Democrats are united in the belief that laws of economics no longer exist. That you can spend trillions upon trillions — anything you want, really — with no downside.
The laws of economics respectfully disagree.
Inflation is up 5.4 percent year-over-year, the largest increase in 13 years. Partly, that’s the bounce-back from the pandemic, but it’s also because of the massive spending bills pushed through by both the Trump and Biden administrations.
Some stimulus was clearly necessary, but now that the economy is heating up again, the Democrats want to spend even more — $6 trillion.
If they succeed, expect inflation to shoot up even more. Progressives don’t care. They’ll claim credit for an increase in wages and government aid. But chances are that won’t make up for the rising cost of daily necessities like gas, meat and milk. Inflation is, above everything, a tax on the poor.
Soft headlines from the media say inflation is something President Biden will “grapple” with, and only whisper about worries inside the administration that this will last for “quarters, not months.”
But Senate Minority Leader Mitch McConnell had it right on Tuesday when he warned that the real risks are much greater: “What Democrats say they want to force through this summer through reconciliation would make our current inflationary mess look like small potatoes.”