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Like all failed politicians whose policies led to total disaster, Kamala Harris is trying to blame someone or someone else for the worst inflation in the U.S. since the early 1980s.
On Friday, Harris will travel to North Carolina to deliver her first economic policy speech. In it, she will blame inflation on “corporate greed” and “price gouging” by evil businesses. After the previous three years of failure, it’s all she’s got.
It’s not that Biden and Harris weren’t warned. No less than former Clinton and Obama economic guru Larry Summers warned the White House less than five months into Biden’s presidency that the “stimulus” spending that Joe Biden was pushing would lead to catastrophe.
“Policymakers at the Fed and in the (White House) need to recognize that the risk of a Vietnam inflation scenario is now greater than the deflation risks on which they were originally focused,” Summers told CNN in May 2021. “Whatever was the case a few months ago, it should now be clear that overheating – not excess slack – is the dominant economic risk facing the US over the next year or two.”
“Overheating” was an understatement. The eventual price tag after Biden paid off his election supporters (teachers, unions, Big Tech) $4 trillion set off an inflationary spiral that we’re still trying to escape.
Too many dollars chasing too few goods. Of course, it’s a little more complicated than that, but the underlying premise of this inflation is straightforward, Economics 101.
