President Joe Biden and his team have come up with all sorts of excuses and scapegoats to explain away inflation as being caused or worsened by anything except their own actions and policy decisions.
The latest scapegoat for inflation, according to Federal Reserve Chairman Jerome Powell, is the millions of Americans who declined to get vaccinated against COVID-19, RedState reported.
Powell also spread the blame for inflation to the still-ongoing supply-chain bottlenecks — which the Biden administration claimed to have fixed — as well as the primary fallback excuse of the past several months, Russia’s war against Ukraine, while he seemed to simultaneously and inadvertently admit incompetence and lack of vision in the acknowledgment that none of the Fed’s economic models foresaw the inflation that was obvious and predictable to everybody else.
Unvaccinated Americans at fault for inflation, Powell says
Asked recently during a forum if there was any “one thing” that he wished he’d known earlier that could have eased inflation, Chairman Powell said, “What did we get wrong? And that really was looking at these supply-side issues and believing that they would be resolved relatively quickly.”
— Tom Elliott (@tomselliott) June 29, 2022
“By that I mean there were gonna be vaccinations — everyone would get vaccinated — so the millions of people who dropped out of the labor force would come right back in, so wages wouldn’t be under such pressure. That didn’t happen,” he continued.
It isn’t just the unvaccinated who are to blame, however, as Powell explained, “In addition, the bottlenecks and the shortages haven’t been alleviated yet, and on the back of that comes the new shock, in the form of the war.”
Mind you, none of this is his fault, of course. The Fed chair said, “Um, but so we — it wasn’t something wrong with our model, because it wasn’t in the models, at all.”
“It was a question of how to assess the persistence of these supply-side shocks. And I do think that there’ll be — that there is a lot of work going on to get smarter about the supply side,” Powell added. “In the nature of it, though, it was a deep-in-the-tail kind of a risk, and those are very hard to predict and assess when they come.”
Excuses and blame-shifting continue
Unvaccinated Americans have been blamed for a lot of things over the past year and a half, but price inflation typically hasn’t been one of them — at least, not until now, and they are merely the latest target to which the Biden regime has shifted blame to avoid responsibility for reckless spending and short-sighted policies that overheated and wrecked an economy that was recovering on its own when Biden first took office.
The Washington Examiner in May recounted several of the other excuses Team Biden has used to dodge accountability for inflation, such as initially dismissing it as “transitory,” then blaming greedy corporations, followed by Russian President Vladimir Putin, and even congressional Republicans, who actually control nothing in Washington D.C. right now.
In the end, while there are certainly a lot of complex factors behind inflation, arguably the biggest drivers are the Fed printing trillions of new dollars out of thin air, Congress dumping that cash into the economy, and the Biden administration’s anti-domestic energy policies — not unvaccinated Americans, many of whom continued to work throughout the pandemic, at least in states where misguided government policies didn’t prohibit them from doing so.