. The economy was the top issue for most voters, and inflation was the top economic issue. 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The Wall Street Journal called Bovard \\\"the roving inspector general of the modern state\\\" and Washington Post columnist George Will called him a \\\"one-man truth squad.\\\" His 1994 book, Lost Rights: The Destruction of American Liberty, received the Free Press Association\u2019s Mencken Award as Book of the Year. His Terrorism & Tyranny won the Lysander Spooner \\\"Best Book on Liberty in 2003\\\" award. He received the Thomas Szasz Award for Civil Liberties work, awarded by the Center for Independent Thought and the Freedom Fund Award from the Firearms Civil Rights Defense Fund of the National Rifle Association. 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The Wall Street Journal called Bovard \"the roving inspector general of the modern state\" and Washington Post columnist George Will called him a \"one-man truth squad.\" His 1994 book, Lost Rights: The Destruction of American Liberty, received the Free Press Association\u2019s Mencken Award as Book of the Year. His Terrorism & Tyranny won the Lysander Spooner \"Best Book on Liberty in 2003\" award. He received the Thomas Szasz Award for Civil Liberties work, awarded by the Center for Independent Thought and the Freedom Fund Award from the Firearms Civil Rights Defense Fund of the National Rifle Association. 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