Posted on 03/09/2022 7:35:54 AM PST by Oldeconomybuyer
WASHINGTON (AP) — President Joe Biden has a solution for high inflation that seems counterintuitive: Bring factory jobs back to the U.S.
With inflation at a 40-year high, the president has begun to argue that globalization is stoking higher prices.
Biden says the federal government can pursue two courses on inflation. It can either pull back on support and cause wages and growth to cool, or it can get rid of the pressure points that can lead to inflation when emergencies and uncertainties occur.
“The way to fight inflation is to drive down wages and make Americans poorer or have a better plan to fight inflation: Lower costs and not your wages.”
But this plan would take years to implement and the consumer price report being released Thursday is expected to show that annual inflation rose to nearly 8% last month.
Biden’s challenge is that he’s got long-term plans on inflation to address pain that consumers are feeling each day, said Douglas Holtz-Eakin, who described Biden’s plan as “optics.”
Critics see this new Biden effort as largely an attempt at political damage control.
“It’s primarily about optics,” said Scott Lincicome, director of economics and trade at Cato Institute. “The Biden administration clearly knows that inflation is a political albatross. And they are looking for anything and everything to show American voters that they have a plan to fix the problem.”
Lincicome argues that the vast majority of inflation is caused by Federal Reserve efforts to boost growth, Biden’s relief package and the general challenges of restarting an economy after the pandemic. Restoring factory jobs that went elsewhere would not address those challenges and any arguments for that are based on the belief that supply chain disruptions have become a permanent feature of the global economy, he says.
(Excerpt) Read more at apnews.com ...
Next thing you know, he’ll be wearing a MAGA hat !!!
(I thought this was Babylon Bee !)
More of how rotten and corrupt establishment and celebrity based culture and politics really end up as so self contradictory.
Repeal minimum wage laws, disband government unions at all levels, stop printing free money and EBT cards.............................
Let the voluntary cooperation between buyers and sellers in the free market, “the Wealth of Nations”, unchained from government’s agenda and greed, decide the comings and goings of goods and services.
Been saying that for 20+ years already.
President Trump knew the above instinctively. I'd bet the farm that 90% of Freepers know that instinctively also.
That we have an illegitimate, corrupt, poopy pants filled MORON occupying 1600 Pennsylvania Ave. and he's driven by the green energy whacko's means manufacturing jobs aren't coming back en mass anytime soon.
NEVER underestimate Joe's ability to really f*** things up. (Barack Hussein Obama.)
DemonRATs. Doing what they called the Republicans evil for doing.
Read the book Patriots by Rowles. It’s fiction cut currently becoming true to life. Everything in the beginning of this book is happening right now. Oil is the key and Biden is too stupid to realize this.
Inflation is: too much money chasing too few goods and services.
Leave Prices and Wages alone, Bozo Brandon.
Cut Government Spending, by far the biggest slosh-cash in the system. Increase interest rates if you have to. Then inflation will correct.
We have epic dumbasses at the helm of the US economy.
The Government cannot spend its way out of inflation. That is what causes it in the first place.
Brandon’s gonna upset Klaus.
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