{"id":1383338,"date":"2022-03-16T06:20:00","date_gmt":"2022-03-16T10:20:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1383338"},"modified":"2022-03-16T08:08:15","modified_gmt":"2022-03-16T12:08:15","slug":"the-ruling-classs-response-to-inflation-tells-you-its-only-going-to-get-worse","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-ruling-classs-response-to-inflation-tells-you-its-only-going-to-get-worse\/","title":{"rendered":"The Ruling Class\u2019s Response To Inflation Tells You It\u2019s Only Going To Get Worse"},"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\">28<\/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%2Fthe-ruling-classs-response-to-inflation-tells-you-its-only-going-to-get-worse%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=1383338&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:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/03\/5106441340_179eced07c_k.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>Every time some member of the ruling class <a href=\"https:\/\/www.wsj.com\/articles\/inflation-high-forecast-economist-goodhart-cpi-11646837755?mod=hp_lead_pos5\">says<\/a> \u201cinflation is transitory\u201d <a href=\"https:\/\/www.wsj.com\/articles\/lets-start-getting-interest-rates-up-inflation-fed-supply-shock-russia-ukraine-recession-fomc-11647287930?page=1\">or<\/a> \u201cwe predict it will come down by the end of the year,\u201d I read it as confirmation things are going to get worse. That\u2019s because these are the same people who told us just a few months ago that inflation wasn\u2019t happening until it was so obvious that the screen people had to switch narratives.<\/p>\n<p>It\u2019s also because U.S. corporate media, which today drives national politics, has been for some time the American Pravda. You have to read between the lines, sometimes backward, to understand what is really going on. <\/p>\n<p>These are, recall, the same people who also <a href=\"https:\/\/thefederalist.com\/2022\/03\/10\/j6-committee-seeks-to-criminalize-republican-fundraising\/\">tell us<\/a> every election is questionable except 2020\u2019s, some men are women, babies aren\u2019t people, war is bad but we should get into another one, and critical race theory is a mirage. They simply can\u2019t be trusted on anything. <\/p>\n<p>In fact, a rule of thumb I\u2019ve developed based on watching the media lie so many times is that whenever the ruling class insists on something, it\u2019s a pretty good bet to assume the opposite is closer to the truth. It works extremely well to combat propaganda stampedes.<\/p>\n<p>The people telling us that inflation\u2019s not happening \u2014 but it\u2019s Vladimir Putin\u2019s fault \u2014 do so in direct contradiction to empirical demonstrations of the opposite. Nobel Prize-winning economist Milton Friedman, for one, <a href=\"https:\/\/www.hoover.org\/research\/inflation-true-and-false\">demonstrated<\/a> that inflation is \u201calways and everywhere a monetary phenomenon\u201d \u2014 i.e. directly caused by governments essentially printing money. <\/p>\n<p>It\u2019s the money supply, stupid. And hoo boy, has our government <a href=\"https:\/\/fred.stlouisfed.org\/series\/M2SL\">been printing money<\/a>. It\u2019s not only gone on a money-printing bender using the magical blank-check excuse of \u201ccovid,\u201d but <a href=\"https:\/\/news.yahoo.com\/why-states-sitting-hundreds-billions-095141643.html\">hundreds of billions<\/a> of deficit-funded dollars Congress already chucked out of helicopters hasn\u2019t even gone into circulation yet. Massive Federal Reserve money creation likely hasn\u2019t finished hitting the markets, and the minuscule interest rate hikes on the Fed\u2019s table this week <a href=\"https:\/\/www.wsj.com\/articles\/lets-start-getting-interest-rates-up-inflation-fed-supply-shock-russia-ukraine-recession-fomc-11647287930?page=1\">aren\u2019t close to<\/a> the levels needed even to start addressing that situation. <\/p>\n<p>In addition, state and local governments are hoarding some $800 billion of already passed \u201cCovid stimulus.\u201d Approximately <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/01\/31\/biden-administration-releases-bipartisan-infrastructure-law-guidebook-for-state-local-tribal-and-territorial-governments\/\">$1 trillion more<\/a> in \u201cinfrastructure\u201d spending is also <a href=\"https:\/\/www.wsj.com\/articles\/lets-start-getting-interest-rates-up-inflation-fed-supply-shock-russia-ukraine-recession-fomc-11647287930?page=1\">still not out the door<\/a>. This is all yet to be spent while the federal government has already <a href=\"https:\/\/www.wsj.com\/articles\/the-fed-needs-to-put-its-eye-on-the-money-supply-inflation-transitory-banking-system-rates-11646944490?page=1\">expanded<\/a> the dollar supply (M2) <em>more than 40 percent<\/em> since February 2020. So we\u2019re seeing historic inflation right now long before Congress has finished blowing up the balloon. <\/p>\n<p>This is the same Congress telling us that balloon needs even more air. Besides Democrats\u2019 constant insistence that we need trillions more in unfunded spending for an even bigger welfare state, Republicans just helped them pass another porkfest \u201comnibus\u201d that keeps all the palms greased and the country\u2019s structural problems unaddressed, like usual. This is a Congress that sends billions to a foreign country while our own is in complete disarray.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<span class=\"HXoV9W6G3A7diSbF6uRo1pXdz2gr5Y8qZyfJAit9COLBTMktW58GSabye4D4NlYflVONZPz7BvFpuw\"><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">VANCE: &#8220;Republicans refused to give Donald Trump $4B for a Border Wall for four years, but they gave Joe Biden $14B for Ukrainian aid in a week. What does that say about the priorities of congressional Republicans?&#8221; \ud83d\udd25\ud83d\udd25\ud83d\udd25<\/p>\n<p><a href=\"https:\/\/t.co\/HrOnSL81aW\">pic.twitter.com\/HrOnSL81aW<\/a><\/p>\n<p>\u2014 Election Wizard \ud83c\uddfa\ud83c\uddf8 (@ElectionWiz) <a href=\"https:\/\/twitter.com\/ElectionWiz\/status\/1502493702299729922?ref_src=twsrc%5Etfw\">March 12, 2022<\/a><\/p><\/blockquote>\n<p><\/span>\n<\/div>\n<\/figure>\n<p>Washington\u2019s complete dysfunction and constant, dangerous denials of reality indicate that more inflation and other crises are already baked into the economic cake. Anyone saying otherwise is an idiot or lying. <\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<span class=\"GaDSVJ\"><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">.<a href=\"https:\/\/twitter.com\/SpeakerPelosi?ref_src=twsrc%5Etfw\">@SpeakerPelosi<\/a>: &#8220;When we&#8217;re having this discussion, it&#8217;s important to dispel some of those who say, well it&#8217;s the government spending. No, it isn&#8217;t. The government spending is doing the exact reverse, reducing the national debt. It is not inflationary.&#8221; <a href=\"https:\/\/t.co\/6HKE5gX2SP\">pic.twitter.com\/6HKE5gX2SP<\/a><\/p>\n<p>\u2014 The Hill (@thehill) <a href=\"https:\/\/twitter.com\/thehill\/status\/1502449544797192192?ref_src=twsrc%5Etfw\">March 12, 2022<\/a><\/p><\/blockquote>\n<p><\/span>\n<\/div>\n<\/figure>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><\/figure>\n<p>Another confirmation that inflation is going to continue for the foreseeable future is that the people whose responsibility it is to get this situation under control seem to live in la-la land. Congress is completely controlled by magical thinking and has been for so many years, to the point it\u2019s legit to wonder if they all live in an alternate universe inside Meta headsets. Given how much power Twitter hashtags have over government priorities, this metaphor is already pretty close to reality.<\/p>\n<p>In Congress\u2019s alternate universe, spending trillions of dollars Americans and their grandkids don\u2019t have and can\u2019t possibly ever earn is not only a great idea, it will solve the problem of\u2026 not having enough money. Spending is saving! <\/p>\n<p>The decades-long persistence of this type of unserious abdication of leadership underscores that it is a systemic problem. Along with Democrats, Republicans voted for the legislation that gave us today\u2019s inflation, and they help maintain the conditions under which it will continue. The same system giving us historic inflation and other unaddressed national crises is not exactly positioned to solve those crises. <\/p>\n<p>Anyone with half an education who <a href=\"https:\/\/thefederalist.com\/2020\/07\/22\/la-la-land-congress-wants-to-give-billions-to-public-schools-to-stay-closed\/\">did not live in congressional la-la land<\/a> could see that bombing the supply chain under Covid and then blanketing the most in-debt country in the history of humankind with even more fake dollars would cause an economic crisis. It doesn\u2019t take fancy degrees to understand that spending a lot of money you don\u2019t have is for fools. Plenty of hillbillies and high-school dropouts know that.<\/p>\n<p>Since all Congress apparently knows how to do is spend money Americans don\u2019t have, that\u2019s what they did in historic amounts \u201cbecause Covid,\u201d thereby directly causing historic inflation. Witless Republicans willingly assisted in the fake panic Democrats fanned over Covid to <a href=\"https:\/\/thefederalist.com\/2021\/06\/04\/in-the-last-year-congress-sent-a-typical-family-27000-to-110000-in-cash\/\">shower<\/a> campaign donors with piles of cash and Americans with just enough leftover bits of cash to <a href=\"https:\/\/thefederalist.com\/2021\/03\/15\/5-ways-to-use-stimulus-hush-money-to-fight-democrats-plans-for-your-serfdom\/\">shut them up<\/a> about trading their constitutional rights for this mess of government pottage. <\/p>\n<p>The same people who got us into this mess sure as shootin\u2019 ain\u2019t going to get us out. People in the ruling class make enough income that they can buy Teslas that run on coal-fired electricity while the rest of us stay home because we can\u2019t afford to fill up our Camrys. They also self-insure from the national crises they create by using those crises to gain even <em>more <\/em>power. <\/p>\n<p>The ruling class <a href=\"https:\/\/www.washingtonexaminer.com\/news\/rahm-emanuel-reprises-never-let-a-crisis-go-to-waste-catchphrase-amid-coronavirus-pandemic\">loves<\/a> creating crises, because destroying their fellow citizens\u2019 lives and livelihoods allows them to seize more power while other people panic. Until enough Americans get wise to this bipartisan dynamic and amass enough effective pushback for long enough to stop it, things are only going to get worse. <\/p>\n<hr class=\"wp-block-separator\" \/>\n<div class=\"article-author-description fst-italic\">\n  Joy Pullmann is executive editor of The Federalist, a happy wife, and the mother of six children. <a href=\"https:\/\/forms.gle\/iX1dsZnedpJjPMoP7\">Sign up here to get early access<\/a> to her next ebook, &#8220;101 Strategies For Living Well Amid Inflation.&#8221; Her bestselling ebook is &#8220;<a href=\"https:\/\/payhip.com\/b\/R1JL\">Classic Books for Young Children<\/a>.&#8221; <\/p>\n<p>Mrs. Pullmann identifies as native American and gender natural. She is also the author of &#8220;<a href=\"https:\/\/www.amazon.com\/Education-Invasion-Parents-Control-American\/dp\/1594038813\/ref=sr_1_1?ie=UTF8&#038;qid=1486730068&#038;sr=8-1&#038;keywords=education+invasion\">The Education Invasion: How Common Core Fights Parents for Control of American Kids<\/a>,&#8221; from Encounter Books. In 2013-14 she won a Robert Novak journalism fellowship for in-depth reporting on Common Core national education mandates. <\/p>\n<p>Joy is a grateful graduate of the Hillsdale College honors and journalism programs.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Every time some member of the ruling class says \u201cinflation is transitory\u201d or \u201cwe predict it will come down by the end of the year,\u201d I read it as confirmation<\/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-1383338","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\/1383338","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=1383338"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1383338\/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=1383338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1383338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1383338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}