More bad numbers for the economy, with another really bad quote from Joe Biden, who said this week that our 41-year high inflation has put us "in a position of strength". Huh?
"He's also said in the past that his 'build back better' plan would help lower inflation, I mean he's said all kinds of crazy things" said economy author Elizabeth Ames, "He says government spending would lower inflation when it actually does the opposite. He actually doesn't know really anything about the inflation or the economy."
Elizabeth Ames does know about inflation and the economy. She co-authored a brand new book with Steve Forbes titled, "Inflation: What It Is, Why It's Bad, and How To Fix It".
"In our book, we explain that there are two types of inflation" Ames told KTRH, "One is non-monetary inflation, due to disruptions such as the pandemic, and then there's monetary inflation when the government prints too much money, and right now we are seeing both due to Biden's policies."
The bottom line is, even if you are fortunate enough to receive a modest raise from your job, your paycheck can't keep up with the sky high inflation.
"There's a good likelihood that this is going to continue" noted Ames, "Inflation is a stealth tax, it's the way that government takes your money without having to raise taxes."
And what about the Biden plan of just continuing to raise interest rates?
"We've heard that The Fed is talking about that, as the way to end inflation" Ames said, "Actually, that's not really true. It just hurts the economy, and you get a recession."
Unfortunately, that recession is on the way.
That leads us to our poll question this morning.