President Joe Biden signed legislation into law in August that was meant to quell inflation. Just two months later, a key Democrat is admitting it was all a scam.
South Carolina Democratic Rep. James Clyburn said administration officials and Congressional Democrats knew that the Inflation Reduction Act was a misnomer, the Free Press reported. He said it was clear that the spending would lead to inflation on "Jose Diaz-Balart Reports" on MSNBC Thursday.
The Consumer Price Index shows staggering inflation year over year. In September, it rose 8.2% from the same time as the previous year after rising 8.5% in May, 9.1% in June, 8.6% in July, and 8.3% in August.
The bloated spending bill ostensibly meant to curb the problem included funneling additional money to the Internal Revenue Service, healthcare, green energy, and other initiatives that have nothing to do with helping the economy. What's worse, they knew pumping more money into the government would exacerbate the problem.
"All of us knew this would be the case when we put in place this recovery program," Clyburn told the host. "Any time you put more money into the economy, prices tend to rise," he added.
"And we do know that price gouging takes place, and that's what Senator [Ralph] Warnock is concerned about in Georgia," Clyburn said of rising energy prices. "We knew the moment we went to aid the Ukrainians, the Russians would do what they could possibly do to undercut this administration, so they cut this deal with OPEC nations to reduce the production of oil so as to drive the price of gasoline up," he claimed.
Like Biden and the rest of the Democrats, Clyburn blames Russian President Vladimir Putin and energy corporations for soaring prices. Clyburn said that the nation wouldn't tolerate "these kinds of intimidations" from foreign adversaries or "big corporations" while ignoring Biden's role in slashing domestic oil production.
The problems the U.S. faces are courtesy of the Democratic Party. What can't be explained by incompetence must be called what it is -- a concerted effort to run this nation's economy into the ground.