I was going to write something about Joe’s Treasury Secretary Janet Yellen waving away concerns about rising inflation yesterday, but Tucker Carlson’s monologue last night was about the weird things going on in the economy. The price of gasoline, chicken and ground beef have definitely gone up.
“Biden officials are dismissing suggestions that the United States will likely see a burst of inflation later this year. Don’t believe them.
The signs of looming inflation are all around us. Copper futures are now at a record high, joining many other industrial metals such as steel and aluminum that have also seen prices spike in recent months. These price hikes will soon drive up the cost of items that use these materials. Lumber prices are at record highs, too, a development that will push up home prices. House prices have already been skyrocketing, up by an annual 17.2 percent in March and likely to go up further as fewer people are putting their houses on the market. The historically volatile food and energy sectors are also on the price upswing, with oil prices already at or above their pre-pandemic levels and food prices likely to keep rising.
This might seem strange, since unemployment remains above 6 percent, with more than 8 million fewer jobs in the United States than there were before the pandemic. Inflation, however, is a monetary phenomenon, not an employment-based one. The fact is that the economy is awash in money thanks to the trillions of dollars in pandemic-related relief in the past year. …”
Both Trump and Biden were happy to spend trillions.
Neither Trump or Biden or the GOP or the Democratic Party have shown any serious interest in taxing our bloated oligarchy to pay for it. The Fed prints the money and it goes out to great fanfare. Meanwhile, groups like the SALT Caucus thwart any attempts to seriously tax the wealthy.