There has never been a White House administration in American history more overtly hostile to the lives of millions of poor and middle-class Americans than the Joe Biden White House.
And that’s saying a lot, because before Joe Biden took office, two of the three most recent administrations, those of Barack H. Obama and George W. Bush, were the absolute scourge of the world’s middle class and poor with their combined sixteen years of stark fiscal insanity.
No administration has ever stolen as much money as the Joe Biden administration is poised to steal to line the U.S. Treasury Department’s coffers with all those trillions of dollars that the Washington regime sends out as bribes to placate its ultra-wealthy backers in corporate America and on big government payrolls throughout the United States.
After Biden, Pelosi, and Schumer have stolen so much already, a $1.9 trillion emergency Covid stimulus package in February on top of the stimulus spent last year is pushing inflation into dangerous territory. Meanwhile, the White House continues spinning the dollar crisis brought on by its wasteful spending as a “transitory” supply shock issue.
During a recent interview on CNN with Jake Tapper, White House Press Secretary Jen Psaki had the nerve to say that surging consumer price inflation is “a good thing.” At the same time, families struggle to survive and keep their homes, their water running, their lights on, and their heat on as winter weather approaches.
Rising inflation brought on by Joe Biden and Congress’ reckless spending and the Federal Reserve’s death pact with radical monetary expansion at magnitudes unheard of in its entire history is already costing the average American household $175 more a month on food, gas, and rent or their house note.
If $175 more a month in no time at all doesn’t seem like much to you, remember that in 2019, even before any of us had an inkling of the madness that awaited us in 2020, a Federal Reserve survey found that 40% of American households would not be able to cover an emergency $400 expense without borrowing money or selling something.
And that’s what Americans are doing. Recently released Fed data also shows that American households added over half a trillion dollars more in household debt to the economy during the pandemic. They’re running up revolving credit loans and taking out other kinds of loans to pay for their expenses while inflation heats up.
That’s great for the finance industry, which gets to make money on the interest for those loans people take out because prices are rising. After all, Washington has stolen trillions of dollars to continue shoring up the deeply rotten finance industry.
Psaki says inflation is a good thing because it means there’s demand for goods. While we’re talking about supply and direction, though, what about the relative supply and demand for U.S. dollars against everything else in the economy? Is Psaki suggesting supply and demand dynamics are at work when people buy gasoline or ground beef? Still, that credit and financing are not subject to the economics of supply and demand?