Writing in the New York Post, Charles Gasparino warns, “The Biden administration keeps insisting inflation is ‘transient,’ but there are now real signs that inflation is here and possibly for the long haul.”
“Thursday’s consumer price index increase of 5 percent year-on-year — its highest level in 13 years — is the latest and most visible piece of evidence that this scourge is making a comeback,” he adds.
The most important point he makes is this: “Inflation is a regressive tax that hits hardest at working-class and poor Americans.”
Inflation brutalizes the working class and poor, as do spiking energy prices, which are included in inflation measures, but also cause much of it. It’s not only the cost of electricity and topping your gas tank; it’s the cost of manufacturing and, most especially, transporting all the goods and services we purchase.
So it’s vital to focus on energy costs, not only for the reasons above, but also because His Fraudulency Joe Biden is waging war on oil, specifically America’s status as an energy-independent exporter.
The reasons for this crippling inflation are not difficult to discern. Because the federal government is paying millions of Americans not to work (even though the country’s reopening), an artificial labor shortage is artificially inflating wages, which increases the cost of everything else. On top of that, the federal government is pouring trillions and trillions of dollars into the economy, which is now totally unnecessary, as Gasparino points out. With the country finally reopening, the economy will grow just fine on its own without all this cheap money, which creates inflation.
Now, at this point, you might be thinking, Yeah, but wages are increasing. How is that a bad thing?
Well, what good are higher wages if inflation eats it all up. Earnings are actually down in this country and have been for five months.