When Joe Biden ascended to the presidency last year, gas was cheap and you could find baby formula. Fast forward 17 months, and the United States is experiencing record inflation, which has gone up every month of President Biden’s tenure.
In one of her recent press conferences, Jen Psaki tried to claim that no one could have forecasted the current situation.
The record inflation should not be a surprise to anyone. It is a direct result of the Biden administration’s policies.
On his first day of office, President Biden canceled the Keystone pipeline and began a series of policy decisions that would decrease our domestic production of energy. It is classic economic theory that once you decrease the supply of something, if demand remains the same or increases, the price will go up.
The administration has tried to blame Putin’s invasion of Ukraine for the increase, but prices were rising before the war. Also, if America was as energy independent as it was under former President Trump, it would not matter what was happening in Ukraine.
Next Biden’s inability to get a handle on the supply chain issues plaguing the country also increased inflationary pressures. Less available goods mean they become more expensive. Instead of attacking the problem head-on, Transportation Secretary Pete Buttigieg was telling people to buy $50,000 electric cars to deal with gas prices and kept insisting that roads are racist.
Then there is the money supply. “Joe Biden spent more money in the first 8 months of his presidency than the Federal Government did in 2018 and 2019 combined.” You cannot flood the marketplace with that much money and not expect there to be consequences in the form of inflation. The United States has always been able to print as much money as it wants because we are the world’s reserve currency. That does not mean that doing so will not have negative consequences.
Everyone could see that inflation was on the horizon when these actions were being taken by the Biden administration, no matter what Jen Psaki says.