Janet Yellen, the Treasury secretary, has altered her tune from calling it “transitory” to predicting that it will linger for a while.
From WSJ:
“I think the level of inflation will stay high, although I am confident that it is going to come down,” Ms. Yellen said, noting that the Biden administration was revising its forecast from March in which consumer prices are expected to be 4.7 percent this year. In recent months, consumer price increases have been greater than 8%. “The numbers aren’t set in stone yet, but they’re likely to be higher than the initial 4.7% projection,” she added.
“Hope” is not a plan.
The situation appears to be getting worse.
“Several years of above-average inflation and sluggish growth now appear probable,” said David Malpass, president of the World Bank Group to reporters. “Stagflation is a real worry.”
Is there any chance of those gasoline prices going down? Not particularly. Let’s listen to Gina Raimondo, Biden’s commerce secretary.
Raimondo first twisted the Administration’s talking points, blaming Vladimir Putin. She then said Biden was requesting suggestions from Congress but that “the reality is there isn’t much more to be done.” They don’t want to do anything because it would disrupt Biden’s “amazing transition” to a fossil-free environment.
Sen. John Kennedy (R-LA) captures the Biden Administration’s response quite succinctly. When it comes to folksy quotable, there’s no one better than Sen. Kennedy. “When I’m feeling inadequate, I just look around. On really terrible days, I encounter liars, frauds, and meatheads all around me,” he remarked on what the Biden-Harris D.C. has given the nation as a whole.
“The cost of gasoline is so high that it would be cheaper to buy cocaine and just run everywhere,” Sen. Kennedy pointed out, despite Yellen’s acknowledgment that inflation is not temporary. Biden continues to advocate for more “economic turmoil” by calling for taxation and expenditure increases. He also said “gas will get a little bit more expensive this summer than it was last year.” At the center of it all, Kamala Harris claims she has found the causes of unlawful immigration. She wants American firms to spend $3 billion in Central American businesses. Kennedy remarked, “Nothing is more powerful than self-delusion.” The reason people are coming in is because she and Biden have opened the door. “Enforce the law,” he thundered. “Do what we were doing the day before you took office.” “The American people understand that,” Kennedy added. That’s why Biden “is about as popular right now as a sinkhole.” It was perfectly said.
