Well, DUH!!

They've been doing that for years and years..

Lynda

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By Robert Wheeler

If Larry Summers and Jamie Dimon are the voices of reason, you know something is dreadfully wrong in the current state of economic affairs. In fact, if Summers and Dimon are even making sense, the wheels have already come off.

Why aren’t these two sounding like the economic hitmen that they are? Because they are warning of the Biden Administration’s completely insane spending plans. Spending plans that will indeed cause inflation in the United States.
Joe’s recent equation adds up to an economic disaster

To be clear, it isn’t necessarily the numbers as much as it is the method. In other words, the Biden Administration is not considering credit stimulus but a mix of buying bonds, borrowing, and printing. Combined with the plan to spend drastic amounts, this is a recipe for economic disaster.

The White House is digging in its heels defending President Biden’s $4 trillion spending plan. Meanwhile, JP Morgan Chase CEO Jamie Dimon warns that this unprecedented amount of stimulus could lead to runaway inflation.

When testifying before the Senate Banking Committee, Dimon raised his concerns over the future inflation. Insisting the Federal Reserve may need to raise interest rates sooner to clamp down on rising prices. He said that he expects inflation to climb “considerably higher” than 1.6%, thanks to spending and federal monetary policies.

You know, because Americans aren’t already struggling enough with their personal finances.
U.S. debt, already at record-high levels, set to hit $30 trillion

CBS News Reported:

The Congressional Budget Office projects the federal debt will exceed the economy’s size by the end of the year and will balloon to 202% of gross domestic product over the next 30 years. And that’s their outlook without factoring in President Joe Biden’s $1.9 trillion COVID-19 relief package, which is making its way through the Senate this week.

According to the nonpartisan office, by the end of this year, the federal debt will be 102% of GDP, a proportion that will nearly double by 2051. The CBO warns this increases the risk of a fiscal crisis and higher inflation moving forward.

According to the report by CBS the pandemic triggered the deepest economic downturn since World War II:

The White House and congressional Democrats warn the United States is far from out of the woods in its efforts to contain the coronavirus pandemic and revitalize the economy. On Thursday, the Labor Department weekly report showed more than 1.1 million people last week filed for first-time unemployment benefits, including Pandemic Unemployment Assistance. More than 18 million people remain on some form of unemployment benefits.

Congress has already approved around $6 trillion in COVID relief, including $4 trillion under President Trump.

Biden’s “Build Back Better” agenda includes a $2.3 trillion American Jobs Plan and a $1.8 trillion American Families Plan. All of these measures would reshape the social safety net and allegedly address the nation’s crumbling infrastructure.

“If that money is wasted, it is not productively spent, we will have more inflation, less productivity, slower growth and the American democracy you will have lost even more credibility eyes in the world,” Dimon said.

You can bet that money will be wasted.
Powell denies any signs of persistent inflation

The Labor Department reported earlier this month that U.S. consumer prices for goods and services surged 0.8% in April, the most significant monthly increase in over a decade. It’s also the fastest year-over-year jump since 2008.

Core inflation, excluding food and energy data, rose 0.9% in April and 3% over the past 12 months.