Albert Einstein defines insanity as "doing the same thing over and over and expecting different results". Therefore, Biden's approach to economics is the very definition of insanity: the administration continues to apply the same "solutions" to the nationwide inflation crisis that it's very own policies created.
The price of common necessities continues to drastically increase. From clothing to shelter and beyond, the President and the rest of the Democratic Party cannot hide any longer and their policies are to blame. Take gasoline and fuel oil for example. As of December 2021, the price of fuel oil and gasoline was nearly 50 percent more than they were 12 months ago. But, say you do "bite the bullet" and fill your tank, well, good luck at the grocery store because the cost of poultry and fish has increased 12.5% in the course of 12 months. In December of 2020, ground chunk (100% beef) was priced at $4.20 per pound; now, with Biden in the big seat, ground chunk checks out anywhere above that and comes up to $4.79 per pound in December of 2021 according to the U.S. Bureau of Labor Statistics, Consumer Price Index (CPI).
On July 19th, 2021, Biden stated that the "global shortage has slowed vehicle production, creating a temporary spike in car prices. That's a real challenge. And my administration is doing everything we can to address it. But again, these disruptions are temporary". Contrary to this original claim, February 2022 marks the eighth month in a row where overall inflation surpasses 5%. Temporary? It sure doesn't seem like it.
As inflation continues to climb, the president and his team seem to think throwing more money into the economy is the best solution, even though the $1.9 trillion that the administration put in last year is already rebounding. But fear not! Biden's Build Back Better (BBB) plan will pump another $5 trillion into the economy, so sit back and watch the definition of insanity at work.
As Biden's "solutions" dwindle, the president and his fellow Democrats might still have one trick up their sleeves: blame the unvaccinated (knock on wood).
All-in-all, the economy under Biden is failing the American people miserably. Working citizens are taking home 2.4% less on hourly earnings when inflation-adjusted, making it practically impossible for the average American to stay afloat. Yet, that is just for Americans with jobs.
Economists know what it takes to tame inflation, from raising interest rates to cutting government spending, so why does the Biden Administration choose insanity? There is no logical answer ... unless the administration was never working for the American people from the start.