‘Skyrocketing Inflation for Dummies’ – Brought to You by Joe Biden
PF Whalen
May 17, 2021
If someone were to set out with the goal of learning how to rapidly increase our inflation rate in the shortest amount of time possible, they should start by pulling up a chair, breaking out a notebook, and keeping a close eye on the economic approach of President Joe Biden’s administration. With White House Press Secretary Jen Psaki serving as Adjunct Professor, and President Biden himself as Dean of Curriculum, the Biden Administration is beginning that free Community College education they’ve promised by offering what is essentially an Economics course titled Achieving Inflation 101. And we can certainly give at least an honorary title to First Lady Dr. Jill Biden – America’s favorite doctor who doesn’t treat sick people. Let’s call Dr. Jill the School Chancellor.
Inflation basics
Before we examine the effectiveness of Biden’s tactics for blowing up inflation, we should first consider what inflation is, and the impact it has on citizens. Inflation can be defined as “the decline of purchasing power of a given currency over time.” Inflation means goods and services cost more, and your money buys less. In other words, inflation is bad; really, really bad. And while millions of younger Americans have never experienced high inflation rates, they’re about to get a front row seat for a crash course on its effects.
For decades now, the United States has enjoyed low to moderate inflation rates (aka Consumer Price Index, or CPI). The last time we had inflation over 5% was in 1990 when the annual CPI was 5.4%, and the last time we had double-digit inflation was in the aftermath of President Jimmy Carter’s disastrous administration in 1981 when the annual CPI was 10.4%. For millennials and Gen Z, true inflation, problematic inflation, is an abstract concept. We can tell they haven’t experienced true inflation because if they had they would be gravely concerned with the actions of the president they so enthusiastically support; Mr. Biden.
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