OPINION: Biden's plan to make inflation worse
Former Trump administration economist Stephen Moore predicts ‘another 18 months or so’ of very high prices.
The president noted that Americans have better pay, but fails to mention that real wages have declined more than four percent on his watch. Savings have plummeted 79 percent and consumer debt is exploding as people turn to credit cards to make it from paycheck to paycheck. People are demonstrably poorly now compared to January 2021 as their paychecks can’t keep pace with rising prices. For essentials like food, energy, transportation and housing the real inflation rate is well over 20 percent in the CPI numbers.Biden’s call for price controls is equally misguided because every time we have tried this – most recently under Jimmy Carter – prices stayed high, but shortages exacerbated the price spikes.
He also calls for higher taxes on the rich, on energy companies, and other businesses. How does this lower prices? If you tax the production of business goods and services you will get less of them – which means higher prices.
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