American Elephants


These Are Strange Economic Times Indeed ! by The Elephant's Child
July 26, 2021, 8:39 pm
Filed under: Politics | Tags: , ,

The Federal Reserve is still engaged in a historic frenzy of dollar creation and, perhaps not surprisingly, each one of our existing dollars is still losing value. Will Fed officials continue finding reasons to believe that inflation is not a problem—or will they resolve to stop creating it?

That’s from James Freeman at the Wall Street Journal.

Republicans have been warning for some time that Joe Biden’s policies are going to lead to inflation, and each one of our existing dollars is losing value. The Federal Reserve is creating dollars in a frenzy. U.S. inflation has accelerated in June at the fastest pace in 13 years. Recovery from the pandemic and ending lockdowns certainly has something to do with it. Restaurants are open and people are dining out again.

The Labor Department said that last month’s consumer-price index increased by 5.4% from a year ago. The highest 12 month rate increase since August 2008. Oddly enough, elsewhere a report from the Senate Subcommittee on Homeland Security and Governmental Affairs states that the Biden administration is spending $3 million a day to NOT build the wall. So far they have spent somewhere between $1,837 billion to $2,087 billion in order to NOT build the wall. The funds don’t seem to include any decrease in the number of border crossers either. Where’s it going?

Biden stopped construction of the wall his first day in office. That cost $6 million a day until contractors carried out layoffs. They have to pay contractors at least $3 million a day just to guard the steel, concrete and other materials waiting to build a wall that isn’t going to be built. Yet this year Customs and Border Protection had had over 1.1 million migrants , a 20 year high. Contractors are guarding metal gates that Biden refuses to install. Roughly two million illegal immigrants are expected to cross the unprotected border in 2021.

I keep remembering that Congress, a while back, said that we could probably handle about a million immigrants a year. And they were talking about Legal immigrants. Jobless claims keep rising, more unemployment benefits, yet employers say they can’t find workers.

Remembering FDR fondly, as Democrats always do, they are considering a new CCC. Democrats do remember FDR as one of their great heroes, yet economists from USC, determined that FDR made the Great Depression last 7 years longer than it needed to be. The new CCC is to be a Civilian Climate Corps, unnecessary and unbelievably stupid. The climate of the earth is determined by the action of the sun. Carbon dioxide, which they prefer to blame, is a natural fertilizer for plant growth, and is greening the world and feeding hungry people. FDR’s CCC was a lot of make-work jobs digging ditches and leaning on shovels. But we may get to that yet.

Remember that the Federal Government has no money of its own. It all comes out of your pocket!


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