Biden’s Nothing-Burger Plan for Inflation Equates to Socialism

Biden’s Nothing-Burger Plan for Inflation Equates to Socialism

Biden’s Nothing-Burger Plan for Inflation Equates to Socialism

Memorial Day, President Joe Biden published a nothing-burger opinion piece laying out his plan to cure inflation.

Let us dispel with the formalities. If anyone in their right mind believes Joe Biden sat down and pieced multiple sentences together…you’ve been enjoying the Memorial Day festivities too much. We all know it is a ghost-written piece with Joe putting a few “back in the day” statements.

Let’s hear the plan, man. Joe’s introductory statements are fraught with blame. He blames inflation on Putin’s war on Ukraine, supply chains haven’t fully healed (healed? healed from what? Monkey Pox?), and price hikes. Enter “when I was a kid” followed up by a dig at the prior administration—who handed Biden a vibrant and recovering economy. He then goes on to spout how great employment is, fast decline in unemployment, yada yada yada.

I don’t know where he gets his positivity numbers, but someone did a report in the Federal Reserve (why is the Federal Reserve conducting studies on citizen’s?) that Joe said was good.

“A recent Federal Reserve report found that a higher percentage of Americans reported feeling financially comfortable at the end of 2021 than at any time since the survey began in 2013. Business investment is up 20% and manufacturing jobs are growing at their fastest rate in 30 years. There were more new small business applications in 2021 than in any previous year.”

Here’s a great question “Joe” can’t answer—if everything is peachy, why are food and gas prices higher than they have been since the final days of our last economy-wrecking president Democrat, Jimmy Carter?

“Last month, ‘food at home’ prices jumped 11%, the largest 12-month increase since November 1980.”

Yet despite what every headline in the country is talking about—inflation, gas prices, food prices and Johnny Depp’s court case—Joe goes on to try to convince readers everything is just awesome financially for the U.S.

I’ll jump over the stupendous news, weird studies he links to and why he ran for President.

Joe’s first thing he plans to do is not be mean to the Federal Reserve like Mean Tweets did. I kid you not. That is his plan.

“First, the Federal Reserve has a primary responsibility to control inflation. My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation. I won’t do this. I have appointed highly qualified people from both parties to lead that institution. I agree with their assessment that fighting inflation is our top economic challenge right now.”

Did you shout at your computer screen when you read what the President of the United States just said is the primary responsibility of the Federal Reserve is? Hint—it isn’t control inflation.

“The Federal Reserve acts as the U.S. central bank, and in that role performs three primary functions: maintaining an effective, reliable payment system; supervising and regulating bank operations; and establishing monetary policies.”

It also doesn’t list doing silly happiness studies of citizens either, but I digress.

That is all for point one. If that is Joe’s leading point—he won’t be a meanie-pants to the Federal Reserve—how you feeling about your 401K right about now?

Newsflash. The Federal Reserve does not control inflation, Congress does with how it spends. The Federal Reserve is currently between a rock and a hard place. If it raises interest rates to fight inflation caused by Congress’s unfettered spending in the last year, the economy crashes and the budget deficit explodes. If the Federal Reserve continues to keep interest rates artificially low, where we are now, inflation continues to happen. Gas and food prices go up. This is economics 101 that I learned in high school. I kind of hoped that fifty years in Congress might have taught President Biden. No such luck.

I told you Joe’s opinion piece was a nothing-burger.

Joe’s second point. Joe says we all have to try to make things cheaper.

“Second, we need to take every practical step to make things more affordable for families during this moment of economic uncertainty—and to boost the productive capacity of our economy over time. The price at the pump is elevated in large part because Russian oil, gas and refining capacity are off the market.”

We’ll get right on that Joe. Let’s all run out and make prices cheaper. By the way, Putin is to blame.

Stuffed in Joe’s second point is a shout-out to Joe’s recent “Housing Supply Action Plan”.

“My Housing Supply Action Plan will make housing more affordable by building more than a million more units, closing the housing shortfall in the next five years.”

OOOh! What’s this all about? Here is a little summary from the Department of Housing and Urban Development,

From that list, all I see is a lot of government taking over financing and ultimately, home ownership. That sounds like one of the main tenets of Socialism–the absence of private property. Reread the pithy list HUD tweeted out and let that sink in. I’m not the only one who smells a hint of Socialism.

Let’s move on to Joe’s third compelling point. His third point is absolutely the pipe dream of the child-like mind of our current President.

“Third, we need to keep reducing the federal deficit, which will help ease price pressures. Last week the nonpartisan Congressional Budget Office projected that the deficit will fall by $1.7 trillion this year—the largest reduction in history.”

Yes, he now cares about reducing the deficit. He cares about spending, why? Seems like I’m saying this an awful lot these days—midterms. He just wrote some fat checks that are bouncing in the form of inflation—and voters ain’t happy.

“The president has recast his economic strategy in recent months to focus on deficit reduction and stricter spending controls as dozens of his fellow Democrats face close midterm elections that will decide the composition of Congress in the final two years of his first term.”

From the not-conservative news outlet, Axios,

“Joe’s” little ghost-written opinion piece is a big nothing-burger served with a side of Socialism.

Feature Photo: Original artwork by Victory Girls Darleen Click 

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  • SciVo says:

    The Brandon cabal is psychologically incapable of making the middle quintile’s lives materially better. They’re physically capable of it, but anything that would work would be something Trump did, and they’d rather kill themselves.

  • […] though. If we’re all, God-willing, still alive when the great monkeypox plague hits, standing on bread lines when the next toilet paper shortage of 2022 falls upon us, I know to go looting a liberal’s […]

  • Bruce Hayden says:

    I think that you are mistaken about the Fed not having a role in fighting inflation. They did much of the work in 1979-81 beating inflation then by switching from focusing on interest rates, to focusing on money supply growth. The problem with deficit spending is not the borrowing, per se, but rather how the money is borrowed, and from whom. We are in esp bad trouble tight now because of the >$2Trillion squandered in the name of COVID-19, etc, combined with a shift away from the US$ as the world’s reserve currency (partially driven by Russia being forced to sell its oil and gas in its own currency). The Fed is the lender of last resort for the Treasury, to fund our debt, and when they do have to buy such, they effectively print money to pay for it. And that is the definition of inflation: too much money chasing too few goods and services. Making things worse, is that it isn’t a 1:1.relationship between Fed buying Treasury debt, and money supply growth. Instead the new money is repeatedly loaned out and redeposited in the banking system, ultimately causing growth of 1/Deposit-Reserve-Rate. Thus, with a reserve requirement of 1/5 (20%), the money supply can grow up to 5x the amount of Treasury debt bought by the Fed.

  • CycloneSteve says:

    One question for Sleepy Joe and one comment.

    If things start getting better, will you blame Trump and Putin.

    The Fed can have a major impact on inflation. If they didn’t provide liquidity to the banks to buy treasuries, buy treasuries directly and didn’t keep interest rates low, congress and the president could not continue to spend more than they take in without LITTERALLY printing money.

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