{"id":43707,"date":"2021-11-11T14:43:10","date_gmt":"2021-11-11T19:43:10","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=43707"},"modified":"2021-11-11T14:43:10","modified_gmt":"2021-11-11T19:43:10","slug":"the-tax-on-everything","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=43707","title":{"rendered":"The Tax On Everything"},"content":{"rendered":"

Inflation is a tax on everyone on everything. It has a negative impact on the economy and on the mood of the voters. It reared its head after the Biden administration made some key decisions (limiting drilling in America, shutting down the Keystone XL pipeline, reckless spending, etc.). Issues & Insights<\/a> posted an article today explaining that the inflation we are seeing now was not only predictable, it was predicted.<\/p>\n

The article reports:<\/p>\n

We\u2019re not big fans of economist Larry Summers, but in this case, he should be in line for a Nobel Prize for predicting exactly what is happening with inflation today \u2026 and who is to blame for it.<\/strong><\/p>\n

On Wednesday, the Bureau of Labor Statistics reported that inflation climbed at an annual rate of 6.2%, the biggest such jump in three decades.<\/strong><\/p>\n

<\/div>\n

And that\u2019s despite repeated predictions from other \u201cexperts\u201d that the spike in prices earlier this year was \u201ctransitory.\u201d Even now, they are flummoxed. As the Washington Post put it Wednesday, inflation is \u201clasting longer than policymakers at the Fed and White House anticipated.\u201d<\/strong><\/p>\n

But no one, we repeat, no one, should be surprised by the latest turn of events.<\/strong><\/p>\n

Go back and listen to what Summers was saying at the start of the year, and it\u2019s eerily prescient.<\/strong><\/p>\n

Summers publicly and repeatedly warned that President Joe Biden\u2019s $1.9 trillion \u201crescue\u201d plan \u2014which was Biden\u2019s first big \u201cachievement\u201d that passed without a single Republican vote<\/em> \u2014 would spark an inflationary spiral.<\/strong><\/p>\n

The article includes the following graph:<\/p>\n

\"\"<\/a><\/p>\n

The article concludes:<\/p>\n

But Summers had the most to lose by so publicly sticking his neck out. He\u2019s a die-hard liberal who\u2019d served in the Obama administration. He knew that raising a stink threatened the new president\u2019s big-spending agenda. And, unintentionally or not, he called the lie on Biden\u2019s claim that \u201cleading economists\u201d all agreed on the need for another massive COVID stimulus.<\/strong><\/p>\n

Now that Summers\u2019 prediction is coming true, will any of his detractors apologize? Will any admit that Biden\u2019s $1.9 trillion spending spree \u2014 which is now being followed by a $1.2 trillion infrastructure bill and, quite possibly, a multi-trillion dollar welfare expansion \u2014 was a colossal mistake? Will they acknowledge that Biden is principally to blame for the inflationary spiral the economy appears to have entered?<\/strong><\/p>\n

Don\u2019t count on it. Biden is running around the country claiming that still more deficit-financed spending will somehow cut prices. Everyone else is busy looking for other scapegoats. Anything so as not to hold Biden, or themselves, accountable for the damage being done.<\/strong><\/p>\n

Unfortunately inflation will probably be with us until we can either change Congress or change the administration.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Inflation is a tax on everyone on everything. It has a negative impact on the economy and on the mood of the voters. It reared its head after the Biden administration made some key decisions (limiting drilling in America, shutting … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1659,8123,12212,14527,13372],"class_list":["post-43707","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bureau-of-labor-statistics","tag-inflation","tag-issues-insights","tag-larry-summers","tag-president-biden"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/43707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43707"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/43707\/revisions"}],"predecessor-version":[{"id":43709,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/43707\/revisions\/43709"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}