Alfredo Ortiz of Job Creators Network writes in RealClear Politics that, sadly, his predictions about the inflationary effects of a Biden presidency are manifesting as spiraling prices causing enormous suffering to ordinary Americans and small businesses:
The Biden pay cut just got more severe as surging inflation reduces Americans’ real wages and living standards. On Wednesday, the Labor Department announced that the consumer price index increased by 6.2% over the last year, the fastest pace in over 30 years. October marks the sixth consecutive month that inflation has grown by 5% or more on a year-over-year basis — significantly outpacing wage growth and putting Americans further and further behind. Bidenflation is the next pandemic.
. . .
This painful inflation is largely a result of President Biden and congressional Democrats’ trillions of dollars in reckless spending that devalues the currency. Late last week, Congress passed a $1.2 trillion infrastructure-in-name-only bill that will worsen inflation by showering money on political and environmental priorities. According to the Committee to Unleash Prosperity, only about one in four of the legislation’s dollars are for roads, bridges, highways, and airports. Much of the rest goes to big green boondoggles.
And now Biden and congressional Democrats want to spend another $4 trillion on their Build Back Broke plan that threatens to turn this historically high inflation hyper. This spending blowout would further devalue the currency, and its tax increases and social programs would exacerbate the ongoing supply-chain and labor shortages contributing to rising prices. For instance, the bill would standardize monthly payments to families — implementing a de facto universal basic income that keeps people on the labor market sidelines. The latest inflation numbers should be the final nail in the BBB’s coffin.
Read the rest of the article here.