President Joe Biden acknowledges that America’s soaring inflation is a problem, but he has good news: one, it’s not his fault, and two, his multi-trillion dollar “Build Back Better” Spend-a-Palooza will make everything right again.
CNBC reported Wednesday that the consumer price index (CPI) surged in October to its highest level in 30 years.
It described the CPI as “a basket of products ranging from gasoline and health care to groceries and rents,” and the price of a representative mix of those items rose 6.2% from the previous year.
Also in October, the U.S. producer price inflation — which represents inflation at the wholesale level — skyrocketed to 8.6%. This matched the overall record set in the previous month.
Biden responded by grinning and asking, "Did you ever think you'd be paying this much for a gallon of gas?”
He said that on Tuesday. Realizing the poor image that presented, the White House released a statement the following day.
“Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me,” Biden said in the statement. “The largest share of the increase in prices in this report is due to rising energy costs.”
Notably missing is the word “transitory” — he’s no longer calling the inflation a temporary or seasonal problem as he had in the past. But he had a plan out of this economic malaise.
“Going forward, it is important that Congress pass my Build Back Better plan, which is fully paid for and does not add to the debt.” He also claimed that the bill would:
- Lower childcare costs
- Lower elder care costs
- Lower healthcare costs
- Lower prescription drug costs
- Lower taxes for 50 million Americans
All that and more comes at a price — initially $3.5 trillion, scaled down $1.75 trillion. But the scaling back was all gimmickry, and Penn’s Wharton School of Business estimated its actual cost at more than $4.26 trillion.
But you can’t finance all that without raising taxes, and the Build Back Better proposal does exactly that, according to analysts at the Tax Foundation.
It reported that the bill would raise the average top U.S. tax rate on personal income to 57.4% — the highest level in the developed world.
Also missing from Biden’s statement was any mention of climate, although the massive bill is a foot in the door to the Green New Deal, which would replace fossil fuel with wind and solar as an energy source. And Biden began work on that front from day one.
He cancelled work on the Keystone XL pipeline and kicked gas and oil producers off of public land, including Alaska’s oil-rich Arctic National Wildlife Refuge (ANWR).
Meanwhile, the White House is considering shutting down Line 5, a major pipeline network that has transported crude oil and natural gas from Canada to Michigan for decades.
“We have a state in Michigan that uses the most residential propane in the nation,” said Jason Hayes, the director of environmental policy for the Mackinac Center for Public Policy.
“And yet, we’re seriously considering shutting down this pipeline and giving these people not even two- or three-months’ notice, just basically saying, ‘Well, sorry, you’re going to be on your own.'”
And this in November — well into the home heating season for most households. Time to stock up on sweaters.
This didn’t surprise Rep. Dan Crenshaw, R-Texas, given pre-election promises Biden made.
“Remember, Joe Biden and Kamala Harris *campaigned* on destroying the oil and gas industry,” Crenshaw tweeted.
“When asked whether he would be willing to displace hundreds of thousands of blue-collar workers to pursue his climate agenda, then-candidate Joe Biden said, ‘The answer is yes.’”
And he’s well on the way, according to Saule Omarova, Biden’s nominee for a key Treasury Department post.
“Here what I’m thinking about is primarily the coal and oil and gas industry. A lot of the smaller players in that industry are going to probably go bankrupt in short order, at least we want them to go bankrupt if we want to tackle climate change,” said Omarova.
In case you’re wondering, the natural gas and oil industry supports 9.8 million jobs, or 5.6% of total U.S. employment, according to the American Petroleum Institute.
Former President Obama used to say, “elections have consequences,” and the voting public is beginning to discover that. Biden’s overall approval in the latest USA Today/Suffolk University poll taken last week plummeted to 38%.
All of which means he kept one promise he often made on the campaign trail. He brought America together — everyone hates him now.
And if you ever find yourself agreeing with Biden, just think of him grinning into the camera and asking, "Did you ever think you'd be paying this much for a gallon of gas?”
Michael Dorstewitz is a retired lawyer and has been a frequent contributor to BizPac Review and Liberty Unyielding. He is also a former U.S. Merchant Marine officer and an enthusiastic Second Amendment supporter, who can often be found honing his skills at the range. Read Dorstewitz's Reports — More Here.
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