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Biden to Attack Republicans for Not Having a Plan to Bring Down Inflation

April 21, 2022

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2:22 am

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39 comments

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Economics

No Plan to Deal With Inflation

According to Eugene Daniels, a White House correspondent for Politico, Biden will go after Republicans for not having a plan to deal with inflation.

“Expect Biden to step up his attacks on the GOP. An administration official told Eugene this weekend that we can expect to see Biden be a bit tougher on Republicans for taking credit for an infrastructure bill that some voted against, and for not having a plan to bring down inflation.”

Hoot of the Day

That wins my hoot of the day award easily. I thought about having a Hoot of the Month, but there is still time left for something even more ridiculous.

History suggests we won’t be disappointed.

Fact Check Questions

Which party has the White House, the House, and the Senate?
What the heck is Biden’s plan?
If he has one, is it working?

Eight Inflationary Things

Build Back Better
Clean energy
Student debt cancellation
Eviction moratoriums
Push for more unions
Push for higher wages
Tariffs and sanctions
Free Money

The Biden administration is guilty of all eight.

To be fair, Biden mostly continued Trump’s tariff policy but Biden did increase the lumber tariffs on Canadian lumber that Trump started.

Amazingly, Biden believes Build back better is not inflationary. Fortunately, Senator Joe Manchin saw through the smoke screen and blocked the deal.

Doing Everything to Drive Prices Up

On March 22, I noted Biden Doing Everything Possible to Drive Up the Price of Oil, Some of It’s Illegal.

Oil Prices Jump Again, Hello Mr. President, What Will You Do For an Encore?

On March 31, 2022, president Biden announced release from the Strategic Petroleum Reserves to lower gas prices. Relief was short lived.

For discussion, please see Oil Prices Jump Again, Hello Mr. President, What Will You Do For an Encore?

On April 1, 2022 Phil Flynn and I discussed numerous Biden proposals to lower the price of gas and whether or not they will work.

Flynn noted Biden planned to release more oil from the reserves than was physically higher than the pipeline capacity!

For the video discussion, please see MishTalk TV With the Head Energy Trader at Price Futures Group

November 21, 2021 Flashback

On that date I correctly stated Biden’s Foolish Effort to Reduce Oil Prices by Tapping Reserves Will Fail.

The price of crude on November 21, 2021 was $76.20.

Republican Plan

Republicans would propose more deregulation and more drilling here. Biden asked Saudi Arabia to pump more. Biden even courted Venezuela. That was my hoot of the day on that date.

Any plan (Even None at All) would do better than the Biden administration’s plan.

Four Measures of Inflation

Consumer Price Index data from BLS, PCE data from the BEA, chart by Mish

Real Hourly Wages Dive Again in March, Negative for 13 of Last 15 Months

On April 12, I noted Real Hourly Wages Dive Again in March, Negative for 13 of Last 15 Months

That post contains the previous chart. Note when Inflation took off and why.

Instead, Biden blames Putin for an invasion that started on February 24, 2022.

Lame Duck

In November, Biden will officially be a lame duck.

Unfortunately, he can still inflict damage by executive order, but the midterm election will end the chance of Biden getting his highly inflationary policies through Congress.

This post originated on MishTalk.Com.

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39 Comments

Newest

Oldest Most Voted

ColoradoAccountant

4 years ago

This is why I never vote for anyone who wants the job.

Bam_Man

4 years ago

Washington DC is an insane asylum, with the inmates running it.

Billy

4 years ago

How much of this inflation is caused by the devaluation of our dollar via currency creation?

StukiMoi

4 years ago

Reply to Billy

100%.

Inflation is always and everywhere a monetary phenomenon, as Friedman pointed out, in one of his moments of temporary lucidity.

Zardoz

4 years ago

Like the Republican Party has any platform beyond “fearfully smooch the trump rump, and impose Christian Sharia law”

We are so screwed.

KidHorn

4 years ago

Reply to Zardoz

What about getting back to energy independence?

Zardoz

4 years ago

Reply to KidHorn

But the rump hates windmillls…

StukiMoi

4 years ago

Reply to KidHorn

Fat chance, once/if Europe gets all their planned LNG terminals built. Energy prices in Europe are off the charts now. Any increase in connectedness to US energy markets, will force Americans into bidding wars with those guys….. And Asian prices is/will be even higher than that. The only thing keeping US prices down, is America’s relative isolation preventing buyers elsewhere from taking delivery, hence bidding. The more that point of friction is reduced, the more US energy will flow out.

whirlaway

4 years ago

Eight Inflationary Things

Build Back Better

– No such law was passed

Clean energy

– Only talk and little else

Student debt cancellation

– Didn’t happen

Eviction moratoriums

– Will end soon

Push for more unions

– Is that a joke? Amazon Labor Union was formed with exactly ZERO DONORcrat Party support

Push for higher wages

– Again, just slogans

Tariffs and sanctions

– Not much by way of tariffs; sanctions – yes; and they are going to fail

Free Money

– Most of which went to the rich and corporate crooks.

ebmem

4 years ago

Reply to whirlaway

BBB: thank God.

Clean energy: the “infrastructure” bill included funding for the EV charging stations. Commerce imposed tariffs of up to 250% on 80% of the world supply of solar components, retroactive to March, which has increased the cost of solar installations. Inflation is defined as increases in costs that are passed through to consumers.

Student debt cancellation: We are headed into the third year of suspending payments and the accruing of interest on federally guaranteed student loans. that put more cash into the pockets of MDs, MBAs and lawyers with six figure salaries. More cash seeking goods and services equals inflation, which benefits the wealthy more than low-income folks.

Eviction moratoriums equals impoverishing landlords so that the people electing not to pay rent are freeloading with their extra cash. In most Democrat run cities, “renters rights” will enable the scofflaws another six months of leechlike behavior. Inflationary to give cash to people not paying their bills.

Push for more unions: Do you really believe that there was no dark money financing the Amazon union in NYC? The “leaders” went without salaries for a year out of their own sense of philanthropy. Right. And the unionization failed in Alabama because the non-unionized workers in Alabama have higher pay and benefits than the unionized UPS warehouse workers. the push for unionization is not inflationary. It simply transfers wealth from the working class to the union “leadership.” The workers would spend their money and the ruling elite do not.

Real wages have declined under Biden. Wage increases serve to have more cash chasing more expensive goods. Joey energy policies increase the cost of energy along with all goods and services with an energy component.

It is true that the bulk of the free money went to Democrats who didn’t need it, but it added to discretionary funds available for criminals to support lavish lifestyles.

KidHorn

4 years ago

Worst administration ever. At lease in my lifetime. Not even close. Their approval rating is abysmal even with constant propaganda in their favor.

thimk

4 years ago

Reply to KidHorn

ya they control MSM but still can’t get favorable polls

Zardoz

4 years ago

Reply to thimk

Such a paradox, it’s almost as if one of these things cannot be true…

Jojo

4 years ago

Reply to KidHorn

You’re delusional. Trump and his admin will forever hold the title as worst in history.

StukiMoi

4 years ago

Reply to KidHorn

duh!

As was Trumps. And Obama’s. And Bush’. And Clinton’s……………. And Lincoln’s……… and so forth and so forth….

Felix_Mish

4 years ago

For the D’s to say the R’s don’t have a policy ready to handle inflation indicates that the D’s don’t think it’s possible to have a policy to handle inflation. Otherwise the R’s could call their bluff.

The R’s could suggest eliminating some huge expense. And, the D response would be “The R’s are killing jobs.” Or “Think of the children!” Or, “We’re borrowing that money, so it doesn’t cost anything”.

And, in November, after they switch places, those responses will come from the R’s.

And life in DC goes on.

Oh. Jeez. Sorry. I thought this movie was “Rocky Horror…”

Call_Me

4 years ago

Reply to Felix_Mish

Remember when the Rs used to beat war drums and throw money around to the MIC like it was going out of style?

Call_Me_Al

KidHorn

4 years ago

Reply to Call_Me

Wasn’t that long ago. The democrats have become both the far left and far right. The leadership is far right under the guise of being left. Republicans have moved to the middle.

quantumatoms

4 years ago

Reply to KidHorn

Wow.

Zardoz

4 years ago

Reply to KidHorn

Toot toot! Kook Alert!

ColoradoAccountant

4 years ago

Reply to Felix_Mish

Eliminate the Dept of Education. It was the last one created and education is a state function.

ebmem

4 years ago

Reply to ColoradoAccountant

K-12 education is funded 90% by state and local taxes. In red states, it is 98% funded by state and local taxes because they don’t qualify for the federal grants the dark state doles out. Meanwhile, blue states only cover 83% of their K-12 spending. Which is why blue states want to increase the federal share. They can’t afford to contribute enough to the teacher pensions unless the federal taxpayer chips in. Eliminate the Education Department to a skeleton that can report on things like how much better outcomes were when red states opened schools compared to blue state that, to this day, are insisting that four and five years olds wear masks.

Felix_Mish

4 years ago

An “administration official” told a (friendly?) political reporter “X”.

Sounds like normal April noise in an election year. Throw “X”s against the wall to gauge the world’s reaction. They must hone their message to core words by September. Then those words will be repeated over and over and over and over and over through election day.

Presumably, the R’s will be doing likewise.

Since “inflation” will almost certainly be a big target this year, watch both sides hone their “inflation” words.

Jojo

4 years ago

I thought inflation was “transitory” and would dissipate by now? That’s what the government was saying for much of Biden’s time in office.

Nuddernoitall

4 years ago

It would be fascinating to be a “fly on the wall” in the entire White House and administration. Let’s say for sake of argument there exists 100% of Power (final decision maker, “buck stops here,” shared community of equal decision makers, etc) in the administration. In the Obama, or even Trump times, I’m guessing those guys had mucho final decision making authority —let’s say 90% to 95% and also wanted to make the decision. So today the million dollar question is, what percent does Biden have? As The President he should have 90% percent or more, but does he? And, if he doesn’t have at least 50% or more, who exactly has the rest of the decision making Power? Call me a skeptic but I don’t believe Biden controls his own administration. And, if he does not, I would like to know just who does. All of this “new aggressive Biden” is Kubuki theater as the behind-the-curtain Biden’s handlers and decision makers push him out into the crowd to read (badly) the two teleprompters on his left and right. I’m not a Biden fan (obviously) but I’m sensitive to elder abuse and we sadly see it on a daily basis.

Mish

4 years ago

Reply to Nuddernoitall

Elizabeth Warren May as Well Be President, She Makes All Biden’s Calls

https://mishtalk.com/economics/elizabeth-warren-may-as-well-be-president-she-makes-all-bidens-calls

Nuddernoitall

4 years ago

Reply to Mish

“Her biography omits one key thing. She’s running the country.”

She is certainly very influential in dictating financial policies, which leak into many other departments and policies of the entire administration. My guess though is that there are “other” Warrens in the group cabal pulling various strings. Many would state these other voices are quite normal in all Presidential administrations and that would be a fact. Where I differ, is in the belief, these “other” voices in Biden’s administration actually share responsibilities (hidden of course) in running the country. Rice, Obama, Klain, Pelosi plus Warren and a couple of unknown mystery guests would seem to be a good initial list of culprits. Maybe I’m wrong and Biden is Jack LaLanne 2.0 behind closed White House doors.

Zardoz

4 years ago

Reply to Nuddernoitall

Towards the end, Jack Lalane became a barfly… not sure if that’s the analogy you meant to make… but the image of Biden day drinking in the Kennedy grotto is pretty amusing.

Zardoz

4 years ago

Reply to Mish

I find that comforting. Nuclear armed addled old men make me itchy.

Jackula

4 years ago

The Biden plan is obviously run inflation as hot as they can as long as they can

ebmem

4 years ago

Reply to Jackula

Just before the midterms, he will announce some anti-inflation policies that will sound good to the uninformed and the corporate and social media will tell the uninformed that Biden is a genius. They probably won’t fall for it a second time.

purple squish

4 years ago

There are so many levels to this absurdity. There’s all of those 8 inflationary policies that the Biden admin. is doing, plus a few more that increase consumer prices without being inflation per se: (1) shoveling money into the Ukraine proxy war furnace, (2) failure to negotiate a peace with Russia to re-establish trade, (3) continued COVID policy insanity that makes labor much more scarce… probably most things they do, tbh. And what if the Republicans actually did come up with a plan to control inflation? Does anyone actually think congress would pass it and the Biden admin would enforce it? Any good plan would be DOA. However, this is the Republicans we’re talking about, and that’s the angle that I think the D’s are taking here- you miss 100% of the shots you don’t take, and there’s a chance the Republicans take the bait and actually respond to this with a monumentally stupid plan which upsets potential voters.

ajc1970

4 years ago

He’s going to highlight inflation in political attacks? The inflation he spent all year saying didn’t exist? He’s going to setup the GOP for a “smaller govt, less waste, no more BBB” spike?

Is he trying to lose the House & Senate this November? He couldn’t do a better job.

Especially when he was handed such a great out with the mask mandate and now he’s appealing the ruling to die on that hill.

Karlmarx

4 years ago

This Administration gets dumber by the day

Call_Me

4 years ago

Reply to Karlmarx

Yes, but it is approaching an asymptote so the delta is decreasing!

Call_Me_Al

Lisa_Hooker

4 years ago

Reply to Call_Me

Unfortunately the asymptote allows for an infinite amount of stupidity.

Perhaps this is the reason for global warming.

It’s just Mother Nature getting rid of an out of control infection.

Zardoz

4 years ago

Reply to Karlmarx

Biden will lose the next election, and we’ll get someone even worse. So it goes.

Six000mileyear

4 years ago

Maybe it’s best the FED raise interest rates to 5% at the next meeting. The FED can defend its decision by Volker’s actions to beat inflation in the early 1980’s.

StukiMoi

4 years ago

Reply to Six000mileyear

If we’re talking BEST, not just better than the current policy of nothing but crass theft: The Fed should raise rates to whatever it takes to make Gold-even-when-required-for-all-transactions cost $20/oz. By lunch tomorrow. That’s the correct rate. Hence definitionally the best one. Which would no doubt require rates way higher than a measly 5%.yr. 5% a minute perhaps? But, any rate closer to that, best, one; will inevitably be an improvement. And I suppose one could argue, it is imprudent statesmanship, to let “the best” be the enemy of the “merely better.” At least as long as the former is politically much harder to achieve than the latter.

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Biden to Attack Republicans for Not Having a Plan to Bring Down Inflation

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