Peak Malarkey

                                                           

Our hats off to Joe Biden. We had thought that we had reached Peak Malarkey several weeks ago when the President of the United States declared that he knew of no respectable economist who was worried about inflation overheating...     July 22, 2021   Today's Top Stories From the Breitbart News Desk Our hats off to Joe Biden. We had thought that we had reached Peak Malarkey several weeks ago when the President of the United States declared that he knew of no respectable economist who was worried about inflation overheating, but just days earlier, White House officials were talking with Larry Summers, one of the contemporary scene's chief worriers about inflation. Surely such a brazen perjury before the public could not be topped. Yet on Wednesday night, in the appropriate venue of a CNN town hall, topped it was. Biden claimed not only that inflation was nothing to worry about but that Moody's had that very day produced a report showing that Biden's $4.1 trillion of new spending would actually reduce inflation. He was so adamant in this dishonesty that he repeated it three times. "Moody's, today, went out — a Wall Street firm, not some liberal think tank — said if we passed the other two things I'm trying to get done, we will, in fact, reduce inflation. Reduce inflation. Reduce inflation," Biden said. We are not, to put it mildly, the biggest fans of the work of Mark Zandi, the chief economist of Moody's Analytics. He has produced reports over the past few years that claimed a 2016 election victory by Donald Trump would be an economic disaster that would cost 3.5 million Americans their jobs, that Elizabeth Warren's plan for government childcare for all would be an economic boon, and that Biden's election in 2020 would be terrific because of all the migrants and imported goods that would cross the border. Even worse, he once served as an economic adviser to John McCain. Yet we could not help but be curious about how Zandi could pull off the trick of showing the Biden spending plans would reduce inflation. To our disappointment, Zandi does no such thing. In fact, the report estimates future GDP and employment levels under various spending scenarios but makes no formal estimate about inflation, much less asserting the causal connection apparently dreamed by Biden. Zandi does argue that fears of inflation are overdone because there are still a good number of unemployed people who can be dragooned back into the workforce, and the spending Biden has planned will not really do all that much to raise economic growth. That last point is important. Biden is proposing previously unheard of levels of spending, and yet even the economic shop that could be expected to be most sympathetic to the proposal does not see all that much growth arising from it. Even worse is the possibility that Zandi could be right about the spending not doing much for growth while being wrong about the fact that inflation is a real danger. For evidence of the latter, we direct your attention toward Kansas City, where the Federal Reserve bank has just published its monthly manufacturing survey report. An unbeatable record high 100 percent of manufacturers said that they are paying more for materials than they were a year ago, and 82 percent said that they're paying more than they were a month ago. Niney-one percent said that workers are in short supply—another record. Fifty-two percent said that they are charging more for their products than they were a month ago. All of this is evidence of an economy at full-boil and not one in need of billions of dollars of new demand from the government. – Alex Marlow & John Carney Breitbart News Network     TOP STORY   Fact Check: Biden Claims Moody's Report Said His $4.1 Trillion Spending Plans Will Reduce Inflation Claim: "Here's the deal. Moody's today went out—Wall Street firm, not some liberal think tank—said if we pass the other two things I'm trying to get done we will in fact reduce inflation. Reduce inflation. Reduce inflation," Joe Biden said of his $4 trillion of proposed spending at a live CNN town hall Wednesday night. Verdict: False. The Moody's report, put together by a Democrat economist, did not say Biden's plan would reduce inflation. The report issued by Moody's Analytics on Wednesday downplayed inflation dangers but did not claim passing the so-called bipartisan $600 billion infrastructure plan and the $3.5 trillion Democrat-only plan would reduce inflation. [Click here for more]   IN OTHER STORIES... Poll: Majority Think Economic Growth More Important than 'Climate Change' A majority of surveyed Americans think economic growth is more important than "addressing climate change," even among Democrats, according to a Thursday poll by the Associated Press-NORC Center for Public Affairs Research. Seventy-one percent of Americans think President Joe Biden should most focus on economic growth, compared to 45 percent of those who feel... [Click here for more]   Bidenflation: Inflation Heatwave Batters American Heartland Inflationary pressures remain extremely high in the American heartland, survey data from the Federal Reserve Bank of Kansas City showed Thursday. The Kansas City Fed said its index of prices paid for raw materials by manufacturers remained near record highs in July. Eighty-two percent of companies said prices had increased compared with a... [Click here for more]   Bidenflation: Sales of Million Dollar Homes Up 147%, Median Home Price Hits Record High The dream of many American families of owning a home is getting further out of reach in Biden's America, even while the sales of the most expensive homes continue to climb. The median U.S. home price is up 23.4 percent from a year ago to a record $363,300, the National Association of Realtors said Thursday. Sales of homes priced over $1 million were up... [Click here for more] FOLLOW   Did you receive this email from a friend? 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