Inflation is soaring in this country, maybe the world, and now we have a brand new excuse…..It is Putin’s fault.
Just Stop It!
Let’s be honest…..2021 was a banner year for the oil industry alone…..
While millions of working people have been hurt by surging gas prices, a new analysis out Tuesday shows that 25 of the world’s biggest fossil fuel corporations collectively pulled in an “eye-popping” $205 billion in profits last year—and Big Oil is exploiting Russia’s war on Ukraine to charge even more at the pump in 2022 and advance its financial interests.
We here in the US blame so many others for our growing problems…..for the GOP it is Biden’s fault or Clinton or Dems…..the Dems along with Biden are blaming the Ukrainian conflict and Putin as the culprit….
“Today’s inflation report,” US president Joe Biden told us on March 10, “is a reminder that Americans’ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike.”
It’s the latest in a long line of dodges on the causes of US inflation, which took a dive in early 2020, then began its steady climb toward the current official rate of 7.9%.
The first explanation was that inflation increases were “transitory.” That explanation made sense. Or would have, anyway, if Congress and the Biden administration had brought government borrowing and spending levels back to pre-COVID-19 levels. Instead, they decided to go bigger. When the causes aren’t “transitory,” the effects won’t be either.
Because Biden and Congress were unwilling to rein in borrowing and spending (requiring the Federal Reserve to continue flooding the economy with newly created money), new excuses were required.
Next came “well, if you really think about it, inflation is GOOD – look, higher wages!” And, the US Labor Department did report an average pay increase 4.7% in 2021. But since prices jumped by at least 7%, those “higher wages” actually amounted to significant pay cuts.
Inflation is caused by increasing the money supply faster than society increases its production of goods and services for sale. Everything else is an effect, not a cause.
Vladimir Putin came to Biden’s rescue and gave him yet another lame excuse to draw out pain instead of facing, and acting on, the truth.
Keep in mind that inflation was high before the invasion of Ukraine….and now Biden has an excuse he can use to the benefit of the greed of corporations.
All this ‘found’ cash over a $1 billion to send to Ukraine will just add to the deficit and give the GOP a weapon to be used in campaigns…..and the next Congress will have to face this question and the debate to cut social services will be the game of the day.
In other words the people of the US will pay the price for all our ‘support’ for Ukraine and their struggle against Russia.
For Christ sake…..stop worrying about a world away and start caring about your neighbors for they are far more important.
Sadly most of this will fall on deaf ears for few Americans actually care about their neighbors or their countrymen.
It is pathetic!
Turn The Page!
I Read, I Write, You Know
“lego ergo scribo”