OPINION: To borrow and tweak one of Reagan's old adages, economic recovery will only begin with job loss — that is, whenever President JoeBiden and most of the Democrats in Congress lose their jobs.
Leonid Brezhnev was still alive and in charge of the Soviet Union. U2 was unknown in the United States, not yet having released the album War. The young company Apple was still two years away from launching its first Macintosh computer model.That's how far back you have to go — February 1982 — to find a time when inflation was as bad as it was last month. It is now official that this is the worst inflation in 40 years. At 7.
Biden has spent the last few months attempting to compound his mistake further, spending another $5 trillion on his completely unnecessary Build Back Better boondoggle. Even now, knowing that inflation rose to 7.5% in January, Biden's White House is still calling on Congress to pass that bill, claiming, in contravention of all laws of economics, that it will make the problem better and not worse.
In other words, there is no part of daily life that Bidenflation has not affected. Although workers' wages have gone up in nominal terms, they are not keeping up with the cost of everyday necessities. For reference, mortgage interest rates had to top out above 13% before Reagan could beat inflation in the early 1980s. Could you even imagine that today? Can you imagine what it would do to the value of your home?
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