• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle

Reaganomics Architect Has Sobering Message About Biden Inflation, Says It Will Hit Double Digits

July 28, 2022
EXCLUSIVE: VA Sec Says Days Of Unions, Contractors Owning His Agency Are Over

EXCLUSIVE: VA Sec Says Days Of Unions, Contractors Owning His Agency Are Over

June 13, 2025
LA News Outlet Caught In Lie That ICE Targeted Pregnant Woman. It Really Went After Her Illegal Husband.

LA News Outlet Caught In Lie That ICE Targeted Pregnant Woman. It Really Went After Her Illegal Husband.

June 13, 2025
‘My Blood Is Boiling’: Dem Strategist Melts Down Over Alex Padilla Getting Booted From Noem Presser

‘My Blood Is Boiling’: Dem Strategist Melts Down Over Alex Padilla Getting Booted From Noem Presser

June 13, 2025
SHOSHANA BRYEN: Israel Has Rights Beyond The ‘Right To Exist’

SHOSHANA BRYEN: Israel Has Rights Beyond The ‘Right To Exist’

June 13, 2025
‘Everyone Move, Now!’: Fox News Crew Takes Cover Live On-Air As Iran Launches Counter Strikes Against Israel

‘Everyone Move, Now!’: Fox News Crew Takes Cover Live On-Air As Iran Launches Counter Strikes Against Israel

June 13, 2025
Officials Fear ‘Potential Tiananmen Square Moment’ at Military Parade

Officials Fear ‘Potential Tiananmen Square Moment’ at Military Parade

June 13, 2025
‘Highly Partisan’ Official Fired By Trump Quits Anyway — After Smithsonian Attempted To Keep Her

‘Highly Partisan’ Official Fired By Trump Quits Anyway — After Smithsonian Attempted To Keep Her

June 13, 2025
Tim Kaine Really Upset About Alex Padilla Being Tossed From Kristi Noem Presser

Tim Kaine Really Upset About Alex Padilla Being Tossed From Kristi Noem Presser

June 13, 2025
Migrants Escape New Jersey Immigration Detention Center

Migrants Escape New Jersey Immigration Detention Center

June 13, 2025
Video Shows ICE Agents Letting Man Go After Neighbors Interrupt Raid

Video Shows ICE Agents Letting Man Go After Neighbors Interrupt Raid

June 13, 2025
Personal Data of Immigrant Medicaid Enrollees Given to Deportation Officials

Personal Data of Immigrant Medicaid Enrollees Given to Deportation Officials

June 13, 2025
EXCLUSIVE: Dem Rep Takes ‘Fake’ Phone Call To Dodge Question About LA Riots

EXCLUSIVE: Dem Rep Takes ‘Fake’ Phone Call To Dodge Question About LA Riots

June 13, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Saturday, June 14, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home Commentary

Reaganomics Architect Has Sobering Message About Biden Inflation, Says It Will Hit Double Digits

by Western Journal
July 28, 2022
in Commentary
237 15
0

US President Joe Biden speaks on Covid-19 vaccines for children under 5 at the Roosevelt Room of the White House in Washington, DC on June 21, 2022. (Photo by Nicholas Kamm / AFP) (Photo by NICHOLAS KAMM/AFP via Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Art Laffer is the economist behind what became known as “Reaganomics” — a series of tax cuts and economic policies that led to the boom days of the 1980s.

However, at 81, he still remembers the “stagflation” that Jimmy Carter’s administration produced in the late 1970s, before the Republicans took back the White House. He knows grim economic times when he sees them. And, in a speech Wednesday, he called Democratic claims that inflation numbers are about to improve “nonsense.”

According to National Review, in remarks at the Young America’s Foundation’s National Conservative Student Conference in Washington, D.C., Laffer said there was no way President Joe Biden’s administration would avoid double-digit inflation numbers before the midterms.

And yet, he saw a silver lining to it all.

(Here at The Western Journal, we’ve chronicled how the Biden administration’s free spending and problematic energy policies have led to record inflation numbers — and how they’re unlikely to be reversed anytime soon. We’ll keep bringing America the truth. You can help us by subscribing.)

Laffer’s remarks came one day before the GDP numbers for the second quarter of 2022 were set to be released. The Biden administration has already drawn derision for trying to redefine what a recession is — two quarters of negative GDP growth — because the first quarter was negative and the second quarter is likely to be, too.

The famed economist, however, said it wasn’t even necessary to look at the second-quarter numbers to realize what was up with the economy.

“We are already in the middle of a recession here in the U.S.,” Laffer said, noting that there were half-a-million fewer people employed now than there were in February of 2020, the last month before COVID-19 lockdowns.

Is Joe Biden responsible for the dire shape of the economy?

Completing this poll entitles you to our news updates free of charge. You may opt out at anytime. You also agree to our Privacy Policy and Terms of Use.
Yes: 100% (4 Votes)
No: 0% (0 Votes)

Laffer went on to say this was “one of the worst-performing economies I have ever seen.”

And, when it comes to the issue of inflation, he had a dire warning: Buckle up, America.

“There is no chance from here to Sunday, frankly, in my view of the world, that we aren’t going to see inflation pop up to above 10 percent by the time we get into the election,” he told the student group.

“There is no way that the Fed can do anything in the near term that would, in any way, shape or form, tamp down that inflation in the system. It’s just not going to happen,” he added. (The Federal Reserve raised interest rates by 0.75 percent while he was giving his remarks, it’s worth noting.)

In June, the inflation rate sat at 9.1 percent — the highest number of Biden’s presidency, according to Bureau of Labor Statistics data.

And as for the Biden administration bragging about lower gas prices? Laffer actually said that was a bad augury for where the economy is going.

Gas prices have declined by an average of 60 cents per gallon over the past 38 days.

Five straight weeks of gas prices coming down.

— President Biden (@POTUS) July 22, 2022

Make that 65 cents down over 40 days. https://t.co/js2oPq5Z1W

— President Biden (@POTUS) July 24, 2022

For American families looking for a little more breathing room, these savings matter. pic.twitter.com/IdDv2JGXAD

— President Biden (@POTUS) July 25, 2022

“One of the real problems of gas prices,” Laffer said, “is that, when you’re going into a recession, copper, lumber, gas and a lot of other products will fall going into that. That is exactly what you’re seeing now. We have one hell of a bad economy.”

Indeed, MarketWatch noted analyst Brian Milne said that “demand weakness against historical seasonal strength is pressing retail prices lower.” In other words, Americans were traveling — and presumably spending — less than in summers past due to the high price of gas.

“Government data show gasoline consumption consistently below year ago since early June, and the difference has widened. For the four weeks through mid-July, gasoline consumption is 720,000 barrels a day, or 7.6 percent, less than year ago,” Milne said.

So, the silver lining? As National Review’s Charles Hilu reported, Laffer says it reminds him of Carter’s debacle of a presidency — and, in the long run, that’s a good thing for conservatives.

“After describing his ideal economic platform, Laffer drew parallels to the years just before the 1980 election, in which Reagan defeated Jimmy Carter, who was unpopular due to the combination of low economic growth and high prices, which we call stagflation,” Hilu noted.

“Though there was a dramatic blue wave in the 1976 election after Reagan lost the Republican primary to Gerald Ford, voters saw the unfortunate effects of big-government policy, and they voted accordingly in the next election, allowing conservative economic policy to shine forth, and the same can happen now. ”

“I think today is 1978 all over again. I was very depressed six months ago, but now I’ve, all of a sudden, seen the coming of the light. I have not been this optimistic in ages,” Laffer said.

That may be a reason for optimism in the long term. In the short term, American families have felt the dual shocks of COVID-19 lockdowns and the Biden administration’s failed economic policy.

Inflation certainly isn’t “transitory” anymore — and, if the architect of Reaganomics is right, it’s going to get worse before it gets better.

This article appeared originally on The Western Journal.

Tags: 2022 midterm electionsBiden administrationeconomicsFederal ReserveInflationJoe BidenRonald ReaganTaxesthe economyU.S. News
Share196Tweet123
Western Journal

Western Journal

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th