Experts warn of impending inflation due to Biden spending spree

Fancying himself as some kind of modern-day F.D.R., President Joe Biden has embarked on a series of massive spending initiatives since taking office, and while they may succeed in purchasing the loyalty of certain constituency groups, they also pose a serious risk of imminent economic turmoil.

Last week, former Treasury Secretary Larry Summers raised red flags over the current administration’s eye-watering expenditures on everything from COVID-19 relief to green energy plans, joining other experts in suggesting that current market indicators are now a “flashing red alarm” that serious inflation is on the horizon, as The Hill reported.

The left-leaning economic adviser told a Council on Foreign Relations forum that “all the signs are for inflation starting to break out,” emphasizing recent price increases for commodities, housing, and used cars. Labor shortages represent another concerning factor, according to Summers.

This is not the first time Summers has voiced concerns over Biden’s spending, suggesting in a February opinion piece in the Washington Post that the president’s COVID-19 relief package far outstripped what he referred to as the “output gap,” a metric of the distance between the economy’s current production and its potential. He posited at the time that excessive stimulus would cause price increases, something that would take a serious toll on those least able to weather the financial storm.

In late March, Summers said during an interview on Bloomberg TV that he remained worried about the sizable scale of spending in the pandemic and post-pandemic period, and while some economists have attempted to minimize concerns about hyperinflation such as that seen during the 1970s, he believes there are few differences between now and then, and those that do exist give even more reason for alarm, according to Business Insider.

David P. Goldman at PJ Media took the argument even further in an op-ed on Sunday, calling Biden’s spendthrift proclivities amount to “a Ponzi scheme, not an economic policy,” adding:

Throwing massive amounts of cash out the helicopter window while throttling investment (by raising corporate income tax and capital gains tax rates) gets exactly one result, and that is inflation.

Inflation robs the poor, who have nowhere to go but the checkout counter and favors the rich, who can buy inflation hedges. The Biden administration is playing Robin Hood, except its robbing the poor and the middle class. It goes without saying that the worst victims of inflation are minorities.

Pointing out that housing prices have risen 12% in just the past year, and used car wholesale costs have skyrocketed 41% during that same period, Goldman suggested that inflation could end up being the issue that causes the collapse of the Democratic Party.

He went on to urge Republicans to swiftly seize the opportunity to “cry ‘Thief!’ and hold President Joe Biden to account for the disaster that has already begun to befall America,” adding that the current level of spending and the hyper-partisan ways in which appropriated funds will be used amount to little more than “a giant act of embezzlement, whose goal is to pick the pockets of Americans.”

Whether leaders of the GOP have the political will to take that advice and call Biden to account before the runaway train of inflation does lasting economic damage, however, is something that remains to be seen.

44 Responses

  1. Now everyone should understand how President Trump felt during his four years as president. He didn’t go after Biden for telling the president of the USA to shut up so rudely and he was and still is the greatest president ever! Jerry

    1. This current administration is causing prices to go up and costing Americans their money especially st the gas pumps and the grocery stores.

      1. we are country without leadership they screwed every damn thing that was going gr8 pissed on it and not one big mouth degenerate in the whitehouse has the balls to standup and say i did it

    2. Agree 100%
      This is the most cataastrophic group of nitwits at the helm of our great country. Must be removed, fired, impeached and kicked out with handcuffs on.!
      Bden has never been able to rule, so soetero is behind him moving the strings of his puppet.

        1. Remember if you impeach Biden you get Kamala and if you impeach Kamala you get Piglosy hardly an improvement. We are stuck for 4 of the longest years ever.

    3. AMEN! I HOPE TRUMP CAN WIN IN THE 2024 ELECTION! IF HE DOESN’T THIS COUNTRY WILL BECOME A THIRD WORLD COUNTRY WITH THE DEMWITS IN OFFICE. NONE OF THEY HAVE ANY REAL BRAINS OR CARE FOR AMERICA AND AMERICANS! I PRAY FOR TRUMP TO COME BACK AND GET THIS COUNTRY BACK TO WHERE TRUMP CAN MAKE THE GREATEST COUNTRY IN THE WORLD. CAN THE DEMOCRATIC PARTY, THEY ARE NOTHING BUT A CAN OF WORMS!

  2. We now have a mentally challenged, unfit person as the leader of our country. We ARE in trouble.

  3. The slippery slope is becoming steeper by the day! It was said a long time ago they were spending money we don’t have. Our offspring will suffer the most from this lack of management.

    1. Biden speech tonight was a disaster. As he is a disaster. First 100 days as he kept bringing up is a. Complete failure. Impeach the fake.

  4. I think that anyone with any sense at all knows that inflation has to follow this insane spending!

    1. Biden doesn’t care as he has plenty of money like most in our government. It will hurt me and you but not him and his Dem friends as they have plenty of our money. Government positions should not pay more than working people get paid. So many say they are willing to serve but they really want that M-O-M-E-Y .
      Trump was not like that the man gave his entire salary to charity during his time in office. We need more Trump’s who care about others.

  5. The sad part is that WE THE PEOPLE will pay for all Biden/Harris/Pelosi & their party have so stupidly done to us.

    1. No one it was stolen before election even happened and Biden told us about the steal himself beforehand. If some strict rules and oversight is not put in place I may not ever vote again. This last election was not valid – period. Wish I could put the picture of Biden telling us how he had the most extensive fraud ever set up on here but pictures are not allowed.

  6. Joe Biden need to be locked up so does montana governor greg time to stand up bring trump back in office my opinion

    1. You are right Denise.. Biden needs to be licked up…he is destroying our country. Pelosi and Harris too!!!!! They are a disgrace.

  7. The poorest among us will be hurt the worst. You think only the “rich” will pay more? Think again.

  8. It will only go downhill from here. Democraps idea of solving problems is to throw as much of we the peoples money at it till it goes away. If that doesnt work they make up a so called more important problem and lets forget the old problems.. democraps plans: keep america at each others throats, and more covid mess even if vacinated.

  9. I have never in my many years witnessed such a vindictive administration that we now have screwing up our great country. Their decisions make no sense except to destroy what we all had with the previous administration. The present administration holds true for Democrats “Tax,Spend & Destroy” a great country.

  10. Why the hell don’t they impeach the bastard! All he is doing, is ruining America! The demo-commies were hell bent on impeaching Trump for NOTHING, they have the goods on biden, so let’s go for it!

    1. They have the video of him bragging about holding the billion dollars from the Ukraine. Isn’t that the same exact thing they impeached Trump for?

  11. I don’t care what Biden fancies himself as. He’s more like a Benedict Arnold/Adolph Hitler/Ho Chi Min/Vladimir Putin to me!

  12. The price of everything has gone up since Biden has taken office. He and his “s” “t” (can’t say that word or you get deleted) friends are killing our nation.

  13. How can we impeach (get rid of) corrupt and treasonous people in this government that is corrupt and treasonous itself? Biden/Harris, and the rest of the corrupt and treasonous politicians (Democrat and Republican) have been bought and paid for by George Soros and the Communist Chinese so, why should we expect that any attempts to impeach them would be successful? We all saw (experienced) what happened in the 2020 elections and we witnessed the power of the corruption in this government, with the support of George Soros and the Communist Chinese. Our enemies “foreign” and “DOMESTIC” are winning the fight to destroy our Republic and still, American Patriots have done nothing to stand up and take a stand for our nation. Does that mean that Americans are no longer interested in preserving our Republic for our children and grandchildren? I hope not! I would really like to hear the American Battle Cry, so we can go about the business of saving our Republic!

  14. Demolorats have no sence of value for anything as long as they can live off the backs of the taxpayers. For every dollar that comes into the Treasurey they spend two dollars on wasted on pi$$ poor projects. They don’t hane sence enough to come in out of the rain, this has been proven by the way they manage in blue states. This country is owned by China and other Communist countries because Denolorats have no management skills and you can’t fix stupidity.

  15. Joe Biden, Harris and Pelosi are all brain Dead corrupt dishonest unable to be here for Americans and not the illegals Shane be on them

  16. What about all these “Patriots”? The ones who bought all the guns and ammo, the ones who said they were going stop all this crap and save the Republic! The ones who bought all the Cammo and went out in the woods and played “soldier”? They must have realized that someone might be shooting back at them, so now they are at home hiding in their basements behind the furnace.

  17. Biden’s speech all Lies! Lies! Lies! I thought Pelosi would wet her pants every time she jumped up to clap and wanted democrats to clap because she did. All disgusting Losers and Liars.

  18. Will someone tell Biden the border has high tech equipment thanks to President Trump. If he actually went to visit the border he would have known that a while ago, before he became our lame lying President.

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