Bidienflation is bad and it’s about to get worse with the falsely named “Inflation Reduction Act.” Not only wouldn’t it reduce inflation, it will cost thousands of jobs. It will raise inflation, according to 230 economists. Democrats are trying to hurry this along before the CBO scores it. The CBO’s statements so far shouldn’t have been enough to cause anyone to hesitate about signing up for this thing with the increased deficit indicators.
If you thought that we had it bad with Bidenflation if you want to know how bad it can get, take a look at what’s happening now in Argentina. They’re devolving into economic chaos.
Inflation, now at 60 per cent, is forecast to hit 90 per cent by the year’s end. Argentines are less than half employed. The banks are experiencing a crisis, as $1 billion has been withdrawn from them in just the past month.
The currency and creditworthiness banks are feared so people have been trying to convert their pesos that were devaluing into cash dollars. Since January, the black market peso’s value has dropped by 75 percent against the dollar.
I’m not an economist, but I’m just guessing that 60 percent or 90 percent inflation is not good.
Economists are blaming the government’s “profligate spending” where “half the population, receive some form of government benefit.” Now they’re finding out exactly where that leftist thinking leads. Some people demand that they spend more because they’re now in dire straits due to such excessive spending. The government is split between those, including President Alberto Fernandez — who gets that is madness and wants to rein in the spending — and the leftists, like the radical Vice President Cristina Fernández de Kirchner who is willing to take the country further over the cliff and is resisting all austerity measures.
In the past month, three ministers of economics have been appointed to the country.
For much of this year Kirchner had indicated that Martin Guzmán, Fernández’s long-serving economy minister, did not have her support. Last month he quit and was replaced by Silvina Batakis, who was seen as to the left of Guzmán. She was in America for meetings and was able to last 24 days before she was fired.
Now, they have Sergio Massa who has said that he will stop printing money that has helped to fuel the inflation but that he didn’t have any “magic.”
He was not greeted kindly when he arrived at the presidential palace to be sworn into his new job — the angry people chased his SUV down the street banging on the windows. When people are fed up with the government’s promises, this is how it appears.
An angry mob in Buenos Aires almost lynched an Argentine minister of economy. The Argentine population is hungry and inflation has reached over 60%. pic.twitter.com/0BU1zPMl0X
— RadioGenova (@RadioGenova) August 6, 2022
The people screamed, “You are garbage!” at him, and his security people had to intervene to be able to get the vehicles through the people.
When you descend into leftism and you can’t stop spending, this is where you end up. These are the places Democratic policies will take you. We must vote for them all in November.
About Post Author
