Last August, used cars were selling for an average of $21,000. This August, they were almost $28,000. Same car, seven grand more.
Over the same period, the price of gas jumped a full dollar a gallon, and more than that in some places.
Been to the grocery store lately? The cost of a pound of steak is up by two bucks. A pound of bacon costs over seven dollars.
Suddenly everything costs more: eggs, milk, coffee, mustard. Etc.
These aren’t luxury items. These are things you buy every week. Are your wages rising as fast as your food costs? Vegetable oil is up sixty percent. Probably not.
You’re getting poorer. That’s what inflation does. It causes poverty. The Biden administration is actively making this much worse.
In this episode, Tucker explores the history of the Federal Reserve and the rise of inflation in the United States.
Highlights include:
“The Federal Reserve was created back in 1913 by an act of Congress and it had really two main goals: maximize employment and keep prices stable, keep inflation under control. Those are virtuous goals. But it may be a measure of the way that bureaucracies work that over time the Federal Reserve has actively undermined those objectives.”
“Every month, Federal Reserve officials print more than $100 billion in American currencies, and then they inject those dollars into our financial system by buying assets like bonds and securities. This is not a normal thing to do; it is a radical thing to do, and it was supposed to be temporary.”
“For the better part of a year, fed officials have been promising they’re going to stop doing this. They have sworn they will get sober. They have vowed to begin a process called ‘tapering.’ That means they’ll start to gradually slow the money they print. At a fed meeting in April, officials said they’d start to do this very soon … but they never did.”
“Because we can prove that the population of the United States is getting poorer by the day, you’d think the Biden administration would be actively concerned about this and working to make it better. But they’re doing the opposite. They’re actively making it much worse. And here’s how they’re doing it — by spending.”
“No government in the history of the world has ever spent more money than Joe Biden is spending right now. That is a fact.”
“This actually is inflation. It is real inflation. It is not transitory inflation, and it’s going to be here for a long time. What he didn’t say was that this is not an act of God. This isn’t a hurricane, it’s not an earthquake, it’s not something we can’t control. This is the result of decades of policy that have enriched a few and impoverished the many.”
Watch the video below and tell us what you think in the comments.
