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Latest economic figures shows Bidenomics is not working

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Latest economic figures shows Bidenomics is not working

The Biden Administration keeps insisting inflation is “transient,” but there are now real signs inflation is here and possibly for the long haul.

Thursday’s consumer price index increase of 5.4 percent year-on-year — its highest level in 13 years — is the latest and most visible piece of evidence that this scourge is making a comeback.

And it’s not like we weren’t warned you this was coming. If you grew up in the 1970s (as I did) you might recall long gas lines, consumers goods too expensive to afford. and something called Hamburger Helper — which people used to stretch ground beef because meat was so expensive. Inflation is a regressive tax that hits hardest at working class and poor Americans.

Inflation can be caused because the Federal Reserve keeps interest rates too low for too long, or due to massive government expenditures on stuff like infrastructure and cradle-to-grave welfare payments.

Today we have both — on steroids. The Fed has kept interest rates at zero for more than a year because of COVID shutdowns, and the Biden Administration can’t spend money fast enough.

Reality check: The COVID shutdowns are nearly over, and many were regionally based to begin with (Florida and Texas have been open for months). That’s why when you talk to most mainstream economists, they will tell you Biden and Powell are throwing money at a problem that doesn’t exist.

They are spending so much money on unemployment benefits that it’s keeping people out of the work force, despite companies desperate to hire.

Biden is playing with fire, both economically and politically. Again. I remember the 1970s and the reason Jimmy Carter was a one-term president. Then-Fed chairman Paul Volcker induced a recession to cure massive inflation during the Carter presidency, all but guaranteeing Ronald Reagan’s victory and his free-market revolution.

So why are our policy makers looking to repeat the sins of the past? Because Biden is listening to the progressive members of his party, like Alexandria Ocasio-Cortez, who don’t believe inflation exists, and that the government should be spending massively on every social program there is.

But the laws of economics haven’t changed completely. Small business owners were already warning that if they had to raise wages to compete with government handouts, those costs would have to be passed on to consumers. Now they are. And any wages increases are going to be canceled out by the increased cost of goods. It’s a spiral that’s very difficult to pull out of.

Bidenomics isn’t working. It’s built on a lot of wishful thinking, and a lot of cash. Post-COVID, the economy will grow on its own, so you have to ask whether all this spending is worth the inflationary risk?

Maybe if you like Hamburger Helper.

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Opinion

Benjamin Netanyahu’s reckoning a sour ending for a transformative prime minister

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Benjamin Netanyahu’s reckoning a sour ending for a transformative prime minister

Benjamin Netanyahu showed the opposite of grace as he exited from power on Sunday.

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Opinion

Letters to the Editor — June 14, 2021

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Letters to the Editor — June 14, 2021

The Issue: The discussion of law and order at last week’s Democratic debate for mayor.

If any one of these five candidates becomes mayor, it will be the continuation of the de Blasio era (“Crime focus of Dem debate,” June 11).

Many of them are in favor of defunding the Police Department, which is why there is so much crime, and shootings are rising every day.

The people of this city had better wake up when they go to vote. Haven’t we had enough of this? When will it stop? These candidates will not put an end to all this.

Rob Johann

Queens

Thinking that a Republican candidate could not win the mayoral race in New York, I switched my party to Democrat so I could vote.

After listening to all the Democratic candidates during the debate last week, I want to immediately switch my party back to Republican and vote for Curtis Sliwa.

He is our only hope to live in a city that values law and order. He won’t cave to these left-wing zealots who will further destroy our city and our quality of life.

We need a mayor who can bring back the tourists, help our economy and ensure a better life for all of us.

We cannot let the city go into further decline with any of these Democratic candidates. Please, wake up and vote for someone who will lift all of us up.

Susan Green

Manhattan

The fact that Andrew Yang is slipping in the polls is the only good news in the mayoral race.

Eric Adams is talking about crime, while Yang thinks the biggest issues for the city are AI and climate change.

If Yang wins, people will be dreaming of “the good old days” under Mayor de Blasio, formerly thought to be the bottom of the barrel.

Andrew Delaney

Miami, Fla.

I am not impressed by any of the Democratic candidates for mayor of New York City.

What each of them is proposing will cause further crime, divisiveness and decay, raise taxes, make life more miserable for residents and visitors and drive more families out of the city.

What does it take to get through to the New York voter? How bad does it have to get before they abandon a party that is becoming more idiotic with every election cycle?

Take a look at cities and states that have been doing well under Republican leadership and consider voting Republican.

D.M. Diana

Greeley, Pa.

Even Adams is falling for it. He said the “solution” to city violent crime is to reach out to youth and improve mental-health services.

These chic answers are a guarantee that innocent New Yorkers will continue to be murdered, raped, thrown onto subway tracks and maimed.

Get the violent off the streets first. Whether they are criminal or mentally ill, sort that out afterward. Get them away from the rest of us first.

Paul O’Keefe

Union City, NJ

I generally agree with The Post’s endorsements, but I am baffled by its support of Adams for mayor.

His stance on the NYPD changes at his convenience. One day he’s anti-cop and a fierce critic of the NYPD (even though he was employed by the NYPD), and then he switches and comes across as pro-police.

Can New Yorkers elect a mayor who lacks common sense and leadership skills? His suggestion last summer to New Yorkers to settle disputes about illegal fireworks on their own and not call the police was deadly. Shatavia Walls, 33, died as a result.

Adams lacks the moral compass and common sense required to be a winning mayor. The people of New York deserve better.

Susan Berger

Brooklyn

Want to weigh in on today’s stories? Send your thoughts (along with your full name and city of residence) to [email protected]. Letters are subject to editing for clarity, length, accuracy and style.

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Opinion

‘Nash Bridges’ movie reboot to star Don Johnson and original cast

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'Nash Bridges' movie reboot to star Don Johnson and original cast

Don’s ‘Nash’ gets rehash

From 1996 to 2001, Don Johnson played San Fran’s Special Investigations cop who nailed bad dudes on CBS-TV’s “Nash Bridges.” It’s now back as a two-hour movie.

“It’s set again in San Francisco which is now in a slump since the pandemic,” he told me, “but we’ll get it going again. First episode’s a two-hour movie in the fall. USA Network. I deliver it end of August and more episodes are contemplated. I’m executive producer. I own half the show’s copyright.

“Great is I got them all — Jeff Perry, Cheech Marin — the whole old crew back together again. I started them. I trained them. Even my writers wanted in on this. I kept all the phone numbers. So I sent word out and everybody got back wanting in on it. The story — I myself worked on the script — is contemporary. It’s 10 years later in the lives of the characters. And it’s a diverse cast. We’ve got a trans woman in it.

“A star of our original show was that yellow Barracuda — a 1971 Dodge — that I always drove. The thing was old when I found it. I was actually now able to locate it, and I bought it back in an auction. The thing had been in a museum in Ohio. Soon as the locals in San Francisco saw me riding around in it again, they yelled, ‘hey, it’s effing Don Johnson . . . effing Cheech.’

“Aug. 9, I start my second season of ‘Kenan’ on NBC. But right now, soon as I finish this, I’m off to Europe — Greece, Italy . . . and what am I going to do? Just bop around.”

A P.S. Don once hung up on me — just to watch “Once Upon a Time . . . In Hollywood.”

It’s another film about Jackie

Even Jackie Kennedy’s coming back. Again. In yet another screen incarnation. This time, Brit actress Gemma Arterton plays her. Why an English actress, I don’t know. I’m lucky I know this. This new film, “37 Heavens,” is about Jackie’s relationship with highly born Brit nobleman Baron David Ormsby-Gore Harlech. Proper gent. A diplomat. Britannia’s ambassador to Washington. Also a little ambassadoring to Jackie. He’s gone now, but it’s based on private letters unearthed when his lockbox got unlocked — or handed down — or brought out. Harlech will be played by Guy Pearce. In leaky Washington, following the death of JFK, the thought was this baron might have been her next. He was for sure her confidante. Or whatever.

Listen up . . .

Another retread is “The Nanny.” Onetime superhit TV series, created by and starring Fran Drescher, it’s wheezing back. On Broadway. As a musical. Drescher won’t star though. Me, myself, I was on “The Nanny” 100 years ago. And I just got a residual check — $12 . . . Fresco by Scotto reopened with party planner Larry Scott’s new streetside annex. At the opening, every diner was comped. No check for anyone. Courtesy of the Scottos welcoming them back.

Speak up!

DJT at a rally called Cy Vance a political hack who’s persecuting him and his family. When you’re at someone else’s mercy — or mouth — risky to poke him in the eye. Tali, front-runner for Manhattan DA, with the backing of Dem representatives Torres, Velazquez and Espaillat, even fielded a question about Donald with: “We are constrained as prosecutors not to go in and prejudge anything, and not to casually talk about legal arguments.” Chicken. Talk of laying an egg.

Good guess

“Big Sky’s” Brooke Smith called Vanity Fair, Variety and me to bitch Emmys maybe omitted her. “They say they only nominate series regulars.” So? “So in my last scene I killed my husband and went to jail. So I guess I’m not coming back.” OK.


Visitors sometimes say our city isn’t friendly. Not true. Where else can a mugger knock you down, heist your wallet then tell you, “Have a nice day.”

Only in New York, kids, only in New York.

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