After news broke that President Biden’s Tuesday speech would include an attack on the GOP, saying they have no plan to combat inflation, Senator Ted Cruz (R-TX) fired a terse three-word response distilling the issue to its essence.
Reuters intimated Biden would aver the GOP had no plan, reporting, “‘Republicans love to use inflation as a political talking point, but does anyone have a clue what their plan is to bring down prices?’ said a White House official who asked not to be named.”
Cruz then fired, “Stop…spending…MONEY!!”
Stop…spending…MONEY!! https://t.co/RlM2WEW0MJ
— Ted Cruz (@tedcruz) May 10, 2022
Reuters acknowledged inflation has increased consumer prices more than 8%, noting, “Fewer than half of U.S. adults – 44% – approve of Biden’s handling of the presidency and they rate the economy as the country’s most important problem, according to a Reuters/Ipsos poll last week.”
The Daily Wire reported on May 1 of the inflationary spiral plaguing the nation:
Consumer inflation rose 8.5% annually between March 2021 and March 2022, the highest in 41 years. Wholesale inflation rose by an even greater rate year-over-year, soaring 11.5% annually in March, and achieving the highest producer inflation rate on record. The Federal Reserve’s favored measure of inflation, the Personal Consumption Index, rose 6.6% annually, also another 40-year record.
Biden claimed in March, “The American people think the reason for inflation is government spending more money. It’s simply not true.”
But as the John Locke Foundation explained in January, “The current bout of inflation stems from massive spending: in 2020 and 2021, the government spent the equivalent of 27% of GDP on ‘Covid relief’ and ‘stimulus,’ the second-largest fiscal response as a percentage of GDP of any industrialized nation. And this spending was largely paid for by newly created money from the Federal Reserve.”
“Trillions in government spending resulted in an economy bloated with cheap money,” they continued. “Due to the dramatic spending and the countless downstream effects of the reactions to the pandemic, solutions to inflation are neither quick nor straightforward.”
Even a traditional liberal like Bill Maher has eviscerated the Biden administration for its fervent desire to ramp up spending. Appearing on Joe Rogan’s podcast in April, Maher snapped, “You know, when I hear about Build Back Better, okay, look, certainly the country needs to get rebuilt. But I’m thinking always, like, when you give me a number, it just seems like you pulled it out of your a**. It’s gonna cost $1.5 billion. We know that for — and it came in right at that round number, huh, to rebuild this or something? And are we going over this with a fine tooth [comb]? What if we only spent $1.2 billion, or trillion, I’m undercounting it.”
“What if we only spent $1.2 trillion?” he continued. “What would we be sacrificing? Anything? Cause so much of that money is going to consultants and just syphoned off by all the pigs at the trough all snorting this s*** up with their big f***ing snouts.”