{"id":1476264,"date":"2022-05-16T07:46:26","date_gmt":"2022-05-16T11:46:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1476264"},"modified":"2022-05-16T07:46:37","modified_gmt":"2022-05-16T11:46:37","slug":"why-biden-cant-persuade-americans-hell-fix-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/why-biden-cant-persuade-americans-hell-fix-inflation\/","title":{"rendered":"Why Biden Can\u2019t Persuade Americans He\u2019ll Fix Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/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%2Fwhy-biden-cant-persuade-americans-hell-fix-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=1476264&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\/05\/52046749872_e0b113ebb5_o.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>In a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/05\/10\/remarks-by-president-biden-on-the-economy-5\/\">recent speech<\/a>, President Biden tried to empathize with the plight of average Americans struggling with high inflation. But as might be expected of someone who prioritized <a href=\"https:\/\/thefederalist.com\/2021\/05\/06\/joe-biden-dodged-half-a-million-in-taxes-and-he-wants-you-to-pay-your-fair-share\/\">acquiring luxury real estate<\/a> over paying taxes that fund Medicare and Obamacare, the plutocrat\u2019s attempts to deflect a politically toxic issue for Democrats fell flat.<\/p>\n<p>Beyond trying to pin skyrocketing prices on Vladimir Putin\u2014as if inflation didn\u2019t start until the invasion of Ukraine began in February\u2014Biden wants to turn the inflation issue from a referendum on his (lack of) leadership into a choice between his approach and Republican proposals. But playing the political blame game has about as much policy merit as its chances of political success\u2014which is to say, slim and none.<\/p>\n<h2><strong>Irony 1: High Inflation Is Rarely \u2018Transitory\u2019<\/strong><\/h2>\n<p>High inflation falls into the same category as events like fiscal crises and wars: Much easier to start than to finish. Once inflation expectations become unmoored\u2014i.e., when people believe prices will continue to rise for a sustained period\u2014economies often fall into a \u201cwage-price spiral.\u201d In this scenario, workers demand higher wages to reflect a higher cost of living, employers pass on those higher wages in the form of higher prices, and the cycle repeats.<\/p>\n<p>In most cases, only a sharp rise in interest rates, likely resulting in a severe recession, can break a wage-price spiral. For this reason, policy-makers should act <em>before<\/em> inflation gets out of control, because once the horse has bolted from the proverbial barn, it\u2019s too late to fix the problem\u2014or at least fix the problem easily.<\/p>\n<p>By trying to focus on what Republicans would do <em>now<\/em>, Biden, perhaps unsurprisingly, misses the point. Republicans can and should argue that if they had controlled Congress in 2021, there wouldn\u2019t be an inflation problem now to begin with\u2014they would have stopped federal over-spending before price rises got out of hand. By contrast, Biden\u2019s largest error came by ignoring all the warning signs over the past year-plus showing that inflation continued to accelerate.<\/p>\n<h2><strong>Irony 2: Biden\u2019s Agenda<\/strong><\/h2>\n<p>A Reuters <a href=\"https:\/\/www.msn.com\/en-us\/news\/politics\/biden-to-blast-republicans-as-having-no-plan-on-inflation\/ar-AAX6e1H?bk=1&#038;ocid=entnewsntp&#038;pc=U531&#038;cvid=5aa4a783624745b68404f351c1a3824e\">report<\/a> on Biden\u2019s address noted that \u201cthe President did not announce new policy measures in the speech\u201d\u2014perhaps the best news coming out of that address. Of late, Biden\u2019s proposals have ranged from ineffective to potentially harmful. Attacking companies for \u201cprice gouging,\u201d and pledging investigations of same, likely falls into both buckets\u2014discouraging companies from achieving the revenues necessary to grow their enterprises, while not solving the underlying problems.<\/p>\n<p>Biden didn\u2019t mention it by name in his speech, but his <a href=\"https:\/\/thefederalist.com\/2021\/12\/13\/republicans-should-force-democrats-to-vote-on-the-full-5-trillion-build-back-bankrupt\/\">Build Back Bankrupt legislation<\/a> would exacerbate inflation. The bill\u2019s budget gimmicks seek to mask its full cost, likely in the neighborhood of <a href=\"https:\/\/www.cbo.gov\/system\/files\/2021-12\/57673-BBBA-GrahamSmith-Letter.pdf\">$5 trillion<\/a> or more over a decade. Coming on the heels of the gusher of government spending over the past two years, these new entitlements would only worsen inflation.<\/p>\n<h2><strong>Irony 3: Republicans Do Have Solutions That Would Lower Prices<\/strong><\/h2>\n<p>Contrary to Biden\u2019s claims, congressional Republicans do have two obvious solutions on hand that would address the spike in inflation. Here they are.<\/p>\n<p><em>Repeal Biden\u2019s \u201cCovid Stimulus<\/em>:\u201d Press reports have listed some of the <a href=\"https:\/\/thefederalist.com\/2022\/04\/04\/heres-some-of-the-garbage-democrats-funded-as-covid-relief\/\">many wasteful projects that governments<\/a> funded using the $1.9 trillion \u201cstimulus\u201d measure Democrats passed last March under the guise of \u201cCovid relief.\u201d The extravagant pork-barrel spending goes from coast to coast, from irrigation systems at a golf club in Colorado Springs to upgrades to a minor league baseball park in New York.<\/p>\n<p>But the Congressional Budget Office notes that chunks of that spending have yet to go out the door. CBO <a href=\"https:\/\/www.cbo.gov\/system\/files\/2021-03\/Estimated_Budgetary_Effects_of_HR_1319_as_passed_0.pdf\">estimates<\/a> the bill will increase the deficit by $529 billion in the current fiscal year (which ends September 30), $114 billion in the upcoming fiscal year (which begins on October 1), and $59 billion in the fiscal year after that.<\/p>\n<p>In <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/05\/10\/remarks-by-president-biden-on-the-economy-5\/\">his speech<\/a>, Biden said that \u201creducing the deficit is one of the main ways we can reduce inflationary pressures.\u201d Repealing last year\u2019s \u201cstimulus,\u201d and rescinding any amounts not already obligated, would do just that. How about it, Mr. President?<\/p>\n<p><em>Energy Exploration<\/em>: In his speech, Biden also claimed Republicans \u201chave no plan to bring down energy prices today.\u201d That claim is false.<\/p>\n<p>Republicans have proposed numerous ideas to would bring down energy prices. I outlined <a href=\"https:\/\/thefederalist.com\/2022\/03\/17\/fund-democrats-covid-slush-fund-in-exchange-for-developing-american-energy\/\">some of them<\/a> in a recent article, starting with efforts to increase energy exploration in our own backyard. Because oil and natural gas operate in \u201cspot\u201d markets, any announcements signaling an expansion of American energy would bring down prices almost immediately, well before any new oil or gas wells come online.<\/p>\n<p>But leftist climate warriors don\u2019t want to increase energy exploration activities, which explains why the Biden administration <a href=\"https:\/\/thehill.com\/policy\/energy-environment\/3485545-biden-administration-cancels-oil-and-gas-lease-sales-in-alaska-gulf-of-mexico\/\">recently canceled<\/a> oil and gas sales in Alaska and the Gulf of Mexico.<\/p>\n<p>Therein lies the underlying problem. While Biden and his elite colleagues remain firmly ensconced <a href=\"https:\/\/thefederalist.com\/2021\/05\/06\/joe-biden-dodged-half-a-million-in-taxes-and-he-wants-you-to-pay-your-fair-share\/\">in their mansions<\/a>, they want <em>you<\/em> to pay the price for <em>their<\/em> \u201cclimate sins.\u201d All of this demonstrates that, while Biden may sound sympathetic to families\u2019 inflation plight, he has no real intention of doing what it takes to bring the American people true relief.<\/p>\n<hr class=\"wp-block-separator\" \/>\n<div class=\"article-author-description fst-italic\">\n  Chris Jacobs is founder and CEO of Juniper Research Group, and author of the book, &#8220;<a href=\"https:\/\/www.amazon.com\/dp\/1645720020\">The Case Against Single Payer<\/a>.&#8221; He is on Twitter: <a href=\"http:\/\/www.twitter.com\/chrisjacobshc\">@chrisjacobsHC<\/a>. Previously he was a senior health policy analyst for the Texas Public Policy Foundation, a senior policy analyst in The Heritage Foundation\u2019s Center for Health Policy Studies, and a senior policy analyst with the Joint Economic Committee\u2019s Senate Republican staff. During the debate over the Patient Protection and Affordable Care Act, popularly known as Obamacare, Jacobs was a policy adviser for the House Republican Conference under then-Chairman Mike Pence. In the first two years of the law\u2019s implementation, he was a health policy analyst for the Senate Republican Policy Committee. Jacobs got his start on Capitol Hill as an intern for then-Rep. Pat Toomey (R-Pa.). He holds a bachelor\u2019s degree in political science and history from American University, where he is a part-time teacher of health policy. He currently resides in Washington, D.C.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a recent speech, President Biden tried to empathize with the plight of average Americans struggling with high inflation. But as might be expected of someone who prioritized acquiring luxury<\/p>\n","protected":false},"author":521,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1476264","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\/1476264","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\/521"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1476264"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1476264\/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=1476264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1476264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1476264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}