(RightIsRight.co) – With policy decisions and legislation that has many economists scratching their heads in astonishment and disbelief, President Joe Biden and the Biden administration are not only spending massive amounts of money that the government does not have, but they are also trying to convince those economists along with the American people that increased government spending will reduce and eventually defeat the skyrocketing inflation that is sapping Americans wages and causing deep financial pain for consumers.
However, those economists warn that more government spending – deficit spending that increases the national debt to levels never before seen in American history – is a recipe for higher inflation, not lower.
As the libertarian magazine Reason notes, “As American workers grapple with soaring inflation—the consumer price index rose 6.2 percent since last October, the largest single-year increase in 30 years—the Biden administration has a plan: spend lots of money.” [emphasis added]
But, another piece cited by Reason that surveyed economic researchers, even a financial organization that is friendly to Biden, found those researchers and economists believe Biden’s Build Back Better legislation “is structured in a way that could add to inflation next year.” [emphasis added]
Add to the inflation that has already soared to record levels.
What do you think? What is your opinion? Do you believe President Joe Biden and members of his administration when they argue that more massive government spending is the way to combat the high levels of inflation that are harming American consumers? Or, do you think Biden is lying and just jamming through spending bills to satisfy the socialists running the Democrat Party?
— reason (@reason) November 12, 2021
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