Democrats have been trying to blame ongoing inflation on former President Donald Trump, but according to a number of Republicans, in addition to several experts, this narrative is 100 percent bullschiff. The evidence, they say, is in the data.
For instance, the data shows that inflation began specifically after current President Joe Biden took office and passed the unnecessary American Rescue Plan.
“Inflation was 1.7 percent in February 2021. That was the first full month of the Biden administration. In March is when they passed the American Rescue Plan, the $2 trillion bill that was supposed to defeat COVID but less than 9% went toward COVID,” Rep. Jason Smith said to Fox News.
And immediately, inflation took off.
The redline is when Biden took office. pic.twitter.com/kbPFeocajl
— Ryan Saavedra (@RealSaavedra) July 19, 2022
“President Trump and Vice President Pence’s administration spent money on COVID while COVID was at its height and roiling the country and the world before the Trump-Pence compelled vaccines were available to folks,” former Trump administration official Kellyanne Conway told Fox News Digital.
Her point was that the COVID spending under Trump had been mandatory, whereas the COVID spending passed by Biden in March of 2021 wasn’t just unnecessary — it was outright irresponsible.
(Video: Fox News Digital)
Indeed, in an analysis published in May, Morgan Stanley blamed current inflation primarily on the “excessive” spending of 2021.
“In summary, the slack created by the covid recession is being absorbed much faster than usual. While some of this absorption is due to the supply disruptions created by the lockdowns, we think it was more so due to excessive fiscal stimulus provided during the pandemic, particularly the last $1.9T package at the end of March 2021 just as the economy was already emerging from the lockdowns. In our view, this was what turbocharged consumption and drove inflation to 40-year highs,” the analysis read.
Morgan Stanley blames 40-year high inflation on the “excessive” American Rescue Plan. [Wilson] pic.twitter.com/z2LBsACbPX
— Carl Quintanilla (@carlquintanilla) May 16, 2022
Another factor to bear in mind, according to Rep. Byron Donalds, is the way that current President Biden kept needlessly extending unemployed benefits.
“What they created was an artificial labor shortage, because they paid people to stay home. So they paid people to stay at home, [those people] still had money to spend, but enough people weren’t working to actually create products to fill the demand from all the money they unleashed,” the Florida Republican said to Fox News.
Analysis from Reason magazine shows that Donalds is correct.
“The government’s coronavirus-related unemployment benefits are encouraging some to stay unemployed,” the libertarian outlet pithily reported in May of 2021.
“The American Rescue Plan, passed in March, increased unemployment payments by hundreds of dollars and extended them for up to 73 weeks. Given the cost of commuting, etc., many people find they are better off financially not working,” the outlet noted.
“Denmark once offered workers five years of unemployment. Then they noticed that workers found work after exactly five years. So, Denmark cut the benefit to four years. Then most workers found jobs after four years. Now Denmark, wisely, has cut benefits in half. Incentives matter.”
⬇️ WATCH: Ranking Member @RepBlaine joined Emma Rechenberg on @Newsmax‘s National Report to discuss the harmful effects Biden’s unemployment incentives, tax hikes, and increased inflation have on small businesses across the country. pic.twitter.com/A9f5xig3P2
— House Committee on Small Business Republicans (@HSBCgop) May 14, 2021
— Jarrett Renshaw (@JarrettRenshaw) May 10, 2021
Even Rep. Chip Roy, a more libertarian-minded Republican who’s often equally critical of the GOP’s own defense habits, sees the writing on the wall.
“Democrats pushing back and trying to blame it on Trump or Republicans are so full of crap,” he said to Fox News.
Though as is his nature, he also threw some shade at his fellow Republicans.
“We should stop spending money we don’t have. Both parties fully, 100 percent, own that problem. There is no divide there. Republicans hide behind defense, Democrats hide behind social goodies and social welfare,” he said.
“Roy added, however, that Democrats were in no position to criticize anyone on the topic given their push to pass a multi-trillion party-line spending package. He also said Democrats are fully to blame for energy prices, given Democrats’ policies since Biden took office,” according to Fox News.
These policies include imposing burdensome regulations, halting oil/gas leases, shutting down pipelines, nominating climate change zealots to key administration positions, attacking fracking, and proposing taxes galore.
“Biden has proposed 11 tax hikes on the oil and gas industry, raising the corporate tax rate, boosting the top income bracket to nearly 40 percent, doubling the capital gains rate and imposing a second death tax,” the Las Vegas Review-Journal reported in April.
“The American Petroleum Institute and other fossil fuel industry experts said the tax hikes would hinder production, eliminating tax breaks for marginal wells and deductions for intangible drilling costs, known as the IDC tax provision.”
It seems telling that every policy the Democrats have pursued or are trying to pursue has engendered damage to the American economy.
It’s even more telling, GOP critics say, that Democrats would rather blame everybody and everything else for their own self-created mess.
“I’ll take responsibility instead of blaming others.”
— Joe Biden, 2020 pic.twitter.com/PNG1F5EN85
— RNC Research (@RNCResearch) May 31, 2022
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