Even the reliable leftist Democratic media giant Washington Post editorial board rejects Joe Biden’s latest political excuse for the surging inflation he has unleashed on the American economy. In an editorial it ran on Monday, the paper noted the “mounting criticism” against Biden because of the highest level of inflation since 1982 and then said that the latest administration response of blaming “greedy businesses” is “unfortunate.”
The Post said that economists “across the political spectrum” are not letting the White House get by with this “foolishness.” There are even some inside the administration who are questioning the latest blaming as an excuse.
The editorial stated the apparent truth that price inflation did not suddenly rise in the last year because businesses decided it was the “ideal time to squeeze their customers.” The piece observed that the truth is demand began to soar for many consumer products as the economy started to pull out of the slowdowns from the COVID-19 pandemic. When there was a shortage of production and supply coupled with labor shortages, prices went up.
The Post said that many were surprised that consumers continued to purchase many goods such as “cars and washing machines” even as prices increased. The editors noted that even though Americans are upset about surging inflation, few are slowing down their spending so far. They believe that many families have pandemic-related savings in conjunction with stimulus checks, enhanced unemployment, and checks for child tax credits that have boosted the spending power of otherwise lower-income households.
Although the editorial does not make the connection explicit, Biden’s “foolishness” is the same as the foolishness of Sen. Elizabeth Warren (D-MA). This year, she has started with her normal line of describing inflation as an evil corporate plan to rob consumers.
Biden has some obvious political reasons to pretend that the enormous levels of federal spending and the continuing loose monetary policies of the Federal Reserve are not flooding the economy with unprecedented levels of cash conjured up from thin air. Since the very policies that Biden and Warren trumpet as the only way to save America are threatening to crash the economy in suffocating inflation, it is no wonder that the Fauxcahontas plan of blaming the companies that supply the goods the nation runs on is now popular at the White House also.