Weekly Opinion Editorial
BIDEN’S CONFESSION!
by Steve Fair
On Wednesday, President Joe Biden
conceded the inflation Americans are experiencing is the result of the $1.9
trillion COVID-19 stimulus spending legislation. According
to Biden, the reason consumer demand exceeds supply is stimulus funds have
given people more money to spend. “It (stimulus money) changes people’s lives. But what happens if there’s
nothing to buy and you got more money to compete for getting [goods]? It
creates a real problem,” Biden said. The problem is that
Americans are facing the highest rate of inflation since 1990, the supply chain
is broken, and prices are rising faster.
Three observations:
First, Americans are frustrated about the economy. Even the POTUS admits it. “People are feeling it- they are feeling
it. Did you ever think you would be
paying this much for a gallon of gas? In
some parts of California, they’re paying $4.50 a gallon. That’s why it’s so important we do everything
in our power to stabilize the supply chain,” Biden said. Gasoline is at a seven year high due to higher
demand and a constrained supply. The
supply issue can be laid at President Biden’s feet since he has hamstrung the
U.S. oil and gas industry, while asking OPEC and Russia to provide more of
America’s oil. Two weeks ago, Biden
admitted he didn’t have an answer on how to reduce gasoline prices and that he
expected the prices to remain high into 2022.
Second,
that frustration could impact mid-term elections in 2022. It impacted how voters cast their ballots in
recent elections in Virginia and New Jersey. According to recent ABC/Washington Post poll,
Republicans have a ten-point lead over Democrats- 51% to 41% in a generic poll. Of those polled, 62% believed Democrats had
done a poor job handling the economy. Republicans
didn’t fare much better. Over 50% said
Republicans haven’t done a good job on the economy. President Biden’s approval rating has dropped
to 39%- down 6% in two months. It is
still a year out from mid-term elections, but at this point, it doesn’t look
like a good election cycle for the Democrats and it could be a challenging year
for incumbents of all Party affiliations.
Third, it’s rare when a politician admits
their policies are hurting their constituents.
It is even more astonishing when they brag and gloat about the negative
results those policies created. Biden’s candor
in acknowledging his role in American’s economic woes is surprising. Food prices have risen to the highest levels
in twelve years, gasoline is up 40% over last year and consumer confidence is at
a ten-year low and he admits his spending bills have created those hardships.
Thomas Dewar, the famous Scotch whiskey
distiller, once said: “An honest confession is good for the soul, but bad
for the reputation.” Warren Buffet
says it takes twenty years to build a reputation and five minutes to ruin
it. It took President Biden longer than
five minutes but less than a year. If inflation and hard times continue, the
fruit of Biden’s policies will be a GOP controlled Congress after the 2022
mid-terms.
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