The Broken Clocks of Bidenflation

A broken clock is not necessarily right twice a day. A stopped clock is because it always says the same thing, and twice a day the hours and minutes glide past that point.      December 02, 2021 advertisement   Biden to clamp down on cryptocurrencies…

Today's Top Stories From the Breitbart News Desk A broken clock is not necessarily right twice a day. A stopped clock is because it always says the same thing, and twice a day the hours and minutes glide past that point. But a clock may be slow, or fast, or simply running from the wrong starting point. In that case, it might not be right ever. So it has been with the establishment media and many economists when it comes to inflation. When Donald Trump imposed tariffs on steel, aluminum, and imports from China, there was a seemingly unending number of articles, studies, and essays decrying the inflation that was sure to "squeeze the American consumer." We were told the price of televisions, cars, computers, and appliances would soar. When nothing of the sort happened—prices of many things, particularly televisions, fell after the tariffs were imposed—it still took years before the Very Smart People admitted they had been very wrong. Fast-forward to this year. This time, the establishment went the opposite way. Economists assured us that inflation would stay subdued. And then they said it would be "transitory," as Fed Chairman Jerome Powell memorably put it. Janet Yellen soon adopted the word as her own. Joe Biden told us that no "serious" economist worried about inflation becoming unchecked. We suppose some progress has been made. Instead of being wrong for years, this time the establishment caught on to its error after only nine or ten months. That's likely because the political costs of inflation were mounted. As the pollsters at Gallup said Thursday, 45 percent of American households say their financial situation has been hurt by inflation. Among households with annual incomes lower than $40,000, that number jumps to 71 percent. That's an untenable position for any politician but especially for one that considers himself progressive and ran promising to reduce the costs of living for middle and lower-income Americans. – Alex Marlow & John Carney Breitbart News Network

TOP STORY

Watch: Team Transitory Collapses as Yellen Surrenders on Inflation

So much for the idea that inflation would be transitory. Treasury Secretary Janet Yellen on Thursday said she believed it was time to retire the word transitory when it comes to describing inflation and warned of the possibility that the Omicron variant could exacerbate inflation. "I am ready to retire the word transitory," Yellen said in an interview with Reuters. "I can agree that that hasn't been an apt description of what we are dealing with." On Tuesday, Fed chairman Jerome Powell said he was ready to "retire" transitory. Powell was one of the first government officials to use the word transitory to describe inflation. On Tuesday, Powell said it was not meant to indicate that inflation would be "short-lived" but rather to indicate that the transition to faster-rising prices was based on temporary economic constraints that would eventually be overcome. [Click here for more]

IN OTHER STORIES...

Bidenflation Stole Christmas: Inflation Causing Hardship During Holidays for Nearly Half of American Households

Inflation is inflicting financial pain on millions of U.S. households, with lower-income households the hardest hit, a Gallup survey released Thursday showed. The survey found that 45 percent of American households report that recent price increases are causing their family some degree of... [Click here for more]

Biden Administration Blames Omicron Variant for Supply Chain Woes

The Biden administration on Wednesday blamed the Omicron coronavirus variant for continued economic supply chain woes. As many laborers decided to accept larger government checks in 2021 instead of participating in the economy, resulting in a nationwide labor shortage, Commerce Secretary Gina Raimondo told CNN Wednesday the Omicron variant could also negatively impact... [Click here for more]

Japan Suspends New Reservations on All Incoming Flights

TOKYO (AP) — Japan has asked international airlines to stop taking new reservations for all flights arriving in Japan until the end of December as the country further tightens its border controls against a new coronavirus variant, the transportation ministry said Wednesday. It said the request is an emergency precaution amid growing concern over the spread of the new... [Click here for more]

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