The Democrats’ Inflation Blame Game
Economy And Jobs,Inflation,Economic Policy,Supply Chains,Federal Reserve,Business,Labor,Jerome Powell
Despite Wednesday’s inflation report indicating that consumer prices have risen by 7% over the past 12 months and accelerated to 9.1% over the past three months, the president and Democrats other than Sen. Joe Manchin remain firmly entrenched in a state of denial. In their telling, this inflation has nothing to do with their spending policy. This is the same argument we heard in the mid-1970s.
When we both began our careers in public service, the U.S. was suffering from the high inflation of the late 1970s. The federal government had squandered a decade in denying that its policies had anything to do with inflation. Politicians made convenient scapegoats out of big oil, big banks, big communications and even big grocers. Government made the problem worse with price controls, investigations into price fixing and antitrust actions. It embarrassed itself with WIN (Whip Inflation Now) buttons and Inflation Gardens. Mounting voter outrage finally ended the charade.
