Of the many failures of the Biden-Harris regime, the two most devastating would have to be the deadly chaos at our border and the crippling effects of runaway inflation. Since Biden took office, prices have risen nearly 20 percent, a number that, when checked against stagnant wage growth, puts the real effect of inflation at some of the worst levels we’ve seen in decades. Inflation is often described as the “hidden tax” because it takes away purchasing power from citizens not through taking away money directly but via a devaluation of the money that citizens already have.
Inflation might deserve that description in another sense, that is, that the powers that be—in this case the Biden-Harris administration—often go to great lengths to conceal the existence and severity of inflation. Larry Summers, former Treasury Secretary under Obama, wrote a major paper highlighting how the Biden regime was disguising the reality of inflation via misleading CPI configurations—an index that is often used to measure and obscure real inflation. In a bombshell study that came out just weeks ago, economists Nouriel Roubini and Stephen Miran showed how Biden’s current Treasury Secretary is effectively and secretly undercutting the Federal Reserve’s efforts to reduce out-of-control inflation. While the exact mechanism is fairly technical, in a nutshell, the paper showed how the Treasury has embraced a debt-issuance strategy that has the effect of economic stimulus equivalent to a one percent cut in the Fed’s policy rate. In other words, in order to keep a version of the inflationary QE stimulus going, Biden’s Treasury Department is employing a subtle and backhanded debt issuance strategy that serves to greatly exacerbate inflation. The beneficiaries of this, of course, are the folks on Wall Street; the losers are the average Americans getting killed at the supermarket checkout counter.
Larry Summers, who, despite being a prominent Democrat, has called out Biden-Harris’ disastrous inflationary policies, has pointed to Biden-Harris anti-trust policy as an additional aggravating factor. And lo and behold, the latest and arguably most pathetic attempt of the Biden-Harris regime to avoid responsibility for addressing inflation in a serious way is to launch anti-trust attacks on companies using AI algorithms to help landlords determine rent prices. […]
— Read More: revolver.news
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Coffee the Christian way: Promised Grounds
