Somehow, Joe Biden has managed to exceed expectations! Yes, folks, I know how hard it is for the President to tout that, but today is one of those days. While we were told to expect inflation via the Consumer Price Index to rise to 8.8%, the Biden economy was able to easily exceed that expectation to a whopping 9.1% for the month of June.
These numbers are horrible. Economist Art Laffer says bluntly, “When you get spot commodity prices dropping (like copper, gold, lumber, etc.), while the inflation rate is accelerating, you’ve got a recession on your hands.” The GDP numbers always follow the CPI numbers, so we will see if the economy shrunk again in 2Q’22. I’ve already said I am expecting us to hit that recession benchmark of two consecutive quarters of economic shrinkage this year.
The President’s Twitter account is now trying to take credit for the price of gasoline dropping $.40/gallon over the past 30 days. Funny, up until now, everyone from Biden down to his Press Secretary has blamed the prices on everything but their policies. Or, they say the President cannot control the price at the pump. But, suddenly, now he can control prices? Seems a bit of conundrum, doesn’t it? I guess that’s what happens around people with magical thinking. Children who inhabit adult bodies are playing make-believe and then cannot accept their fantasy isn’t becoming reality.
In a Civiqs national survey of Americans, Joe Biden is now polling at 30% job approval. It’s only 19% approval for voters who consider themselves Independent. Hispanics are currently at 36% approval. It should be noted, this poll was conducted well before today’s 9.1% inflation number. It’s only going to get worse. When confronted with a poll that 2/3 of Democrats do not want to see Joe Biden run in 2024, Biden lost his mind. He told the reporter that 92% would vote for him. The reporter said again that two-thirds say they don’t want to see him on the ballot. An agitated Biden had to walk away.
Finally, more evidence of magical thinking was on display yesterday in a Senate panel about women’s rights. Professor Khiara Bridges would not define woman and when asked by Senator Josh Hawley (R-IA) if men could get pregnant, she said yes. The back and forth exchange is notable in demonstrating how people employ magical thinking. They invent their own beliefs, then they try to dance around questions about those beliefs and when they are incapable of defending their make-believe world, they resort to name-calling and demands for censorship. We have a couple of generations of people who are over-educated and incredibly stupid, which helps explain how our country is in dire straights.