Biden Sends Inflation Skyrocketing 6.2%, Most in 31 years

BUCK: We do have some numbers in today from Biden — and talk about another situation where someone’s losing ground. It’s not just the prosecutor here. It’s also the Biden administration when it comes to the economy. Things are not looking good. You have inflation soaring 6.2%, the highest in 31 years. Gas prices jumped 59%. Meat jumped 24%.

“Experts are predicting the president’s $1.2 trillion infrastructure bill” this all according to the Daily Mail “will make the cost-of-living situation even worse.” What’s remarkable here is that Biden, in response to all this, is doing… This is like there’s a fire and Biden and his team have been throwing gasoline on it and it’s getting worse, and they’re saying:

“You know what would really help right now? Throw a little more gasoline on this fire! That seems like the right kind of move.” Biden is trying to brush off the low approval ratings. Biden trying to brush off inflation. Here is the inept president just doing the usual mumbling, mumbling.

BIDEN: I think this is an up-and-down (sputtering), you know, proposal, others can be — (sputtering) an up and down circumstance — and as I looked at the polling data literally as I was walking out of the office after doing another thing I had to do, is my polling numbers are the same essentially what, umm, everyone from, uhh, Bush to — uh uh, to uh, to um, Clinton to, you know, all — all the (sputters) Obama, were at the same time.

CLAY: Not true, first of all. This is the lowest combined for Biden and Kamala Harris, lowest combined approval ratings. Remember, Biden’s at 38% in the USA Today poll most recently. Kamala Harris, I believe, is at 28%. It’s the lowest combined president and vice president approval ratings that most of us listening right now or doing this show have ever seen in our lives.

So the idea that Biden is going to somehow pull himself out of this rut — and it’s a worthy discussion. But let’s first say, the idea that you’re going to spend trillions of dollars — the government is — and it’s going to make inflation better, is such a flagrantly absurd perspective to have adopted that it blows my mind. Buck, listen to these numbers that I pulled, shared by an AP reporter on Twitter.

We talk about 6% inflation rate going up? Listen to what these other numbers are. Fuel is up 59% year over year. Gas is up 50%. Utilities, 28%; used cars, 26%; hotels, 26%; steaks, 24%; bacon, 20%; pork chops, 16%; washing machines, 15%; furniture, 12%; eggs, 12%; fish, 11%; TVs, 10%; new cars, 10%; chicken, 9%; milk, 6%; coffee, 6%; flour, 5%.

These are direct taxes on people who have to spend their income to live, and it is infuriating that we’d be sitting right now at a 31-year inflation high, and Joe Biden’s method to try to cure it would be to have the government spend and print even more money. It’s mind-blowingly, insanely stupid.

BUCK: It’s also remarkable to hear how quickly they turn to the “Yeah, there’s just a lot of stuff going on, man. Things are happening. It’s really complicated.” Take no accountability for this whatsoever. If anyone hasn’t been paying attention to what Democrats have said in recent days about fossil fuels and the COP26 conference and all this climate change lunacy, they really do have an ideological hatred for fossil fuel.

They think fossil fuel is gonna the cause the extinction of the human species unless we put the Green New Deal into effect — globally, mind you, not just here in America. So they’re crazy about things like that. They block the Keystone XL pipeline at the beginning of the Biden administration which doesn’t even help with climate change but it makes the envirowackos feel better. So when Biden is asked about the state of the country, the high gas prices — Clay, all those things you were just talking about — it turns out that it’s just real complicated.

BIDEN: … 750,000 people have died because of covid 750,000 people. The — the — the — the — the psychological scars that has put on so many people — schools have not been open because of covid and they’re just getting open again. We’re in a situation where there’s a lot of — a lot of anxiety. Gas prices are up exceedingly high.

They’ve been up this high before, but not — not recent. Gas… (sputtering) That’s why I have the attorney general taking a look at whether these gas companies are gouging people because although the price of oil is coming down some, the price of gas hasn’t come down some. So there’s a lot of things that have people that are really a great deal of anxiety, a great deal of concern.

BUCK: He’s just an ignoramus. What he says doesn’t even make sense.

CLAY: This is the problem, Buck, with having an administration that has so many people who don’t understand basic business. I know there’s a ton of people out there listening to us right now that are just like “thank you for saying something that is transparent and clear.” But even the media doesn’t really press him on the idea. This is pure madness, Buck.

The idea that the government can spend trillions of dollars — which we’re now going to be doing because of infrastructure and which we’ve been doing because of covid — and then we’re gonna remake the budget and that the government is going to spend trillions of dollars more and that inflation is not going to get worse is contrary to any intelligent economic analysis of the situation.

The idea that you print more money and spend more money by the government is one of the primary ways that inflation arises in the first place. And I thought there was a good point made last year. You know, as we were talking last year in the middle of the pandemic, there were very few massive shortages in October and November of last year.

And now we’re running into major supply chain issues a year later. It’s all a failure of the Biden administration. I’m not talking about back in March when everybody made a run on toilet paper. I’m talking about October and November of last year. Everything had pretty much gotten back to normal and now I think we’re moving you into a holiday season where all of us are gonna be dealing with substantial scarcities.