DUH! Psaki Admits Inflation Isn’t Putin’s Fault After All

It’s hilarious when leftists “admit the truth.” Especially when it’s the kind of obvious truth everyone else knew all along.

Take inflation for example. It’s so bad, it’s now called Bidenflation. When an economic trend is named after you, that’s either REALLY good or it’s REALLY BAD! In this case, we’ll go with the latter.

There’s only one person in this country who has honestly benefited from a Biden Administration and that’s Jimmy Carter. Because he’s no longer the worst president in history. Biden beat him out so fast, it’s embarrassing.

Not just embarrassing, but detrimental to all Americans, as we live on the edge of a cliff without any ropes to hang on to.

Below the Belt

I know I don’t have to tell you where inflation is hitting us. At the gas pump, the grocery store, the utility bills, and anywhere else you can think of. Restaurants are raising prices to cover increased cost of goods. So take dining out of the “ways to unwind” list. In fact, I can’t think of anything that’s the same or better than it was in 2019.

What I can tell you is that our “esteemed leader” tried to pass the buck, but unfortunately for him, he’s not that clever. Neither are his handlers.

This tweet from Town Hall says it all:

The replies are spot-on!

I could go on, but you get the drift. No one is very impressed with Psaki. Or her cause.

And Bidenflation is the nightmare of the century.

Social Media Christmas Sale Kevin Jackson
The Washington Examiner recently reported:

The Congressional Budget Office has just confirmed that President Joe Biden is blameworthy for the record-high inflation that is punishing workers. Further, this nonpartisan source says that Biden’s preferred fix, raising taxes, will only make the economy worse.

The CBO’s annual economic outlook adds further force to the arguments against Biden made by other Democrats, such as former President Barack Obama’s National Economic Council director, Larry Summers, and Council of Economic Advisers Chairman Jason Furman. The CBO squarely blames Biden’s 2021 COVID stimulus bill for today’s high inflation, albeit for slightly different reasons.

Like Summers and Furman, the CBO noted that the stimulus checks sent to every family significantly boosted demand, causing inflationary pressure on its own. But there’s more. By paying workers not to work, Biden’s COVID stimulus artificially “slowed the recovery of labor force participation.” As noted by Texas Rep. Kevin Brady, the top Republican on the Ways and Means Committee, this lack of workers strained supply chains, thus providing a second source of upward pressure on prices.

The CBO predicts that this Biden-caused inflation will persist into next year, tempered only by the Federal Reserve’s willingness to raise interest rates, which will, in turn, cause the economy to slow or even contract.

Biden wants to make the economic situation worse by repealing the 2017 Tax Cuts and Jobs Act. Speaking of which, the CBO report also confirms that former President Donald Trump’s signature tax bill has been a boon both to the economy and to government coffers. According to the CBO, federal corporate income tax collections in 2017, before the rate cut, came in at $297 billion. By 2021, they had jumped to $372 billion — a 25% increase in just four years, which significantly outpaces inflationary growth and also amounts to a larger percentage of the overall economy.

But wait, doesn’t that go against EVERYTHING Democrats want you to believe about Trump?

We live in a world that is focused on “Orange Man Bad,” and that’s a terrible place to be. By focusing on personality conflicts instead of results, we’ve allowed all of our winnings be converted into losses.

The article further explained:

Far from starving the government, the Tax Cuts and Jobs Act generated so much economic growth that the entire bill has apparently paid for itself, even after controlling for the other economic factors that may have played a role. A rising payroll tax and individual income tax revenues also show that the tax cuts boosted job growth and wages as well. The CBO says that even with lower rates, total revenues in 2022 “are projected to equal 19.6 percent of the nation’s gross domestic product — the largest annual revenues relative to the size of the economy since 2000.” This is 2.3% higher than the average of the past 50 years, which includes a period in which the top income tax rate was 70%.

This means that today’s outlandishly high deficits are the result not of too little revenue but of far, far too much spending.

Instead of making these tax cuts permanent, Biden has been pushing to undo them. Such a tax hike on families and small businesses would only make the economic damage from Bidenflation worse.

Bidenflation is costing the average family a minimum of $7,500 this year.

I have no idea what that calculation is based on, but I say it’s far more. Electric bills alone are said to be increasing by $2,500 this year. The rising gas and groceries are costing the average family another $5,000. And that doesn’t account for any other expenditures. But someone, somewhere decided $7,500 is the magic number. The struggle is real, folks!

I think it’s fair to say that we’re officially living in a Hank Williams Jr. song. The preacher man says it’s the end of time, and the Mississippi River, she’s a-goin’ dry. The interest is up and the stock market’s down, and you only get mugged if you go downtown…

 

 

 

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