The CBO Confirms Bidenflation Is Real
The Congressional Budget Office has just confirmed that President Joe Biden is blameworthy for the record-high inflation that is punishing workers. Further, this nonpartisan source says that Biden’s preferred fix, raising taxes, will only make the economy worse.
The CBO’s annual economic outlook adds further force to the arguments against Biden made by other Democrats, such as former President Barack Obama’s National Economic Council director, Larry Summers, and Council of Economic Advisers Chairman Jason Furman. The CBO squarely blames Biden’s 2021 COVID stimulus bill for today’s high inflation, albeit for slightly different reasons.
Like Summers and Furman, the CBO noted that the stimulus checks sent to every family significantly boosted demand, causing inflationary pressure on its own. But there’s more. By paying workers not to work, Biden’s COVID stimulus artificially “slowed the recovery of labor force participation.” As noted by Texas Rep. Kevin Brady, the top Republican on the Ways and Means Committee, this lack of workers strained supply chains, thus providing a second source of upward pressure on prices.
The CBO predicts that this Biden-caused inflation will persist into next year, tempered only by the Federal Reserve’s willingness to raise interest rates, which will, in turn, cause the economy to slow or even contract. (Read more from “The CBO Confirms Bidenflation Is Real” HERE)
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