Joe Biden

Biden's Inflation Scapegoat Is 'Profiteering'

Profligate government spending supposedly has nothing to do with it.

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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.

Did profiteering emerge as a meaningful, if not typical, market behavior just as Biden was running for and winning the presidency? Before gasoline and meat, the culprits were private firms operating federal prisons. Before that, it was drug manufacturers profiteering on pandemic sufferers. Are we beset by profit-hungry capitalists who are showing no mercy? Have businesses' motivations suddenly taken a turn for the worst?

There are multiple meaningful answers to these questions, but one thing is certain: Rising inflation means rising prices, and rising prices early in the inflation cycle generally mean rising profits.

When more money is printed and placed in consumer checking accounts, called stimulus or by some other name, spending rises. Sellers sense the increased pace of business, raise prices to balance their supply with growing demand, and book profits based on their historic operating costs. Eventually, costs catch up and the bonanza ends, but early inflation leads generally to some surging profits.

Perhaps there is some bad business behavior out there, but the source of the problem is inflation. And the source of inflation is—you guessed it—the federal government and its proclivity toward financing its spending with the power of the printing press.

None other than one of the world's most noted economists (and generally a source of inspiration for liberal politicians), John Maynard Keynes, first described this inflation-profiteering-government finger-pointing activity in his 1923 book, A Tract on Monetary Reform. Keynes had far more inflation to worry about than we have today. World War I had so disrupted economies in England, France, and the United States (just to name three countries) that the price level had more than doubled between 1914 and 1918. And then there was defeated, reparations-plagued Germany, where runaway inflation caused the value of the Deutsche Mark to practically disappear along with the German economy.

Keynes carefully documented the relationship I just described: Governments print money, inflation surges, profits head skyward, and the world points a shaking finger at business leaders. Yes, Keynes used Biden's favorite word, profiteering, but he went on to bemoan how the blame game caused the public to lose deserved respect for the many business leaders who make markets work for all participants.

Keynes described the besieged business leaders as "now to suffer sidelong glances, to feel himself suspected and attacked, the victim of unjust and injurious laws—to become, and know himself half-guilty, a profiteer."

Mostly because of inflation.

Biden and his key economic advisors are certainly aware that inflation can be a cruel tax that erodes a weekly paycheck's purchasing power just as surely as would higher taxes. The administration's $3.5 trillion spending package is now being pushed partly using the argument that some key provisions will work to reduce lost purchasing power by offering more meaningful federal support for child care, health care, and improved public transportation.

But the administration should also be aware that calling for more spending to calm inflation is like pouring gasoline on an already smoldering fire. Pointing fingers at business leaders and calling them profiteers is music to some people's ears, but it distracts us from the real source of the problem, and that's too much printing-press money.

NEXT: Brickbat: Choose Your Friends Wisely

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  1. Said all this shit months ago, you could see this runaway inflation coming as soon as the dems began piling up stimulus packages and extending free money/rent benefits. Jefftard, miketard, mollytard, and hihntard all screeched “you should just pay your employees more to make up for their cost of living increases or go out of business!”

    That’s how smart they, and the average lefty, are. “just pay your employees a living wage!” they screech.

    But Jeff won’t be happy when his Mcdonalds cheeseburgers cost 8$ each and his average lunch costs 40$, plus fries and a coke if he’s thirsty, while he’s making his government mandated minimum living wage of 15$/hr.

    1. Unfortunately, it’s not just the typical gang of moronic leftists. Admittedly, it’s not always readily transparent who’s a sock but, when CA banned pork, there were several other yahoos who insisted pork prices would rise outside CA as a result. Their arguments contained no legitimate assertions about wider economic trends and they even went so far as to refute fundamental economic principles and forbid what Biden is asserting now in defense of their whimsical “supply bans raise prices in places where they don’t apply” unsupported opinion.

      1. CA didn’t “ban pork”. What CA did was to impose regulations which increase the cost of producing pork (which has the current effect of vastly reducing the supply in the state because few producers are compliant with those requirements). If compliance with CA rules becomes widespread for pork producers, then the prices will have to go up wherever those producers are selling their product in order to cover the increased cost of getting that product to market.

        One of the apparent tenets of “progressive” ideology is that somehow driving increased costs (either through taxation or through regulation) into the operation of businesses which provide any kind of goods/services to the public has no connection to the increased cost of living under their regimes. Along with that there’s somehow a belief that if we can just create enough inflation, it’ll stop disproportionately harming the poor (since the wealthy can position themselves in ways to benefit from its effects), and increasing inequality and “concentration” of wealth in the hands of a relative few.

        1. Not to mention the fact that Pork pricing tends to be below chicken and beef, so when one is trying to feed a family on a budget pork can be a protein alternative at a (what was) reasonable cost.
          Now who might be affected more by that change? hmmmm….

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    2. It’s funny how prices go up when you pump an extra 2 trillion dollars into the economy.

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    3. Based on the sample of leftists I know, they don’t understand that the low-wage earners will also have to pay the higher prices that come from those elevated wages. The common attitude is “I’d happily pay a little more for my fries if it means the person cooking them gets a living wage”.

      What’s missing from that is that the “little more” that has to be paid isn’t just for fries, it’s for bread, and milk, and socks, and utilities, and rent, and gas, and everything else; also it’s not just the people getting fast food for lunch paying it it’s the people cooking that lunch as well, to the point where that $15/hr is no longer a “living wage” (not that it actually is now in any place where Democrats make policy, except for maybe Detroit).

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    4. I’ve got news for you Dizzle. That fatfuck Jeffy is already paying $40 for lunch. That’s why he’s such a fatfuck.

      1. They way things are going Jeff can add a half dozen zeros to that figure soon enough.

      1. Fuck Joe Biden and his Bidenflation.

    1. Fuck Joe Biden

    2. Joe Biden is a cunt, so..

    3. And Phil Murphy. I haven’t said fuck Phil Murphy in a while, but that doesn’t mean my opinion has changed.

    4. Fuck Joe Biden

    5. Let’s go, Brandon.

  2. You’d think that people who pride themselves on how intelligent and educated they are would manage to come up with a new argument, at least once in a hundred years. But no; it’s still “Kulaks, hoarders and wreckers!!!”

    1. That’s because it’s their gospel.

      1. Praise be to Karl.

  3. “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”

    That’s OK. The modern Democratic Party doesn’t care about low-wage earners.

    You know who’s really benefiting from the Biden economy? Billionaires.

    #OBLsFirstLaw

    1. I thought this was a parody account…but this is just straight news.

      1. Never understood why so many people think I’m a parody.

        My posts usually fall into one of a handful of categories: accurate predictions (#BlueWave in 2018, impeachment in 2019, Democratic Presidential victory in 2020), expressions of agreement with Koch / Reason libertarianism (open borders during a pandemic, abortion up until birth), and economic observations supported by links to legitimate sources (Democrats are good for billionaires, and billionaires love Democrats).

        #100%Sincere

        1. +1

          You have been on fire lately.

          1. Not a parody, but a genius. Absolutely on-the-nose in knowing what’s happening and why. If you were on CNN with your level of honesty, they would cut your mic like they do to the greatest gift to billionaires since Obama.

        2. You, sir, are why I read the comments here.

          1. A worthy successor to Agile Cyborg.

    2. Why mar (Weimar) Biden’s excellent economy news with this inflation misinformation?

    3. “a level of inflation which essentially takes away a year’s income growth for low-wage earners”

      And

      Anyone on a fixed income
      Most pensioners
      Anyone who is at the max range of the wage/salary for their job position

      1. In other words, serfs.

        1. And also anyone who managed to save a fair amount of money, and now can’t earn over 1% on it unless they buy into the stock market casino or bubble-top real estate, while their cash loses 5% in value every year.

          1. Wealth transferred to government. Without even raising taxes.

  4. It was profiteers who shut down the pipelines and stopped exploration for reliable energy sources, raising gasoline and heating prices?
    I thought it was politicians.
    It was profiteers who shut down supply chains by interning the whole damn country in their own homes?
    I thought is was politicians.
    It was profiteers who shut down schools, pulling one or more parents out of the workforce, lowering productivity and raising costs to be passed on to the consumer?
    I thought it was politicians.
    Etc
    Etc

    1. “shut down the pipelines and stopped exploration for reliable energy sources, raising gasoline and heating prices?”

      That never happened in any meaningful way. You apparently don’t anything about pipelines and energy production.

      “shut down supply chains by interning the whole damn country in their own homes?”

      That happened when Trump was President so blame Republicans if that’s how you see things. Personally I don’t blame Trump completely but he was definitely no help.

      “who shut down schools, pulling one or more parents out of the workforce, lowering productivity and raising costs to be passed on to the consumer?”

      Again this all mostly happened under Trump’s presidency so again blame him if you must. I think it’s more complicated than blaming a politician.

      1. Strudel, he said politicians. Didn’t specify.

        But interesting to see how quickly you rush to blame BadOrangeMan; it’s almost like you know Joe’s a fucking moron, as advertised.

      2. Yep, those wascally Lockdown Wepublicans done it. You totally arent a dumbass Stalinist

        1. Nooo… don’t beat him down with facts, you bully.

      3. Again this all mostly happened under Trump’s presidency so again blame him if you must. I think it’s more complicated than blaming a politician.

        Do you know how fucking government works? Presidents don’t shut down schools. Trump remained as a federalist leaving those decisions to states and localities as he should have. Are you that ignorant?

        1. He voted for Biden. Is there need to say more?

      4. I thought it was politicians.

        blame Republicans

        BEAUF SEIDZ!!

      5. Waaaahhh buut buut buut Trump!!

      6. It amazes me how leftists like you love to complain when Republicans doing exactly what you support results in failure. The irony and lack of self awareness is just off the charts.

      7. Who the fuck said anything about Trump? In any case, the shutdowns were mostly done by state governments. Including many of those run by republicans. And those republicans deserve much scorn and blame for the ongoing economic and social problems they caused.
        Trump didn’t do a great job, but he gets a lot of credit from me for not trying to impose a lot of national policies as Biden is doing.

      8. How dishonest can you be? None of these decisions were made by Trump in any way. It was Dem governors and health Nazis who made these decisions.

    2. “It was profiteers who shut down the pipelines and stopped exploration for reliable energy sources, raising gasoline and heating prices?”

      Yep. Energy costs are in input for most every form of production.

      Increasing energy costs is all but guaranteed to drive up prices for everything else.

      In a modern information economy energy is wealth. Increasing the cost of energy is not merely foolish it is destructive to everyone.

  5. But this is impossible. All the experts expertly assured me that there would be no inflation.

    1. And, inexplicably, all that (non-existent) inflation has occurred in only the two weeks that will flatten the curve

  6. Gas isn’t any more expensive than it has been in the recent past so technically gas have gone down when you take a larger look. There’s definitely alot of money out there but there’s only so much brocolli a mfer id gonna buy no matter how many dog coins he’s got buried in the interwebs.

    1. Started drinking early today?

      1. It’s gonna be one of those years… Again.

    2. its only twice as much as it has been in the recent past, no biggie at all

      1. BUT BUT in 1960 it was .30 cents a gallon!

      2. I remember in the summer of 2010 when it was something like $4 / gallon, and now it’s only $2.80 . . .

        So if I cherry pick my starting point and ending points, I can make a dishonest and misleading argument.

        It’s kind of like measuring global temperature fluctuations, and using the Little Ice Age as your starting point.

        1. Where I live, in January of THIS YEAR it was about $2.40/gallon for 87 octane. It’s currently around $3.75/gallon. After eight months. Food is way up. So are a lot of other things.

          Democrats own this, and should burn for it.

        2. There is one man in common with 4.00 /gallon gas prices. In between Biden being VP and then President gas was 2.00/gal. You can’t argue with what is obvious. With Biden comes death, destruction and disaster.

    3. Shitstained leftie lard ass sits at home all day on his computer and iDevice and thinks he knows how much gas prices affect others.

    4. You can’t honestly be serious with this?

    5. “Gas isn’t any more expensive than it has been in the recent past so technically gas have gone down when you take a larger look.”

      Shove those goal posts, slimy piece of lefty shit!

    6. Gas where I live has increased in price by 50 percent in 8 months.

    7. It’s much more expensive. You’re an idiot.

    8. This is just a flat out lie. Blatant and bald faced. What’s the point of even making a statement this false?

      “I hereby assert that the sun is made out of egg yolks.”

  7. $2.20/gallon a year ago versus about $3.15/gallon today.

    1. Funny thing, in Florida, gasoline is only $2.55 a gallon.
      Of course, there are federal taxes of 18.31 cents per gallon, and state taxes of 26.5 cents a gallon, but that is not paid to the profiteering gasoline store, it is paid to the governments.

      1. The government makes WAY more per gallon than the actual gas stations do. It’s disgusting.

    2. Sure but look at the bigger picture. Gas should get even cheaper in the long term as alternate sources increasing reduce demand for gasoline.

      1. What powers your alternate sources? What powers the things that build them?

      2. Except we seem to be approaching it from the other direction: rising gasoline prices are driving demand for alternate sources.

      3. Except electri it and natural gas prices are also rising you retarded fuck.

        1. He is talking about gasoline, you dumbass.

          Your link is about natural gas where demand is soaring due to coal fired plants closing.

          1. Still relevant in that the price isn’t just related to consumption it’s also related to other market failures or government intervention.

            But you are so fucking stupid you cannot see that your leftie shitstained asshole ideology is what is fucking up markets and causing people to fail.

            1. “…But you are so fucking stupid you cannot see that your leftie shitstained asshole ideology is what is fucking up markets and causing people to fail…”

              turd is too fucking stupid to realize that he lies.

          2. Electric cars run on electricity. Those are predominantly powered by the grid, which is supplied by power plants. Many of those power plants generate electricity via burning coal or natural gas. LoS’ post talked about alternatives to gasoline. And that would be electricity.

            1. We’re talking about the price of oil/gasoline and how the feedstock (oil) has remained in the same price range.

              1. turd lies. It’s what turd does. turd really has never met the truth; turd is a pathological liar.

              2. Remained in the same price range over the last few days?
                Crude oil is about double what it was versus the 52 week low.

                1. Yeah, but what Sevo just said.

              3. Sure but look at the bigger picture. Gas should get even cheaper in the long term as alternate sources increasing reduce demand for gasoline.

                LoS invited the conversation about the costs of alternative fuel sources.

            2. It is not the reason to buy an electric car.

              The reason is because they are increasingly affordable and fun fast high tech cars.

              I rarely drive any distances and we have another car for that. I have been thinking of the new eMustang but will probably wait a few years as it is a new model. The GT version is just crazy fast from what I read.

              1. I didn’t state a reason why folks would buy them.

              2. No, the real reason is that you can join the other parasites in receiving money extorted from taxpayers.

                1. Because there can only be one reason for anything.

          3. What creates your electricity, dipstick? Oil, coal, gas and nuclear. Oh yeah, and a smidgeon of unicorn grease and sunshine.

            1. Buttplug honestly believes that wind and solar can replace fossil fuels.

      4. Ah yes, the coveted magic power I keep hearing about from the cult of climate change.

      5. So what? We’re talking about inflation and artificial limits to supply.

      6. In the long term.

        *Today* I am being impoverished.

      7. Alternate sources are far more expensive and are not significantly increasing. You are incredibly ignorant.

      8. Tell your grandchildren. They will be glad to hear it will soon drop when it hits 10.00 per gal after we get really dependent on OPEC. Maybe they can get ol joe to beg them to produce more again.

  8. It’s not just the profiteering, I’ve heard those greedy bastards are also trying to pass their costs of doing business onto their customers. Fortunately, the American people are smart. They’re invested in this. They’re going to pay attention and that they know that corporations do not need to raise the cost of goods in order to pay more taxes and pay more of their fair share.

    1. Which raises the question, is it the case that Jen Psaki has no shame, no morals, no scruples, no dignity, no conscience that she’s perfectly willing to go on national TV and spout such ridiculous nonsense because that’s her job, or is she so goddamn stupid that she actually believes this shit? I’m assuming, since these people really do believe in free lunches, that she really is that retarded but I’m willing to entertain the possibility that she is just evil rather than both evil and stupid.

      1. Hanlon’s Razor: Never attribute to malice that which is adequately explained by stupidity

        1. That saying is null and void at this point. The progressives have long been doing things out of malice. Any idiot can see the results of their policy, so stupidity is not an excuse

      2. Amoral. She knows it’s lies, which is why her BS is so targeted.

      3. Those are the essential character traits for White House press secretary.

      4. We need a Pinocchio virus.

        1. Biden would live that. Sniffing women’s hair from across the room.

      5. “Which raises the question, is it the case that Jen Psaki has no shame, no morals, no scruples, no dignity, no conscience that she’s perfectly willing to go on national TV and spout such ridiculous nonsense because that’s her job, or is she so goddamn stupid that she actually believes this shit?”

        It’s both. And you just described every progressive ever.

      6. Embrace the power of “and”, my friend. She’s both!

  9. It’s always the fault of the wreckers and the kulaks.

  10. I so greatly respect how Joe accepts responsibility – the buck stops there with Biden, and by there I mean his pocket, and the bucks are dollars.

    I don’t even know what to say anymore, aside from reciting the ‘fuck Joe Biden’ mantra, as we have sailed right into what I thought was fiction – hello, Orwell – and are bravely pioneering new lands of deflection and redefinition.
    It leaves me with so many questions… Do I claim childcare expenses under my personal taxes, or is it new infrastructure adding to my home value? Who gets blamed when government costs of operation increase annually? Is it suddenly inflation indexing again?

    Midtermsssssss. Not a solution but at least a chance to remove the biggest problems.

    1. I so greatly respect how Joe accepts responsibility – the buck stops there with Biden, and by there I mean his pocket, and the bucks are dollars.

      Unless by ‘buck’ you mean venison. Then the buck stops at the meat packers.

      1. But the Big Guy gets his cut.

  11. Biden’s Inflation Scapegoat Is ‘Profiteering’

    One thing is certain: large corporations that aren’t falling to their knees and cheerfully working hand in hand with the Democrats (none come to mind) are going to pay dearly in the near future.

    That’s the other side to this cronyist dystopia we’re seeing the US developing into before our eyes.

  12. Biden’s and the rest of the Democrat’s rhetoric is open hostility towards the fosdil.fuel industry. A fossil fuel shortage is the goal they have said they are working for. Blaming rising gas prices on profiteering, is gaslighting. When supply is short of the demand then prices rise, that is the way markets work, despite the wills of politicians.

    1. Markets are racist and oppressive!

      Really. A market requires a voluntary exchange of value. People with little value to exchange might be refused by those with value. How unfair is that?

  13. the administration should also be aware that calling for more spending to calm inflation is like pouring gasoline on an already smoldering fire.

    “BWAHAHAHAHAHAAAA!!”

  14. There has been a demand bump in certain products but inflation is still pretty much non-existent as long as gold and interest rates remain unchanged.

    It’s funny how wingnuts complain about $75/bbl oil because prices cratered in 2020 because of The Con Man’s negative GDP shock.

    Oil is close to its 15 year moving average – how is that inflation?

    Natural gas is spiking due to demand in Europe but is well off previous highs.

    Food staples like corn, wheat, soy are not moving up.

    Coffee is way up because of poor harvests in Brazil due to climate change.

    Wingnuts always see boogey men when a Dem is POTUS while their guys run up the deficits and leave office with shitty economies.

    1. Typical false bullshit leftie ideology from a pedo shitstained asshole far left progtard.

      You voted for Biden, and he’s doing a terrible job. It’s on you treasonous democrats now.

      1. He’s paid to pump out DNC propaganda. Lying about shit here is literally his job.

    2. China dumping its strategic oil reserves on the market.
      And maybe the failed supply chain in Great Britain causing many (most?) petrol stations being empty.

    3. “There has been a demand bump in certain products but inflation is still pretty much non-existent as long as gold and interest rates remain unchanged…”

      turd lies; it’s what turd does.

      1. He is a card carrying member of the Turd Reich.

    4. Except the Fed is frantically buying up 120 billion in Treasuries and mortgage backed securities every month trying to keep interest rates artificially low. If they even talk about someday maybe tapering those purchases off a bit, the stock market tanks.

    5. We didn’t really lose energy independence and instead of being LPG net exporter are now required to depend on importing and prices we pay. Voted for Biden didn’t ya. Every decision he has made caused death and destruction and disasters but the economists are just lying about inflation. It is just imagination your bill is a lot higher when shopping for groceries because corn, wheat and soy are stable. Coffee is higher and it is imported from a lot more countries then Brazil. When oil goes up transportation goes up and everything follows. WTI crude oil was $57 per barrel in 2019 compared to $64 in 2018. The current price of WTI crude oil as of October 01, 2021 is 75.88 per barrel.

  15. Biden is saying almost exactly what Xi is saying in China right now – it is the profiteers who are causing their problems. At least in Xi’s case, they are supposed to be Communists, and they have a century long experience of blaming all their problems on profiteering.

    1. Its almost like the CCP has a direct feed into Biden’s teleprompter.

      1. None of it is coming from Biden’s medically lobotomized brain. And yes, he is clinically lobotomized. Im not being funny. It’s a result of his second Aneurysm surgery.

  16. I like to think of inflation as our wise leaders deciding our dollars are worth too much goods and services for proper social order.

  17. The price of a Hunter Biden painting five years ago was?

  18. Hey lookie; The Top-Democrat is PROJECTING like a 2-year old!!!!!!!!!

    Everyone told you not to stuff the toilet with toilet paper and now that you’ve managed to flood the toilet with USD you want to cry and blame everyone else….

    Democrats have got to be the worst people in the world. It’s probably that 70% Democrats in Prison that makes Prison Life so horrid. The *reality* of their socialist utopia — Prison.

  19. Inflation? No, it’s just supply chain issues…. that’s the ticket.
    Supply chain working? Must be… profiteering… yeah…
    Prices rising by 5+ percent on an annual basis? That’s not inflation…. that’s just the expected recovery from the pandemic….

  20. Let’s bring back those 1970s tropes!
    Get those miserable profiteers!
    Cut out the middleman!
    Oh, and make the evil oil companies stop those daisy chains!
    Let’s Whip Inflation Now! ‘Cause it’s gotta be somebody’s fault, goddammit, and it can’t possibly be the asshats we elected spending money like drunken sailors!

    1. I can’t wait for the democrats to start demonizing Jews as profiteers. It would fit their 1930’s German style rhetoric.

      1. Early 1900’s Democratic Party rhetoric too. Wilson was always blaming the Jews.

  21. “Rising inflation means rising prices, and rising prices early in the inflation cycle generally mean rising profits.”

    Particularly if one looks at profits in terms of dollars alone and not as a profit margin or percentage of revenues.

    Company A making a profit of $1M on $20M sales (a 5% margin) before inflationary pressures might now be making $1.5M on $30M sales (still a 5% margin). The net 5% margin is no larger, but the gross profits are “up 50%”…looking only at the this ignores the fact that the costs (materials, wages, shipping…) have all gone up under the inflationary pressure.

    But the “up 50%” crowd will crow “profiteering!”

  22. [Biden’s Inflation Scapegoat Is ‘Profiteering’]

    Actually “profiteering” is pretty accurate, only it’s the cronies who will get the contracts to spend the $trillions who are really profiteering.

  23. “Profiteering”, eh?

    Al of these democrat politicians engage in self-interested economic activity in an almost exclusive way, and they don’t apologize for it.

    They can only get away with this rhetoric to the degree their base is stupid and resentful at actually successful people.

    I’m sure they’re all at home knitting sweaters for the homeless, waiting for everyone else to stop being so self-interested that they can deserve respect.

    1. There’s self-interested and then there’s stupid and psychopathic.

      Anyone so self-interested he’s willing to destroy the habitable environment of planet earth for a few last oil bucks is, technically speaking, an evil motherfucker who deserves to be near the levers of power exactly to the extent that a street crackhead does.

      Frankly the calculation seems a little less cut-and-dried when you’re talking about very wealthy Democrats agitating to raise their own taxes.

      1. What isn’t cut and dried is the climate science. You have to have been ignoring the past year and a half to think scientists are infallible when predicting the future, or even describing the present. Any guesses about the future are just that – guesses – no matter how many letters the person who made them puts after their name. The disagreement is over the certainty of your scenario, not how bad it could be.

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  25. The $4.7 trillion that Biden is spending pays for resources and labor that is not available for consumer goods and services, so prices will necessarily go up for consumers. That’s not “profiteering”, it’s simply that the same 2×4, the same plywood panel, and the same ton of steel can’t be sold simultaneously to the government and to private citizens and companies.

    That’s not “profiteering”, that’s supply and demand: the supply is fixed, government creates $4.7 trillion in new demand, and prices must necessarily react.

    If Biden pays for this with taxes, it will reduce the purchasing power of individuals another $4.7 trillion, which means that private citizens and companies are even less able to compete with the government for scarce goods and reduce private demand by $4.7 trillion. As a result, the prices would stay about the same, but private citizens and companies would be even more screwed over.

    1. It should be explicit national public policy to reduce the purchasing power of the super-rich. It’s a good unto itself.

      Despite any suffocatingly obtuse pseudo-philosophy you employ to justify maximum wealth concentration, the mere fact of so much wealth in the hands of so few is a de facto oligarchy (are there any other kinds?). It’s bad for democracy and hence freedom.

      We don’t need to wait around for the market gods to declare, lo, Jeff Bezos flew a dick into space. Thus space dicks are good and righteous, hail the all-wise market.

      The purchasing power of 100 people amounts to a hill of shit when you’re looking for market signals.

  26. The Democrats’ $3.5 trillion budget bill features tax breaks for countless progressive causes, but one buried in the fine print is a doozy. The House Ways and Means Committee voted last week to subsidize journalists. The “Payroll Credit for Compensation of Local News Journalists” offers print and digital publishers up to $50,000 a year for each journalist on staff.
    If you thought the left didn’t own the fake news media why are they paying them?

  27. He’s running the 1970s playbook. Stick it to those profiteers and middlemen!

    I’m going to start calling him Disco Joe.

    1. Ooh, I like that!

  28. This is not exclusively a Biden problem. President’s of both parties spend money like crazy.

    Trump spent as much money in one term as Obama did in two.

    The Nation’s spending addiction didn’t start with Biden and it won’t end with Biden.

    1. You.
      Are.
      Full.
      Of.
      Shit.
      Fuck off and die.

  29. Profiteers, Saboteurs, Wreckers and Counter-revolutionaries. Right out of Josef Stalin’s playbook. Blame everyone else, arrest dissenters, imprison your enemies. When do the executions start?

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