Speaking to CNN anchor Don Lemon during a town hall Wednesday night, President Joe Biden made the bizarre argument that printing and spending more money to implement his big government agenda will somehow stop runaway inflation.
"If we pass the other two things I'm trying to get done, we will reduce inflation. Reduce inflation. Reduce inflation. Because, we're going to be providing good opportunities and jobs for people who in fact are going to be reinvesting that money back into all the things we're talking about. Driving down prices, not raising prices. And so, I, I, I, I, I sincerely mean this, prices up now, for example you're in a position where you're trying to build a house, trying to find 2x4s and lumber. Well guess what, people stopped working cutting lumber. They stopped doing it because unemployment was so down. Now all of the sudden there is this need so instead and guess what, instead of paying 10 cents, you're paying 20. You understand what I'm saying."
Biden: Our multi trillion dollar spending bills “will reduce inflation, reduce inflation, reduce inflation" pic.twitter.com/NcKVVaBxxZ
— Tom Elliott (@tomselliott) July 22, 2021
First, people didn't stop "cutting lumber" as Biden claims. In fact, the housing market has been booming since last summer.
"Wood demand shot up in the summer of pandemic. Many homeowners were stuck at home, unable to vacation. With time and money on their hands, they headed to the local building supplies dealer for the materials to build decks, playhouses, she-sheds and even additional rooms," Forbes reports. "Then in the autumn of 2020, homebuilders cranked up their construction. By December, single family housing starts (seasonally adjusted) hit their highest level since 2006. This activity was driven by cheap mortgages."
Runaway government spending is the reason Americans are seeing inflation and increased prices on everything from gasoline to groceries. Biden's remaining agenda will cost at least $5 trillion.
The rising cost of living and inflation are now squarely on the radar as a top economic issue. 78% say rising prices is a big problem, 71% inflation & more in lower income groups.
— Patrick Ruffini (@PatrickRuffini) June 24, 2021
And people are blaming runaway DC spending for it. pic.twitter.com/EiS6qrqBQS
.@CNBC: “Inflation surged in June at its fastest pace in nearly 13 years”@CNN: “Every aspect of American life is getting pricier”@NYPOST: “Biden-fueled price hikes will take a big toll on the poor”
— Elise Stefanik (@EliseStefanik) July 18, 2021
Thanks, Joe. #Bidenflation