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Tipsheet

Biden’s Messaging on Inflation Is a Colossal Trainwreck

AP Photo/Evan Vucci

Does Joe Biden know inflation is an issue? Sure. Is he trying to do anything about it? Not really. His crew might say he is, but why do I hear him blaming Vladimir Putin whenever someone brings this issue up at pressers? So, what is the plan? Supposedly, Biden is letting Fed Chair Jerome Powell get high inflation under control. It's a move that's caused heartburn among the far left of his party. As Biden tries to duck GOP attacks, he runs into a haymaker delivered by the progressive Left. Perhaps, this is why Biden appears paralyzed by this issue. He's frozen with almost every domestic crisis, but this one especially is torching America's middle class. Like his former boss, Obama, Biden suffers from 'paralysis by analysis.' I doubt Biden knows what's going on with inflation, but for the sake of argument—let's assume he knows something. And what he wants to do has infuriated the most vocal bastions of his party. 

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Being as old as he is, I'm sure when Biden has moments of mental acuity, he knows never to trust the people who want to crash the economy. That's what the Left wants. Crash it and assume more control in 'fixing' it, which will usually come in campaign promises. Based on the rhetoric from the progressive Left and their ilk, like Alexandria Ocasio-Cortez, the destruction of the American economy in its current form is the goal. The Green New Deal is rather explicit with its aims. 

Can Biden thread the needle? No. He can't balance the far left of his party with that of the moderate wing. We see that in real-time. Is it old age? It doesn't help, but even in his youth, I don't think Biden could have done it. He doesn't have the skills. It seems every top Democrat, Obama included, knew this guy was incapable of being presidential. Still, because of Trump—Democrats threw a hail Mary, and now we're stuck with this braindead stewart of the Oval Office. At 79, the man just can't do it, and it doesn't help that his top aides could be the ones clipping at his heels (via Politico):

…many progressives — including some within the administration itself — say Biden’s all-out messaging war against spiking prices is making matters even worse.

[…]

They fear that the administration’s unswerving support for the Federal Reserve’s campaign to choke off inflation will slam the brakes on the economy and undercut the few things the White House has moving in its favor. Among them: a strong labor market, solid wage gains and ambitious spending proposals in areas like child care and prescription drug costs that are popular with voters.

Frustration among administration progressives boiled over at the end of May when Biden declared his “laser focus” on inflation while meeting at the White House with Fed Chair Jerome Powell and rolled out a plan to combat spiking prices. Biden backed the central bank’s aggressive interest rate hikes, which are aimed at cooling the economy by any means necessary, including inducing a possible recession.

“A lot of people were frustrated by [the rollout] and by the idea that we were going to try to Paul Volcker our way out of this problem,” said a senior official, referring to the legendary Fed chair of the 1980s who relentlessly jacked up rates to break the back of soaring inflation — triggering two recessions along the way.

The official, who like others inside the administration interviewed for this story declined to be identified by name, said the new messaging showed that “people who are inherently cautious are dominating” the internal debate, meaning the economic moderates in Biden’s inner circle.

It’s not that progressives want Biden to put pressure on Powell to curb interest rate hikes as President Donald Trump once did. But Biden’s commitment to letting the Fed do whatever it deems fit instead of emphasizing the need to keep making labor market gains struck a nerve.

While every White House engages in internal policy debates, this one stands out because it reflects broader tensions that are roiling the party: Many progressives believe inflation is likely to ease on its own without severe rate hikes; more moderate voices say the only path to improving Democrats’ political fortunes is to bring prices down swiftly.

[…]

progressives worry that Biden is abandoning the liberal vision of government’s role in countering decades of growing income inequality, further assisting women and people of color in making progress in the labor market, and transforming the nation’s infrastructure into one that relies on clean energy.

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CNN had an equally damning piece which we'll dissect tomorrow. The theme is the same. Who are the "senior" sources? Some have pointed to the White House communications director's offices and chief of staff, which would be devastating. It's been eerily mum from those top offices that are usually abreast and seek out leakers from within the halls of the White House.

The orgy of government spending is what's driving inflation. The floodgates were open too long, so a shock to the system is necessary now. Interest rates should have increased gradually over the past few quarters. That didn't happen, so here we are, folks. And this did not cause the recession. That was going to happen no matter what with Biden's bumbling agenda. The Left is about this administration touting the strong labor market and wage growth. Did they miss the entire portion about inflation here? There is no wage growth if Joe's inflation crisis eats up that paycheck. Prices are too high; Biden admitted that but somehow concluded that this is the right track for the country. When over 80 percent of the country disagrees, that presents another problem. 

The detachment is pervasive, but so is Joe's tethering to what's real. 

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