{"id":1371743,"date":"2022-03-11T10:23:10","date_gmt":"2022-03-11T15:23:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1371743"},"modified":"2022-03-11T15:25:57","modified_gmt":"2022-03-11T20:25:57","slug":"im-sick-of-this-stuff-biden-complains-that-the-american-people-believe-increased-government-spending-causes-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/im-sick-of-this-stuff-biden-complains-that-the-american-people-believe-increased-government-spending-causes-inflation\/","title":{"rendered":"\u2018I\u2019m Sick Of This Stuff\u2019: Biden Complains That The American People Believe Increased Government Spending Causes Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fim-sick-of-this-stuff-biden-complains-that-the-american-people-believe-increased-government-spending-causes-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1371743&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/03\/Joe-Biden-4.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>On Friday, President Joe Biden vented his frustrations at the 2022 House Democratic Caucus Issues Conference in Philadelphia, Pennsylvania, giving a wide-ranging speech on current political affairs. During his remarks before the Democratic members of Congress, Biden bemoaned that the American people think more government spending causes inflation.<\/p>\n<p>\u201cLast year \u2014 because of all you did \u2014 we reduced the deficit by 360 billion dollars,\u201d Biden <a href=\"https:\/\/www.c-span.org\/video\/?518602-1\/president-biden-addresses-house-democrats-retreat-philadelphia&#038;live\">told<\/a> the House Democrats, before adding, \u201cWe the Democrats \u2014 while the economy grew!\u201d<\/p>\n<p>\u201cWe\u2019re on track right now \u2026 to be the first president in history to lower the deficit by over 1 trillion dollars in one year,\u201d he claimed.<\/p>\n<p>\u201cSo, I\u2019m sick of this stuff!\u201d he said. \u201cWe have to talk about it because the American people think the reason for inflation is government spending more money. It\u2019s simply not true.\u201d<\/p>\n<p>A clip of his heated moment can be seen here:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Biden: &#8220;I&#8217;m sick of this stuff \u2026 the American people think the reason for inflation is government spending more money. Simply not true!&#8221;<\/p>\n<p>\ud83e\udd14 <a href=\"https:\/\/t.co\/Xak7CKTjFs\">pic.twitter.com\/Xak7CKTjFs<\/a><\/p>\n<p>\u2014 RNC Research (@RNCResearch) <a href=\"https:\/\/twitter.com\/RNCResearch\/status\/1502352045550014464?ref_src=twsrc%5Etfw\">March 11, 2022<\/a><\/p>\n<\/blockquote>\n<p>Biden has previously claimed that he was the first president to lower the deficit by $1 trillion, most notably in his State of the Union address in early March.<\/p>\n<p>Yet as <a href=\"https:\/\/www.wsj.com\/articles\/joe-biden-tells-a-budget-whopper-state-of-the-union-address-deficit-11646263039?mod=itp_wsj&#038;ru=yahoo\">explained<\/a> by The Wall Street Journal, that embellishment is \u201cone for the ages\u201d noting that he was ignoring potential spending bills and COVID-19 relief funds he wanted to pass during his first year in office:<\/p>\n<blockquote>\n<p><em>He\u2019s 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.<\/em><\/p>\n<p><em>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.<\/em><\/p>\n<\/blockquote>\n<p>As for increased government spending leading to inflation, it is unclear on what economic reality the president is basing that claim.<\/p>\n<p>In a Journal interview that is well worth the read, the Hoover Institute\u2019s John Cochrane <a href=\"https:\/\/www.wsj.com\/articles\/government-spending-fuels-inflation-covid-relief-pandemic-debt-federal-reserve-stimulus-powell-biden-stagflation-11645202057\">explained<\/a> how the government\u2019s behavior over the past few years is to blame for inflation and will continue to be so long as the government keeps spending money.<\/p>\n<p>In short, Cochrane told the Journal that inflation is \u201cdreams of costless fiscal expansion, flooding the country with borrowed money to address every perceived problem, hit a hard brick wall of reality.\u201d He explained more clearly that COVID-19 stimulus checks, as well as other government spending checks, caused this very moment:<\/p>\n<blockquote>\n<p><em>He traces the present inflation to the pandemic and the government\u2019s response. Starting in March 2020, \u201cthe Treasury issued $3 trillion of new debt, which the Fed quickly bought in return for $3 trillion of new reserves.\u201d The Treasury then sent checks to people and businesses, later borrowing another $2 trillion and sending more checks. Overall federal debt rose nearly 30%. \u201cIs it at all a surprise,\u201d Mr. Cochrane asks, \u201cthat a year later inflation breaks out?\u201d<\/em><\/p>\n<p><em>He likens this $5 trillion in checks to a \u201cclassic parable\u201d of Milton Friedman (1912-2006), the great monetarist at the University of Chicago, where Mr. Cochrane was a professor for 30 years before moving to Stanford in 2015. \u201cLet us suppose now that one day a helicopter flies over this community and drops an additional $1,000 in bills from the sky, which is, of course, hastily collected by members of the community,\u201d Friedman wrote in \u201cThe Optimum Quantity of Money\u201d (1969). If they spent the money, inflation would result.<\/em><\/p>\n<p><em>The Covid checks, Mr. Cochrane says, were \u201can immense fiscal helicopter drop. People are spending the money, driving prices up.\u201d<\/em><\/p>\n<\/blockquote>\n<p>Biden wants to continue increasing government spending, and it is doubtful that he will change his course of action as he blasted the GOP for their spending policies as well.<\/p>\n<p>\u201cI don\u2019t think we need any lectures about fiscal responsibility, for God-sakes,\u201d Biden added during his speech on Friday.<\/p>\n<p><em>The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire.<\/em><\/p>\n<p><em>Enter for the chance to hang out with Gina Carano at the premiere of her new Daily Wire movie, Terror on the Prairie! Two lucky Daily Wire members will be given the complete red carpet treatment \u2013 free airfare, hotel, premiere car service, and exclusive merch. Daily Wire members can click\u00a0<a href=\"http:\/\/www.dailywire.com\/redcarpet\">here<\/a>\u00a0to enter for a chance to win. If you\u2019re not a Daily Wire member yet, click\u00a0<a href=\"http:\/\/dailywire.com\/subscribe\">here<\/a>\u00a0to join us so you can win this once-in-a-lifetime experience.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Friday, President Joe Biden vented his frustrations at the 2022 House Democratic Caucus Issues Conference in Philadelphia, Pennsylvania, giving a wide-ranging speech on current political affairs. During his remarks<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1371743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1371743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1371743"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1371743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1371743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1371743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1371743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}