The latest inflation projections from the New York Federal Reserve don’t look so suitable for the Biden administration. Joe Biden insisted that higher prices are “transitory.” The acolytes of monetary madness have tried to massage the CPI numbers, spinning it as supply chain shocks due to Covid and increased demand over a year ago during the pandemic.
But now the Federal Reserve of New York has popped that delusion with the truth: the central bank’s New York district crunched the numbers and projects inflation will be 5.2% in a year. What’s more, the Fed bean counters say inflation will persist at 4% three years from now. That’s one hell of a wake-up call from this “transitory” inflation scuttlebutt the president has been busy spreading.
Furthermore, the worst of the inflation isn’t in areas that would damage the finances of the rich, whose Nasdaq investments profited handsomely from the covid hysteria and the government enforced stay-at-home economy. The New York Fed says price increases will hit hardest in the areas that will hurt the poor the most: food, rent, and medical expenses.
It is the Pelosi-Schumer-Biden economy. Democrats pass themselves off to voters as bleeding heart liberals with compassion and respect for the poor. Republicans are mean, selfish, insensitive, capitalist pigs who only care about the rich. But, when Democrats acquire power, they do everything they can to redistribute income from the poor and middle class to their wealthy supporters and corporate partners.
Inflation is already roiling the macro-environment after the trillions of Democrats appropriated in 2020, ostensibly to save the economy from the manufactured existential crisis they imposed on Americans in 2020. But Nancy Pelosi and Chuck Schumer want to spend even more of your money and drive prices even higher so the money you have left won’t stretch as far when you go to finish it. And the Joe Biden administration is all too happy to sign off on the fiscal insanity, then get all the glory for standing there and doling it out to all Biden’s friends.
And these are considered the moderate “centrists” of the Democratic Party of the 2020s. The up-and-coming young Turks, like Alexandria Ocasio-Cortez, are rolling their eyes at how stingy Pelosi and Schumer are with your money. According to her zany Modern Monetary Theory, she would like to see them appropriate even more and believes that it wouldn’t drive prices up even higher. Well, at some point, someone who likes calling people out for being “science deniers” because they don’t think the world will end in 10 years needs to check the CPI because all this spending is inflation. The science on that is settled.
And it doesn’t take a Nobel prize-winning economist or rocket scientist to understand what’s going on. It is Econ 101 stuff, primary supply, and demand. Even a deplorable Trump voter in flyover country, who Don Lemon laughs at on a live CNN broadcast for being anti-reading and anti-maps, knows the laws of supply and demand and how big government spending affects the dollar. They’ve been all over Twitter since the NY Fed announced its projections saying, “Thanks, Biden voters.”