Biden Takes Us Back

There was more shocking inflation news yesterday.  The annual inflation rate hit 7% last year.  The last time inflation was that bad, ET was getting ready to phone home! 

Here's some perspective:  When Donald Trump left office last January, the inflation rate was just 1.4%.  But in one short year, Joe Biden's disastrous policies caused inflation to skyrocket to an annual rate of 7%, far outpacing any increase in wages.  The result is an effective pay cut for many American workers and busted budgets for seniors on fixed incomes.

Yesterday, the Biden White House trotted out its economic team to try to reassure us.  They failed miserably.  Brian Deese, the director of Biden's economic council, essentially told reporters, "We just didn't see this coming."  Really? 

Virtually every conservative and even some liberals have been warning that Biden's socialist spending would stoke inflation.  We warned that cutting our oil supply, with drilling bans and new regulations, would send prices for gasoline, natural gas and home heating oil through the roof. 

If Biden's economic advisers didn't see this coming, they should resign!

So, inflation is up big.  The worker shortage is up big.  The supply chain crisis is up big.  COVID infections are up big.  Gas prices are up big.  The only thing Biden has brought down is his approval rating, which fell to 33% in the latest Quinnipiac poll.