Inflation: Clueless in Washington hiding in basement.

In case you have been hiding in the Presidents’ basement, you may not know the Consumer Price Index rose 6.2 percent in October from a year ago, the fastest pace in more than thirty years. Prices are up everywhere. Been to the grocery store lately? Gassed up the fossil fuel powered car?  Paid the utility bill? How could this be as the Government said this was and is temporary and is not an issue or concern. What is not surprising is the President is clueless. He continues to insist the Congress pour more money into the economy. The Better Watch Out Bill of who knows how many trillions of dollars would continue to inflame the coming inflation inferno. Seems like the President went to the Jimmy Carter School of Economics. He will do and say anything and distort the reality to get his program enacted.

The President- the climate savior- fusses about the high price of gasoline but has done about everything possible to suppress domestic production-eliminate federal leasing, stop pipeline construction, trying to restrict capital markets from financing fossil fuel projects and on and on. At the same time, he has begged OPEC nations time and time again to increase their production to drive down prices. How demeaning. Am I missing something here?

This Administration has tried to elevate wages, which of course will be reflected in prices later on. What they have missed is that real wages have actually gone down. So a person can make more nominal dollars but can actually buy less. Duh. It is just going to get worse.