For the 2nd time, they met on the day inflation numbers are released. No amount of political theatre can hide Biden’s economy. How's that Inflation Reduction Act working?
Blue party big cheeses know that despite Joe Biden’s happy-clappy summer inching above 40% public approval — a “small step for man, one giant leap for [this president]” — Democrats will probably go down to House and Senate defeats on Nov. 8.
Desperate people lose their grip on reality, and Democrats get desperate when power is being pried from their grasp. Their hope is fading however much they smile bravely. In his weekly Wall Street Journal column, Karl Rove noted that House Speaker Nancy Pelosi (D-CA) is fighting her understandable despondency by making fanciful predictions of a history-defying victory for the incumbent majority.
Her boast that “we will hold the House by winning more seats” is worth as much as her 2016 comment, “Donald Trump is not going to be president of the United States. Take it to the bank. I guarantee it;” ie., nothing.
Further down the left-wing pecking order, MSNBC’s show host Chris Hayes offered glib and unpersuasive reasoning why an awful economy and roaring inflation should make voters keep Democrats in power. His theory is that “if Republicans win control of one or both houses of Congress, they will do everything in their power to sabotage the economy” because that would help their chances of winning back the White House in 2024.
The problem with this theory is that it isn’t future GOP policy but the current Democratic government, specifically Biden’s incontinent spending, that has produced the monthly inflation gut punch inflicted on wage earners and consumers.
Voters know this very well. Pollster Echelon Insights found back in March 2021, when Biden and the Democrats sprayed $1.9 trillion on an overheating economy with their “American Rescue Plan,” that 52% of voters were “extremely concerned” or “very concerned” that the splurge would “lead to increased inflation, driving down the value of a paycheck and driving the cost of living up for every American.”
A further 22% were somewhat concerned, so a total of 74% of voters knew better than the Democrats, and they are unlikely when casting their ballots next month to let the party of the Left off the hook for the fiasco it has wrought.
Inflation is even worse than the 8.2% suggests. Core inflation rose to 6.6%. This suggests Federal Reserve interest rate hikes aren’t yet cooling the price rises so recklessly stoked by the party running Congress. It means we can look forward to a longer period of expensive money, dwindling purchasing power, falling savings and investments, and higher mortgage rates.
The party that told us the fiscal fairy tale of Modern Monetary Theory, with its vistas of unlimited consequence-free borrowing, has dropped the massive bill for its folly into the laps of Americans. And in just a couple of weeks, those same Americans have their chance to exact the political price that Democrats owe.
Inflation’s gut punch to Democrats’ election hopes
Watchers of the looming midterm elections could see the whites of Democrats’ eyes even before the Bureau of Labor Statistics unwrapped September’s dreadful 8.2% headline consumer price inflation number on Oct. 13.Blue party big cheeses know that despite Joe Biden’s happy-clappy summer inching above 40% public approval — a “small step for man, one giant leap for [this president]” — Democrats will probably go down to House and Senate defeats on Nov. 8.
Desperate people lose their grip on reality, and Democrats get desperate when power is being pried from their grasp. Their hope is fading however much they smile bravely. In his weekly Wall Street Journal column, Karl Rove noted that House Speaker Nancy Pelosi (D-CA) is fighting her understandable despondency by making fanciful predictions of a history-defying victory for the incumbent majority.
Her boast that “we will hold the House by winning more seats” is worth as much as her 2016 comment, “Donald Trump is not going to be president of the United States. Take it to the bank. I guarantee it;” ie., nothing.
Further down the left-wing pecking order, MSNBC’s show host Chris Hayes offered glib and unpersuasive reasoning why an awful economy and roaring inflation should make voters keep Democrats in power. His theory is that “if Republicans win control of one or both houses of Congress, they will do everything in their power to sabotage the economy” because that would help their chances of winning back the White House in 2024.
The problem with this theory is that it isn’t future GOP policy but the current Democratic government, specifically Biden’s incontinent spending, that has produced the monthly inflation gut punch inflicted on wage earners and consumers.
Voters know this very well. Pollster Echelon Insights found back in March 2021, when Biden and the Democrats sprayed $1.9 trillion on an overheating economy with their “American Rescue Plan,” that 52% of voters were “extremely concerned” or “very concerned” that the splurge would “lead to increased inflation, driving down the value of a paycheck and driving the cost of living up for every American.”
A further 22% were somewhat concerned, so a total of 74% of voters knew better than the Democrats, and they are unlikely when casting their ballots next month to let the party of the Left off the hook for the fiasco it has wrought.
Inflation is even worse than the 8.2% suggests. Core inflation rose to 6.6%. This suggests Federal Reserve interest rate hikes aren’t yet cooling the price rises so recklessly stoked by the party running Congress. It means we can look forward to a longer period of expensive money, dwindling purchasing power, falling savings and investments, and higher mortgage rates.
The party that told us the fiscal fairy tale of Modern Monetary Theory, with its vistas of unlimited consequence-free borrowing, has dropped the massive bill for its folly into the laps of Americans. And in just a couple of weeks, those same Americans have their chance to exact the political price that Democrats owe.
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