Appearing on Fox News, former H.U.D. Secretary and American Cornerstone Institute founder Dr. Ben Carson ripped into Team Biden for how it has so far handled the inflation crisis, saying that “it’s very clear” that the administration “doesn’t seem to understand” basic economics.
Speaking on that issue and also criticizing the “morons” that believe the administration’s party line on inflation, Dr. Carson said:
“It’s very clear that the people in charge of the economics in our administration right now have missed some classes somewhere along the way and don’t really seem to understand the basics.
“And you know why they keep missing things, why they keep predicting things that don’t come true, and downplaying the seriousness of what happens is because they actually believe that people will believe what they say.
“‘Don’t believe your eyes. Don’t believe your ears. Just listen to us. We’ll tell you what to think. You’re not really feeling all this pain that you think you’re having. It’s actually really quite good.’
“I mean, you got to be a moron to believe that stuff.”
Not understanding basic economics?! They’re saying that passing a massive spending bill will lower inflation and are trying to fight inflation with…more inflation! They obviously grasp what flooding the economy with money does to the value of the dollar…oh, wait…perhaps reasonable minds will agree with Dr. Carson on that one.
President Biden, for his part, has tried to downplay the inflation crisis when not blaming it on the “Putin price hike”. Speaking on the disastrously high recent CPI inflation of 9.1%, for example, Biden said:
While today’s headline inflation reading is unacceptably high, it is also out-of-date. Energy alone comprised nearly half of the monthly increase in inflation. Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June. Those savings are providing important breathing room for American families. And, other commodities like wheat have fallen sharply since this report.
Importantly, today’s report shows that what economists call annual “core inflation” came down for the third month in a row, and is the first month since last year where the annual “core” inflation rate is below six percent.
Inflation is our most pressing economic challenge. It is hitting almost every country in the world. It is little comfort to Americans to know that inflation is also high in Europe, and higher in many countries there than in America. But it is a reminder that all major economies are battling this COVID-related challenge, made worse by Putin’s unconscionable aggression.
Fortunately, Americans are starting to take note of what’s going on with Team Biden and blaming him for the inflation crisis. A recent article in USA Today even blamed him for making things harder for one of the few demographics that still generally supports him, saying:
A recent report from the Federal Reserve Bank of New York confirms what far too many of us already know. Bidenomics is breaking the economic back of Black America.
The June report found that Black and Hispanic Americans are seeing higher rates of inflation than the national average. Adjusted for spending levels, the inflation rate for Black Americans was 0.2 percentage point higher than the national average.
Perhaps it’s time that Team Biden take a few “Economics for Dummies” lessons. They certainly need them.