Biden-McCarthy Memorial Day weekend surrender institutionalizes stagflation
House speaker took first possible offramp
COMMENTARY
By Peter Navarro - - Tuesday, May 30, 2023
OPINION:
Some politicians make history. But by caving so quickly to President Biden, Republican House Speaker Kevin McCarthy has chosen to be a footnote.
Historians will mark Mr. McCarthy’s Memorial Day weekend surrender not as an important, courageous and prescient turning point but as one more political misstep toward a prolonged war with stagflation — simultaneous slow growth or recession plus inflation. Just like in the 1970s, the stagflation we are now witnessing has both “demand-pull” and “cost-push” components.
Demand-pull inflation results when too much money chases too few goods. This is exactly what happens when you add mega-trillions in government spending to an economy already straining at the inflationary seams. Mr. Biden and a Democratic majority in Congress did this with the passage of a trio of spending bills — the last a $1.7 trillion inflationary coup de grace passed in a lame-duck session with the shameful assistance of Sen. Mitch McConnell’s RINO wing of the Senate.
Mr. McCarthy boldly entered the debt limit fray with a beautiful plan designed by former Office and Management and Budget Director Russ Vought that would have shaved trillions from the debt. Instead of holding fast as he had promised his troops he would do, Mr. McCarthy took the first possible offramp.
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READ MORE: https://www.washingtontimes.com/news/2023/may/30/biden-mccarthy-memorial-day-weekend-surrender-inst/
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