From article Biden won't stop spending. Larry Kudlow. May 11, 2022.

There was no letup in today's CPI inflation report.

The overall CPI INFLATION CAME IN 8.3% YEAR OVER YEAR, THE FASTEST PACE IN NEARLY 40 YEARS.

In the companion report, real worker wages continued to decline.

Food prices are up 9% over the past year.

Services prices are booming 8% over the past three months, including rents.

Electricity prices are up 11% over the past year.

Wall Street economist Conrad DeQuadros reports of 95 categories that cover nearly the entire CPI index, two-thirds of them are rising above 6%.

…

Blaming Vladimir Putin, or a pandemic that hasn't been an economic problem in just about a year, or successful businesses, rich people, poultry companies, "ultra-MAGA" or Senator Rick Scott just utterly fails the smell test and that's Joe Biden's big problem.

Biden said yesterday federal spending is not the problem.

The trouble is, almost no one in the country agrees with that.

It defies common sense, THE FEDERAL GOVERNMENT HAS ALREADY SPENT OVER $3 TRILLION IN BIDEN’S FIRST YEAR.

…

Now he wants to spend more—childcare, eldercare, EV purchases, aid to farmers, homebuilding, green energy subsidies for windmills and solar panels.

Guess it wouldn't be a real Biden speech if we didn't have even more money for the Green New Deal, but the inflation reality is here to stay.

HIGH INFLATION GOING TO LAST SEVERAL MORE YEARS AND IT MAY GET WORSE BEFORE IT GETS ANY BETTER.

…

Mr. Biden won't stop spending.

His White House won't let up on the most restrictive environmental review and permitting policies in history.

So, not only is he going to keep feeding more excess cash into the economy, but BIDEN IS GOING TO CONTINUE TO THWART OIL AND GAS PRODUCTION, LNG EXPORTS, PIPELINES—EVEN ROADS, BRIDGES AND HIGHWAYS.

Even wind turbines and solar projects won't meet the new NEPA permitting restrictions.

…

So, think of it this way, Biden:

-wants to greatly increase demand by greatly increasing federal spending

-wants to greatly decrease supply by restricting production of goods and services

BIDEN WANTS TO RAISE TAXES—THIRTY-SIX OF THEM, ELEVEN AIMED AT FOSSIL FUEL COMPANIES, FURTHER DECREASING SUPPLY.

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There's one more crucial piece to this puzzle.

Traditionally, curbing inflation requires a Federal Reserve target interest rate above the inflation rate.

Right now the interest rate is under 1%.

Even with a couple of half-point increases, it's still going to be way below inflation.

THIS HAS US LOOKING AT AN INTEREST RATE OF 10%, WHICH WOULD SEVERELY REDUCE PRODUCTION AND CAUSE A RECESSION.

With borrowing to invest at a 1% interest rate a business only has to make a gross profit of 2% to net a profit, with a 10% interest rate it has to make 11%.

…

We are witnessing the collapse "big government socialism."

In some places it's called "modern monetary theory," this theory holds…

-Uncle Sam can spend as much as he wants

-the Fed can print as much money as they want

-the central planners can regulate as much as they want

and we'll all live happily ever after.

But THAT "LIVE HAPPILY EVER AFTER" PART IS NOT COMING TRUE,

THE PUBLIC IS IN FULL REBELLION.

…

The progressive agenda has delivered inflation, but not the goods and real wages.

Modern monetary theory is in full retreat.

Biden's economic performance is upside down, by something like two-to-one against him and he still won't change.

No new staff. No new policies.

BIDEN IS JUST OUT THERE STONEWALLING, BLAMING VLADIMIR PUTIN AND “ULTRA-MAGA.”

Uncle Joe, you need to do something different, but since you won't, the voters are going to do it for you.

The cavalry is coming.

(end of article)

… …

“The public is in full rebellion.”

“The cavalry is coming.”

Actually, Republicans are rebelling, Democrats be only enjoying feeling sorry for demselves and complaining.

…

“We are witnessing the collapse of the radical progressive agenda.”

Not true, democrat voters demand more misery not less, convincing evidence will be the closeness of the November elections, maybe the dems will win.

When you accept the reality oll the 47.5% negative misery-wuvving democrats and socialists actually want a depressed economy = more misery and government-dependency this with-intention Bidenflation crisis makes sense.

Dem negative misery wuvvers (we’re united victims and victimizers):

· enjoy feeling sorry for themselves

· enjoy being felt sorry for by others