Nolte: Failed Bidenomics Threatens to Return Us to Jimmy Carter’s 1970s

FILE - In this Feb. 20, 1978, file photo, President Jimmy Carter listens to Sen. Joseph R.
AP Photo/Barry Thumma

Writing in the New York Post, Charles Gasparino warns, “The Biden administration keeps insisting inflation is ‘transient,’ but there are now real signs that inflation is here and possibly for the long haul.”

“Thursday’s consumer price index increase of 5 percent year-on-year — its highest level in 13 years — is the latest and most visible piece of evidence that this scourge is making a comeback,” he adds.

The most important point he makes is this: “Inflation is a regressive tax that hits hardest at working-class and poor Americans.”

Inflation brutalizes the working class and poor, as do spiking energy prices, which are included in inflation measures, but also cause much of it. It’s not only the cost of electricity and topping your gas tank; it’s the cost of manufacturing and, most especially, transporting all the goods and services we purchase.

So it’s vital to focus on energy costs, not only for the reasons above, but also because His Fraudulency Joe Biden is waging war on oil, specifically America’s status as an energy-independent exporter.

The reasons for this crippling inflation are not difficult to discern. Because the federal government is paying millions of Americans not to work (even though the country’s reopening), an artificial labor shortage is artificially inflating wages, which increases the cost of everything else. On top of that, the federal government is pouring trillions and trillions of dollars into the economy, which is now totally unnecessary, as Gasparino points out. With the country finally reopening, the economy will grow just fine on its own without all this cheap money, which creates inflation.

Now, at this point, you might be thinking, Yeah, but wages are increasing. How is that a bad thing? 

Well, what good are higher wages if inflation eats it all up. Earnings are actually down in this country and have been for five months.

What’s so fascinating about all of this is that as Biden barrels America’s economic train towards its inevitable wreck, none of the above is debatable. It not like we have experts who will argue massive government spending, artificially high wages, and zero percent interest rates won’t produce inflation. Of course, they will. And yet, out of one side of his racist mouth, Biden insists this inflation we’ve not seen since the 2008 crash (which was also caused by the government meddling in the economy by way of Fannie and Freddie) is “transient,” while out of the other side of his racist mouth, he continues to call for a trillion — with a “T” — government spending plans.

Inflation is sure not going to be “transient” if you keep the tidal waves of cheap money rolling in.

Inflation might actually be “transient” if the administration ceases the policies causing it, but it won’t. Even with our massive labor shortage, the boosted federal unemployment benefits will march on into September. This makes zero sense.

As someone who grew up in the 1970s, who turned 14 a few months after the decade ended, there were many fabulous things about that decade. Americans had finally had enough of the pompous, self-important 1960s and had themselves a blast. Of course, the civil rights movement (which I, of course, excluded from the category of “pompous, self-important”) brought a country closer together that was, at long last, ready just to have a good time. Goodbye Joan Baez, hello Led Zeppelin. Goodbye protest songs, hello rock n’ roll, and disco. Goodbye Woodstock, hello Studio 54.

It was one of the freest decades in American history, maybe the freest. I’d gladly pay six bucks for a gallon of gas and four bucks for a loaf of bread if it brought back All in the Family, Blazing Saddles, Saturday Night Fever, Blondie, Warhol, a proudly sexist James Bond, R-rated T&A, John Belushi, roller derby, George Carlin, and the great American ability to collectively laugh at ourselves and, most especially, our sacred cows. But that’s me… The cost of inflation on struggling Americans, those who live on the margins, is brutal and oftentimes crippling. It’s just not worth it, and it doesn’t have to happen — unless His Fraudulency wants it to.

Follow John Nolte on Twitter @NolteNC. Follow his Facebook Page here.


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