Biden’s Inflation Scapegoat Is ‘Profiteering’

“…Profligate government spending supposedly has nothing to do with it.

When July’s all-item Consumer Price Index (CPI) registered 5.4 percent year-over-year growth—a level of inflation which essentially takes away a year’s income growth for low-wage earners—it was all but assured that the White House would offer comment, if not action. President Joe Biden was quick to call attention to accelerating meat prices and, looking for someone to blame, called out the country’s three largest meatpackers for “profiteering.”

Shortly after that, with August’s CPI showing “just” 5.3 percent annualized growth, the president focused his ire on gasoline prices and again suggested that all was not well. Again, profiteering was the scapegoat: “There’s lots of evidence that gas prices should be going down—but they haven’t. We’re taking a close look at that.” Maybe he should look inside the halls of the West Wing…”