Inflation was a benign 1.4% the day Joe Biden took office. Less than a year later it’s hit 7%. Aside from the staggering increase in just a matter of months, it could have been worse. Much worse. You won’t find Joe Biden thanking businesses for helping fight inflation. In fact, to the extent he’s broached the topic he’s attacked businesses for “gouging consumers”. This has included executive orders directing the FTC to investigate businesses ranging from meat producers and energy companies to transportation companies like railroads.
If he wants to find the truth, he should issue an executive order to investigate his failed policies. The truth of the matter is that as bad as inflation is and has been, it could have been worse. That’s because the latest wholesale inflation report, The Producer Price Index, has revealed how much more it cost businesses to operate last year.
The answer, 9.7%. Not only have businesses not been responsible for taking advantage of consumers and driving inflation, but it has also been the exact opposite. Businesses have generally been doing us a solid over the past year. If they simply passed the increase in costs along to us, our inflation rate would be nearly another 3% higher than it already is. The scary thing is, that’s the view of the possible, and it also illustrates the full impact of Biden’s disastrous policies on our economy. So, thank you to what’s left of the American free-enterprise system for shielding us from the full effect of the “Great Divider”.