Joe Biden has a new explanation for inflation

Biden was blaming oil companies for high inflation in the economy, which clocked in at 8.3% in April on a CPI basis over the year earlier.

In the course of a year, we've gone from "Inflation will be transitory," to "Inflation is a good thing," to "Inflation started under Trump," to "It's Putin's price hike." Polls show that no one was buying the blame-Putin strategy, so Biden and the Democrats are now accusing oil companies of price gouging.

Well, now it's companies not being taxed enough, or companies taking advantage of tax loopholes, which have been in place since Joe occupied the Senate and had the power to do something about it - and didn't.

That basically explains economist Milton Friedman's most important statement, that inflation is "Always and everywhere a monetary phenomenon..." It's not oil.

Inflation can be cured in two ways - through interest rate hikes, which the Fed has begun to do, or huge tax hikes - which would drain the excess money out of the system, but the government would not be allowed to spend it.

In reality, with this much daily shape-shifting on inflation, Biden makes Jerry Ford and his "Whip Inflation Now" program look useful.

The rapid-flipping answers he's putting out suggest that he has no idea where inflation comes from.

https://www.americanthinker.com/blog/2022/05/joe_biden_has_a_new_explanation_for_inflation.html