Joe Biden and the Democrats are desperate to resuscitate his dying approval numbers.
Americans are being hit hard by inflation, and they’re blaming Biden.
Now, Biden insulted every American with one infuriating lie about his failing economy.
Americans are experiencing the worst inflation since 1982, and Joe Biden is largely responsible.
But the Democrats and their media allies are attempting to gaslight the American people.
They want Americans to believe that inflation is solely the fault of Vladimir Putin invading Ukraine, which is a false narrative.
The bigger cause of inflation is reckless government spending, but Biden doesn’t want people focused on that.
During a recent speech, Biden said it’s “simply not true” that spending leads to inflation.
Biden: “I’m sick of this stuff! The American people think the reason for inflation is the government spending more money. Simply. Not. True." pic.twitter.com/e0XAeeqv7f
— Jewish Patriot 🚛 (@MAGAJew2) March 11, 2022
Biden is flat-out lying.
Spending directly leads to inflation.
The government gets funded through tax receipts, and when there is a budget shortfall, the government gets the Federal Reserve to print more dollars in order to make up the difference.
That means there are more dollars chasing fewer goods, which is the textbook definition of inflation.
The Left have bought into the zany concept of Modern Monetary Theory, which argues that debt doesn’t matter; the U.S. can keep printing money without any concerns over debt because countries will continue to buy American debt.
Not only is that insane in the long run—the U.S. will be forced to default if hyperinflation destroys the dollar and countries lose confidence—but the inflation kneecaps Americans in the short run.
With an inflation rate at an eye-popping 7.9%, that means Americans who didn’t get an 8% raise or didn’t invest in something that yields 8% are losing money.
The problem is made worse by artificially low interest rates, which means savings accounts don’t even come close to beating the rate of inflation, and cheap money encourages irresponsible borrowing.
That’s what caused the subprime mortgage scandal that torpedoed the economy, and the establishment is doing the same thing yet again.
Biden also explained that “Democrats didn’t cause this problem. Vladimir Putin did…From the moment he put his over 150,000 troops on the Ukrainian border, the price of gasoline in January went up 75 cents…Make no mistake, inflation is largely the fault of Putin.”
Gas prices have been going up ever since Biden took office, and inflation was a problem throughout 2021.
Biden and the Democrats are lying about why Americans are feeling the crunch, but so far the lies are not working.
Stay tuned to Right News Wire for updates to this ongoing story.