Tag Archive for: Biden legacy

Inflation Is Costing Households $250/Month, Moody’s Analysis Finds

As economist Ludwig von Mises colorfully put it, inflation is when ‘money, like chocolate on a hot oven, [is] melting in the pockets of the people.’


Inflation is making headlines again this week. The federal government’s latest data show that consumer price rose 7.5 percent from January 2021 to 2022. That’s the highest rate of price inflation we’ve seen in nearly 40 years!

What does this mean for everyday American families?

new analysis from Moody’s Analytics reports that the average US household is paying an additional $250 a month thanks to this inflation.

“A lot of people are hurting because of high inflation,” Moody’s senior economist Ryan Sweet told the Wall Street Journal. “$250 a month—that’s a big burden. It really hammers home the point of ‘what is the cost of inflation?’”

This disturbing revelation brings into focus something we already knew about inflation: it hurts the working class the most. While $250 a month is hardly a noticeable increase for millionaires, that could easily strain a working-class or even middle-class family’s budget past its breaking point.

Price inflation also erodes Americans’ hard-earned savings in a way that’s just as painful as the government directly hiking their taxes. As economist Ludwig von Mises colorfully put it, inflation is when “money, like chocolate on a hot oven, [is] melting in the pockets of the people.”

That’s exactly what we’re living through. But this leaves us with a more important question: Why are we seeing this surge in consumer prices? Is it some abstract economic phenomenon beyond our control? Is it due to “corporate greed?”

On the contrary, inflation directly traces back to decisions made by our elected (and unelected) government officials.

“The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague,” Mises famously explained. “Inflation is a policy.”

The primary cause of today’s inflation is the decision by the Federal Reserve, America’s central bank which controls the US dollar, to create trillions of new dollars out of thin air to ostensibly “stimulate” the economy during the pandemic.

Federal Reserve Chairman Jerome Powell openly admitted as much in an interview with CBS.

“[Is it] fair to say you simply flooded the system with money?” a reporter asked.

“Yes,” he responded. “We did. That’s another way to think about it. We did.”

“Where does it come from? Do you just print it?” the journalist followed up.

“We print it digitally,” Powell replied. “So as a central bank, we have the ability to create money digitally… that actually increases the money supply. We also print actual currency and we distribute that through the Federal Reserve banks.”

To understand what “flooding the system with money” looked like, just consider the following graph of the money supply—and how dramatically it soared at the start of 2020.

CLICK HERE TO VIEW MONEY SUPPLY GRAPH

How does increasing the amount of money out there lead to higher prices?

As FEE economist Peter Jacobsen has explained, “If more dollars chase the exact same goods, prices will rise.”

We’re watching this Econ 101 lesson play out before our eyes. And it’s a painful lesson indeed for the millions of American families that have hundreds more out of their monthly budgets just to tread water. Here’s hoping our policymakers learn from their mistakes before it even gets worse.

WATCHBrad Debunks the WORST Inflation TikToks

COLUMN BY

Brad Polumbo

Brad Polumbo (@Brad_Polumbo) is a libertarian-conservative journalist and Policy Correspondent at the Foundation for Economic Education.

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EDITORS NOTE: This FEE column is republished with permission. ©All rights reserved.

Biden Imposes Travel Bans He Called Trump Racist for Imposing

My latest in PJ Media:

We all know that travel bans are racist; Old Joe Biden told us so himself. He tweeted on February 1, 2020: “Trump further diminished the U.S. in the eyes of the world by expanding his travel ban. This new ‘African Ban,’ is designed to make it harder for black and brown people to immigrate to the United States. It’s a disgrace, and we cannot let him succeed.” Now that Biden’s handlers, possibly even including the wonk who actually composed that tweet, are in charge, all that systemic racism is being swept away, and for that we can all be grateful. Or at least we could be until Friday, when Biden’s handlers announced a plan to follow in Trump’s footsteps and ban travel from eight countries in Africa in order to fight what is being presented as a dangerous new variant of the coronavirus.

Politico reported Friday that the ban was announced “just hours after a new coronavirus variant was deemed a highly transmissible virus of concern,” and would go into effect Monday, banning travelers from South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi from entering the United States.” Politico noted that Biden’s handlers made this move on advice from none other than Dr. Anthony Fauci, the Left’s untarnished guru of Covid prevention.

And that makes it all right. We can learn from this that the problem with Trump’s travel bans was not that he imposed them, but why he imposed them. In February 2020, Biden lambasted Trump’s racism over the extension of the travel bans to Eritrea, Nigeria, Sudan and Tanzania, as well as Kyrgyzstan and Myanmar. This was after Trump had previously imposed travel bans upon Chad, Iran, Libya, North Korea, Somalia, Syria, Venezuela, and Yemen. Acting Homeland Security Secretary Chad Wolf explained at the time that “the countries hit by the new measures failed to meet US security and information-sharing standards.” The countries from which Trump banned travel could not or would not provide adequate information to American officials about the people who wanted to enter the country. Trump reasoned that in light of that, the risk of admitting anyone from those countries was too great. His travel bans were motivated by concern for the safety of the American people.

Biden and the Democrats, however, knew better. They knew that Trump’s expressed concern for safety was just a ploy, a fig leaf to cover his racism. They knew, or claimed to know, that Trump’s travel bans were actually motivated by “Islamophobia,” and derided it as a “Muslim Ban,” even though Tanzania, Myanmar, North Korea and Venezuela aren’t exactly Islamic Republics. Biden promised during his campaign: “On day one, I’ll end Trump’s unconstitutional Muslim ban. My administration will look like America with Muslim Americans serving at every level.” As soon as he entered the Oval Office, Biden followed through on this promise, ending Trump’s travel bans in a flurry of executive orders on January 20, 2021.

There is more. Read the rest here.

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EDITORS NOTE: This Jihad Watch column is republished with permission. ©All rights reserved.

BIDEN’S LEGACY: Taliban in U.S. Gear Stage Mockery of Iconic Iwo Jima Flag-Raising Photo

Biden’s legacy encapsulated in a photo.


CLICK HERE TO VIEW THE TALIBAN

MOCKING IWO JIMA IMAGE


Elite Taliban unit wearing US gear appears to mock iconic American WWII photo

by Emma Colton, Fox News, August 21, 2021:

A Taliban fighting unit called the Badri 313 Battalion was spotted patrolling Afghanistan with U.S.-made gear, and posting one photo appearing to mock the iconic World War II photo, Raising the Flag on Iwo Jima.

Propaganda videos posted this week on channels affiliated with the Taliban show soldiers in the little-known Badri 313 Battalion carrying U.S. and U.S. ally-made weapons and gear that appear to be stolen from allied militaries while patrolling parts of Kabul.

In one propaganda photo, members of the Badri 313 Battalion are seen hoisting a Taliban flag in a similar fashion to the six U.S. Marines who raised the U.S. flag on Mount Suribachi during the Battle of Iwo Jima in 1945….

The Badri 313 special unit differs from typical Taliban fighters as they are made to look more like U.S. soldiers, with camouflage, combat boots, and body armor. They also carry M4 carbines and drive armored Humvees, the Sinclair Broadcasting Group reported.

“With the Taliban now in power, there is every reason to believe the militia could grow in strength,” Aroor added. “Expect to see much more of the Badri 313 in the weeks and months ahead.”

President and founder of Eurasia Group, Ian Bremmer, also posted a photo of Taliban fighters “with their new American gear” on Twitter Saturday morning.

The U.S. gave Afghan forces an estimated $28 billion in weaponry between 2002 and 2017. But now, “everything that hasn’t been destroyed is the Taliban’s now,” a U.S. official, who spoke on the condition of anonymity, told Reuters.

The seizure of American weaponry, such as advanced aircraft, serves as a propaganda tool, as insurgents are unable to operate the aircraft without training….

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EDITORS NOTE: This Jihad Watch column is republished with permission. ©All rights reserved.