Why Team Biden might be purposefully grinding down the middle classBy Glenn H. Reynolds
May 26, 2022
Vladimir Lenin supposedly once said, “The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”
There’s some doubt as to whether this line is genuine; regardless, it seems like a pretty good description of what the Biden administration is doing to America’s middle class.
Inflation is running rampant. The Producer Price Index, the most useful measure of general inflation, is up a whopping 16.3% from April 2021, per the Bureau of Labor Statistics.
That means that roughly $1 out of every $6 that people earn has been lost to inflation in a single year. Or to put it another way, 80 minutes’ earnings out of every eight-hour day have been eaten up.
This is predictable, of course. Team Biden took an already-bloated federal budget and supersized it with spending last year, printing money hand-over-fist to fund a massive array of pork-filled programs, many if not most of which guided billions of dollars into the pockets of Democratic Party supporters.
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Natasha Kaneva, a J.P. Morgan researcher, predicts a “cruel summer” with gas prices averaging more than $6 a gallon by August. Team Biden likes this, because it will encourage people to drive less and to buy electric cars.
More expensive oil, coupled with the Ukraine war, also means more expensive fertilizer and thus more expensive food. Biden official Samantha Power thinks this is useful because it will encourage farmers to move from artificial fertilizers to things like compost and manure, which she calls “transitions that would have been in the interest of farmers to make eventually anyway.”
Someone needs to tell Power that Sri Lanka tried to “transition” to organic fertilizers and wrecked its economy, leaving its people hungry. Is that what she has in mind for Americans?
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Source:
https://nypost.com/2022/05/26/team-biden-might-be-purposefully-crushing-the-middle-class/
