WSJ: Biden is not responsible for inflation.

[Libertas]

https://www.wsj.com/articles/biden-fede ... 1656447798

Rather look to the Federal Reserve’s timidity and, yes, the war in Ukraine.


Republicans are engaged in a cynical game of pin the inflation on the donkey. Ask them about law-breaking at the highest levels of government or threats to elections and constitutional democracy, and they are likely to reply that inflation is too high and it’s Joe Biden’s fault. They’re half right. Inflation is too high. But since blaming Mr. Biden will likely persist through the November election, let’s examine the charge.

One element of truth is that both the administration and the Federal Reserve stuck with antirecession policies like big spending and low interest rates too long, thereby helping overheat the economy. But let’s remember the reasons and think about the magnitudes. The U.S. economy blasted out of the Covid-induced recession of 2020 like a rocket, soaring at a 34% annual rate in the third quarter of 2020 and then at nearly a 6% average annual rate over the next three quarters. Much of that rapid recovery was powered by those highly stimulative fiscal and monetary policies. And it’s a good thing we had them. The U.S. recovery was far faster than Europe’s.

But when should that massive fiscal and monetary stimulus have been withdrawn? Probably not in the first months of Biden’s presidency, which is when he pushed his American Rescue Plan through a narrowly Democratic Congress. In January 2021, the unemployment rate was 6.4% and the 12-month CPI inflation rate was 1.4%.

[ZoWie]

I saw that.

This is even a Murdoch publication.

[bird]

It is interesting that wheat, corn, soybean and soybean oil all have prices right now similar to what they were in 2008 at the time of the crash. Commodity traders make profit utilizing chaos/fear.