Connect with us

Economy

Biden Complains About Being Blamed For Inflation Crisis: ‘I’m Sick Of This Stuff’

“We’re on track right now … to be the first president in history to lower the deficit by over 1 trillion dollars in one year,” Biden claimed.

Published

on

During a speech at the 2022 House Democratic Caucus Issues Conference on Friday, Democrat President Joe Biden gave an emotional speech about the American people’s unfavorable view on his economic performance, saying Americans are wrong to think that government spending is the reason for the record high inflation rates.

“Last year — because of all you did — we reduced the deficit by 360 billion dollars,” Biden said. “We the Democrats — while the economy grew!”

“We’re on track right now … to be the first president in history to lower the deficit by over 1 trillion dollars in one year,” he claimed.

“So, I’m sick of this stuff!” Biden said. “We have to talk about it because the American people think the reason for inflation is government spending more money. It’s simply not true.”

Biden has claimed on multiple occasions that he was the first president to lower the deficit by $1 trillion. However, as explained by The Wall Street Journal, that embellishment is “one for the ages” which assumes he is unable to actually enact his agenda – like passing his Build Back Better plan or additional COVID relief he has been pushing for.

“He’s also using the fiscal 2020 budget as his benchmark. Congress passed $2 trillion in Covid relief in March 2020 to prevent a recession. Both parties piled on $900 billion more that December, and Democrats in March 2021 ladled out nearly $2 trillion more. The deficit is declining because Congress blew it out for two years,” The Wall Street Journal wrote. “Revenues have been surging thanks to strong corporate profits, capital gains, and rising nominal incomes. Inflation is always good for government coffers. Receipts are up 28% during the first four months of this fiscal year. But the Congressional Budget Office still projects deficits to exceed $1 trillion on average over the next decade.”

Additionally, as explained by economist John Cochrane, the current inflation crisis – which is at its highest level in 40 years – is directly attributable to government spending. According to The Wall Street Journal, Cochrane “traces the present inflation to the pandemic and the government’s response. Starting in March 2020, ‘the Treasury issued $3 trillion of new debt, which the Fed quickly bought in return for $3 trillion of new reserves.’ The Treasury then sent checks to people and businesses, later borrowing another $2 trillion and sending more checks. Overall federal debt rose nearly 30%. ‘Is it at all a surprise,’ Mr. Cochrane asks, ‘that a year later inflation breaks out?’”

Continue Reading
22 Comments

22 Comments

  1. Jim Morris

    March 14, 2022 at 12:08 pm

    Biden has ruined the economy, increased the federal deficit by $5 trillion (when you count interest on the money), he anxious to spend trillions more, he’s somehow deluded into thinking this will lower inflation (obviously he never took Econ 101 as a freshman in college) and he’s resided over crisis after crisis during his 14 months in office. He’s a national disgrace who’s senile and combating the onset of dementia.

  2. David Morin

    March 14, 2022 at 12:23 pm

    You don’t pay off your deficit on the backs of a struggling American society. There are ways to do it, but you need to make our economy stable first. You would be smart to freeze these gas prices and get those pipelines reopened.
    If you need help, I’m sure you have Donald Trumps Cell Phone Number ! He could guide you in straightening this out of control ship.

  3. Moira

    March 14, 2022 at 1:50 pm

    Biden is discovering that the buck stops with him ! He must be thinking “I should have stayed in my basement “!

  4. Opinari

    March 14, 2022 at 1:56 pm

    So, blundering Biden is “…Sick of this Stuff”? Well, I would be willing to bet most US citizens are “sick of HIS stuff,” even more so. Biden is a dense reprobate, proxy-president with no logic abilities or sense of direction. He lies about much then denies and promises then reneges. With him being president, the US is in dire straits. Of course, with the chain of command for his position, we would fair no better. We could have Cackling Kamala or Polluted Pelosi.

  5. Grace Southern

    March 14, 2022 at 4:01 pm

    Biden is a very depraved man with dementia, and he sounds like a Communist.

  6. Grs43

    March 15, 2022 at 9:42 am

    So millions of Americans a wrong. You are president. I always thought the buck stops at the top. Quit making excuses and do something.

  7. Johnny

    March 15, 2022 at 12:51 pm

    He’s Delusional !

  8. Clay

    March 15, 2022 at 12:55 pm

    Joe, You did it. Own it.

  9. Nancyelizabeth Green

    March 15, 2022 at 2:53 pm

    A coward and a liar!
    Worst president ever! Making Obama look “competent!”

  10. Merilee Grulli

    March 15, 2022 at 4:32 pm

    It’s not surprise at all- except to the current administration. I’m not sure where the biggest failure is anymore. I thought it was COVID, then I thought it’s the inflation we’re living in, but I think foreign policy is still the biggest failure. Putin is leveling Ukraine, and we keep doing too little too late. Biden’s weakness is provocative. Strength is not.

  11. John Boyer

    March 15, 2022 at 5:05 pm

    Ol’ joe is getting a bit pissy.

  12. AARON R GAYDEN

    March 16, 2022 at 1:30 am

    I am not thinking about government spending. I am thinking about how much I’m suddenly spending to get to around these days. Or to eat. I am also thinking about what CA Democrats did in 2020 to make it illegal for me to ply my trade the way I have my whole adult life, through AB5. I am wondering what the Feds have up their sleeve with the PRO Act all of which Massa Brandon signed off on. None of which helps freelancers, independent contractors or small business owners or anyone other than UNION LEADERS. (NOT MEMBERS) I’d just like for the Democrats to stop stabbing their constituents in the back and the rest of us in the face…

  13. Carlos J Claudio

    March 16, 2022 at 12:22 pm

    Go Brandon!

  14. Conrad Agusti

    March 16, 2022 at 4:58 pm

    Yes Pinocchio the puppet Biden you claimed that you’re tired of this stuff! Well how do think we morons feel about you? I guess that l might be one of those freaking MORONS because if you think that I believe anything you say then l must admit that I am a moron, for now l just have 3 words for you “F@CK YOU BIDEN”🎵🎶 “COME ON MAN” 🖕🇺🇸

  15. Marianne Louise Garvens

    March 17, 2022 at 2:20 pm

    Printing more money puts more ‘dollars’ into an economy but they are worth less because they are ‘guaranteed’ against a finite amount of tangible assets!

    It’s not ‘rocket science’

    You can’t just print more money when you play Monopoly – you must manage the money/assets that you have!

    Markets and the ‘value of the dollar’ determine price

  16. Mary

    March 18, 2022 at 6:51 am

    Biden is a

    Biden is a SOB and he an Harris need to go along with Pelosi. They are traitors to the US.

    S

  17. ArmedPatriot

    March 21, 2022 at 7:54 am

    Liar, liar pants on fire…

  18. Robert w Coad

    March 22, 2022 at 1:07 pm

    YOU ARE ABSOLUTELY TO BLAME FOR ALL OF THIS SHIT THAT YOU CAUSED YOU FRIGGIN IDIOT!!!!!!!!

  19. Kent Robinson

    March 26, 2022 at 12:54 pm

    Did Little Lyin Slimy Joey Biden soil himself when he gave the speech?

  20. Chris Garvey

    April 7, 2022 at 5:49 pm

    Inflation is defined as the expansion or “inflation” of the currency supply. As the newly created government money devalues each individual existing dollar, prices rise so inevitably that the price inevitable increases have come to be called “inflation”.
    So Biden’s complaint that “people think the reason for inflation is government spending more money,” is a complaint that people properly understand that Biden has caused inflation.
    Biden is a liar, or an idiot, or both.

  21. Lin Knife Duren

    April 9, 2022 at 1:58 pm

    Dear President Joseph Biden
    YOU ARE TOO BLAME FOR THIS INFLATION CRISIS!!!!!😡😡😡😡

    TAKE IT ON THE CHIN LIKE A MAN!

  22. Mark

    April 13, 2022 at 2:01 pm

    Way to go Joe!!!!!!!!!

Leave a Reply

Your email address will not be published.

Economy

National Gas Prices Could Hit $6.20 Per Gallon By August

Published

on

Gas Prices

National gas prices could surge to well over $6 per gallon by the end of the summer, according to analysts at JPMorgan.

Natasha Kaneva, head of global oil and commodities research at JPMorgan, wrote in a research document that the United States was going to face a “cruel summer” as gas prices are expected to dwarf their already record highs.

“With expectations of strong driving demand — traditionally, the U.S. summer driving season starts on Memorial Day, which lands this year on May 30, and lasts until Labor Day in early September — U.S. retail price could surge another 37% by August to a $6.20/gallon national average,” she wrote.

“Typically, refiners produce more gasoline ahead of the summer road-trip season, building up inventories,” the analysts said. However, over the last month, “gasoline inventories have fallen counter seasonally and today sit at the lowest seasonal levels since 2019.”

The report comes the same week that the United States set a new record for gas prices with the average cost per gallon rising over $4 per gallon in all 50 states for the first time ever, according to a report from the American Automobile Association (AAA).

“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” said AAA spokesperson Andrew Gross. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”

As explained in the report, “total domestic gasoline stocks decreased by 3.6 million bbl to 225 million bbl last week. Gasoline demand also decreased slightly from 8.86 million b/d to 8.7 million b/d. Typically, lower demand would put downward pressure on pump prices. However, crude prices remain volatile, and as they surge, pump prices follow suit. Pump prices will likely face upward pressure as oil prices stay above $105 per barrel.”

Continue Reading

Economy

Report: April 2022 Inflation Was Worse Than Expected

Published

on

The inflation crisis continued to worsen in April, according to new data released by the Bureau of Labor Statistics on Wednesday.

“The consumer price index, a broad-based measure of prices for goods and services, increased 8.3% from a year ago, higher than the Dow Jones estimate for an 8.1% gain,” CNBC reported. “That represented a slight ease from March’s peak but was still close to the highest level since the summer of 1982.”

According to the new CPI report, inflation “increased 0.3 percent in April on a seasonally adjusted basis after rising 1.2 percent in March… The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March. The all items less food and energy index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last year, and the food index increased 9.4 percent, the largest 12-month increase since the period ending April 1981.”

Due to the rising inflation rate, the real wages of American workers continued to fall over the last year. According to a separate report from the Bureau of Labor Statistics, the “Real average hourly earnings decreased 2.6 percent, seasonally adjusted, from April 2021 to April 2022. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 3.4-percent decrease in real average weekly earnings over this period.”

As noted by CNBC, “Markets had been looking for signs that March’s 8.5% CPI reading would mark the peak in pandemic-era inflation.”

However, the new April report showed that “this is another upward inflation surprise and suggests that the deceleration is going to be painstakingly slow,” said Seema Shah, chief strategist at Principal Global Investors, according to CNBC.

Continue Reading

Leo's Hot List