OPINION:
President Biden pontificated to CNN recently that he inherited a 9% inflation rate. Actually, the rate was 1.4% when he assumed office.
Rent expenditures are up 30% since he took over. Housing costs are soaring. Essential living expenses have escalated 20%. The price of groceries is up 26%. Interest rates and energy costs have ballooned.
Excessive federal spending under Mr. Biden’s regime has generated trillions of dollars into the economic system. Demand has accelerated relative to this monetary infusion. His regulatory restrictions on the nation’s economic production system have constrained the supply of goods and services. There are too many dollars chasing too few goods.
And yes, these are the factors which actually caused a 9% inflation rate 17 months into this White House occupant’s administration. It had nothing to do with former President Donald Trump.
Mr. Biden’s most recent, mendacious, fairy-tale-like inflation story was put together with the intent to deceive the American people. As such, it is merely par for the course for him, his staff and a White House press corps that more than likely cooked up this lie on Mr. Biden’s behalf.
EARL BEAL
Terre Haute, Indiana
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