Inflation is now the highest it’s been in 40 years. In November the inflation rate was 6.8%, which was up from October’s rate of 6.2%. You have to go back to 1981 (which was a recession year) to see the type of increasing prices that we are seeing now. And what’s Joe Biden doing about it? He’s saying that this is the “new normal”. When was the last time we saw this? In case you can’t remember, it was when Bobo Obama was the president, and said that the poor economy that America was experiencing was “the new normal”. So, this is the same old play from the sam old playbook.
And what is Biden doing for all of this? Absolutely nothing. People are quitting their jobs at record numbers. Biden says it is because we’re moving up to better jobs. Well, if that were the case, why are there some 10.5 million jobs out there still available? There is some trading up of jobs from minimum wage jobs to better paid jobs. As far as spending, Biden is opening the jobs at the government and is hiring like we’ve never seen in our lifetime. And while Biden touts this as the largest job growth in history, you have to go back to 2017 in order to find the same number of people at work. That’s right. Biden’s economy has erased three years of job growth, and we’re nowhere near where we were when the pandemic hit in March of 2020.
I said a few months ago that from conversations I had with several “money people” I know around the country, their consensus was that the inflation rate for next year (2022) would be between 7-10%. It would rise between 10-13% in 2023 with a likely recession that probably would last at least a year. The reason for the inflation? Unlike Joe Biden, who likes to blame either Donald Trump or COVID for everything, the people that do this stuff for a living tell me it’s because we are printing too much money. That cheapens that dollar because there are more of them out there. These aren’t stupid people either, so I do put some trust in them. Well, let me say this…I put a LOT more trust in them than I do Joe Biden. Biden has convinced me he must have failed every economics course he ever took!
Carry on world…you’re dismissed!