OUCH: Record-High July 4th Cookout Costs: Inflation Hits the Backyard.
We’ve come a long way — in the wrong direction — since the Biden Cabal made this sad attempt at gaslighting in 2021.
Planning a cookout this year? Ketchup on the news. According to the Farm Bureau, the cost of a 4th of July BBQ is down from last year. It’s a fact you must-hear(d). Hot dog, the Biden economic plan is working. And that’s something we can all relish. pic.twitter.com/7h9qLauIbC
— The White House (@WhiteHouse) July 1, 2021
Related (From Ed): Choosing Inflation:
Interestingly, [British economist Stephen D. King] points out that it’s easier to solve hyperinflation, like the notorious Weimar Germany episode of the early 1920s, than moderate inflation like today’s. Because outright monetary destruction benefits few, the many who suffer are prepared to support radical strokes of currency reform, no matter what the short-term pain. No such consensus of public opinion supports determined action against mild inflation (especially, perhaps, in a presidential election year). For one thing, a slow rate of currency debasement benefits some debtors and a certain class of leveraged speculator. For another, Congress has charged the Fed not only with delivering price stability (as the Fed perversely defines that concept) but also with supporting maximum employment. Tight money, whatever its salutary effect on consumer prices, may temporarily wound the economy, and therefore the job market and the stock market. Perhaps [Jerome] Powell recalls some unnamed diplomat’s rueful quip about the Balkans: “Anything you do is going to be wrong, including nothing.”
Exit quote: “Inflation is a disease you choose, and we moderns have cast our ballots.”