Biden: More Government Spending Will Curb Inflation
According to the law of supply and demand, when the government prints/borrows trillions of dollars, the value of the dollar declines, and prices rise. That is called inflation.
According to President Joe Biden, when the government prints/borrows trillions of dollars, the value of the dollar doesn’t decline, and prices decrease. That is called, to borrow a Biden-ism, malarkey.
Per the president, “My Build Back Better plan will be a force for achieving lower prices for Americans looking ahead. It’s another reason why these investments are so important.”
So, showering the economy with $6 trillion in new spending (the price tag of Biden’s Build Back Better plan) will lead to lower prices? That is abject nonsense.
Biden’s remarks came exactly one day before his administration marked six months since entering the Oval Office. And over the past six months, inflation has become a persistent problem throughout the U.S. economy.
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https://redstate.com/heartlandinstitute/2021/07/23/biden-more-government-spending-will-curb-inflation-n414888