Jay Weber Show transcript 7/13/23
The top-line ‘headline is’ inflation eased to three percent in June. Good. Finally. After over two years of inflation that we never should have had to endure.... price increases are slowing again. To a more routine pace. Three percent still isn’t two percent-or under- which is where the federal reserve would like to see it-
Or whether experts might consider it a rate that signals a healthy economy- but at least it’s back down to three percent.
This is still more than double the inflation that we Americans saw under Donald Trump. As Trump left office, inflation was at 1.4 percent.
And you know the story: Biden and the dems immediately got into office and screwed up an economic recovering coming out of covid that every single economist seemed to believe was ready to boom. They were predicting seven percent GPD or more for 2021...with a sustained economic boom that would still have us seeing 3-and a half or 4 percent growth in 2022...and 3 percent in 2023-
Man-this was going to be ‘boom times’ for America, and all joe Biden had to do was-nothing.
All Biden and the dems needed to be- not bleep it up.
And they bleeped it up.
Instead of following a flood of good advice, they decided to spend another two-trillion dollars on ‘made up’ needs- and passed another spending bill-similar to the fake stimulus one that they passed under Obama-
Except, under the cover of ‘covid spending’ they felt they could make it far bigger, and so they doubled the left-wing handouts of the Obama era- and spent two trillion-shoveling taxpayer money to their favorite causes and voters.
And they touched off 5, then quickly 9 percent inflation. And we’ve been living with the disastrous consequences ever since.
Remember-it was just June of last year that we saw this inflation peak at 9.1 percent. And so, Biden and his team don’t get to do victory laps over the fact that the federal reserve’s extreme tampering with the interest rates has now brought that down to three percent.
Everything continues to be far more expensive than it was: every good and every service.Prices on virtually everything are-and will continue to- go up. There is no ‘win’ here for the American people in a three percent inflation rate...with an 8 percent interest rate on car and home loans.
This isn’t ‘winning’ under bidenomics.
The reason the raw number dipped to three percent last month is because gas prices were down a bit. Grocery prices rose more slowly, and the price of used cars and airline tickets slid a bit. That’s what brought down this stand-alone figure that we use to gauge inflation.
Rent and groceries increased again-but a little more slowly. The price of car insurance rose.
And when you strip food and gas out of the generic inflation rate and look at the ‘core inflation rate’ that the federal reserve experts to gauge whether they need to tamper further in the economy...
We find that the core inflation rate really didn’t fall month-to-month. That figure is still up near five percent.
Meanwhile- we just saw that the labor market is showing signs of cooling. Hiring is down. Any promise of pay raises is cooling. And the housing market remains both -weak-and expensive.
And oh- by the way- over the last two months or so- small business owners, in particular, have been finding themselves unable to borrow money.
This has investor Kevin O’Leary-who’s the bald guy on shark tank- saying that bidenomics is starving the small businessman.
Here he is, talking to a Fox panel.
Shark Tank Star Kevin O’Leary Slams ‘Bidenomics’ on Fox: ‘Starving Small Business In America’
So-bidenomics has small business owners finding it difficult to raise capital. These rapid rate hikes by the fed are harming them-
And no one in the MSM or the Biden white house wants to talk about that- or any of these negatives I’ve just detailed-
They’d rather gaslight and insist that the American people should be thanking President Biden for getting them relief from the super-high inflation that- he- and his party touched off in the first place.
If you are falling for any of the dems current talking points, you’re a fool.
This is not ‘getting better’.
We’ve talked about how the number of people having to dip into their 401ks and retirement accounts to pay bills has skyrocketed over the last few months.
How people are falling further and further behind on their credit card payments. How overall ‘debt owed’ is ballooning again.
This week, there’s news that many American’s credit scores are sliding because they are falling behind on their loan payments now.
People have chewed thru that savings again-and/or had to resume most of their payments again- and their more normal level of debt is starting to show itself again.
This-as Biden’s inflation means their paycheck is worth 3 percent less than it was when he took office.
Imagine what sort of financial shape these people and this country would be in- if Biden and the dems had simply ‘done nothing’ and we were coming off of three boom years of growth.
Imagine where we would be now- and where the democrats would be, politically now, if we had seen seven percent growth in 2021, as predicted, and then four percent growth in 22 and we’d still be seeing 3 or 3.5 percent gdp growth this year-
Imagine what an incredible run of new prosperity -for everyone- on every rung- Joe Biden and the democrats could be taking credit for.
And ironically- they could have achieved it by-doing nothing!
Just let the Trump/ Kudlow/Navarro recovery work. The country was already on that path, and economists knew it. We all knew it.
Instead- Biden, Bernie and the dems tampered. They just had to bleep it up....by handing out candy to their loyalists and by trying to buy new votes with stimulus checks and new handouts.
Everyone would be better off today. And I mean-genuinely everyone- would be better off financially today- if Joe Biden had never won office. If he and the dems had never rammed thru their idiotic ‘American recovery act’...or the other trillions in spending that followed-which ensured the nine percent inflation and the three-completely unnecessary- years of economic misery that Americans have endured.
That’s the bottom line here-and it still infuriates me: none of this was necessary.
photo credit: Getty Images