{"id":32475,"date":"2024-01-04T14:50:34","date_gmt":"2024-01-04T19:50:34","guid":{"rendered":"https:\/\/www.megalextoria.com\/wordpress\/?p=32475"},"modified":"2024-01-04T14:51:27","modified_gmt":"2024-01-04T19:51:27","slug":"economists-are-roasting-bidens-incoherent-inflation-tweet-and-for-good-reason","status":"publish","type":"post","link":"http:\/\/www.megalextoria.com\/wordpress\/index.php\/2024\/01\/04\/economists-are-roasting-bidens-incoherent-inflation-tweet-and-for-good-reason\/","title":{"rendered":"Economists Are Roasting Biden\u2019s \u2018Incoherent\u2019 Inflation Tweet\u2014and for Good Reason"},"content":{"rendered":"

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President Joe Biden\u2019s<\/a> approval rating is tanking, and he\u2019s now trailing former President Donald Trump in national polls, as well as in some key swing states<\/a> .<\/p>\n

Vox <\/em>blames the economy<\/a> for Biden\u2019s plunging popularity \u2014 or at least voters\u2019 perception of the economy. A new Gallup poll shows that just 32% of people<\/a> approve of Biden\u2019s handling of the economy.<\/p>\n

To combat the narrative that Biden\u2019s policies are to blame, the White House has gone on the offensive, attacking billionaires<\/a> and blaming corporations<\/a> for the economic pain the public is experiencing.<\/p>\n

\u201cLet me be clear to any corporation that hasn\u2019t brought their prices back down even as inflation has come down: It\u2019s time to stop the price gouging,\u201d Biden tweeted<\/a> . \u201cGive American consumers a break.\u201d<\/p>\n

It\u2019s a strange line of attack for several reasons, but the most glaring one is that it\u2019s entirely devoid of economic sense, something University of Michigan economics professor Justin Wolfers observed<\/a> on X.<\/p>\n

\u201cThis is not only incoherent; it\u2019s unhelpful,\u201d Wolfers, a senior fellow at the left-leaning Brookings Institution, said of Biden\u2019s tweet. \u201cIt\u2019s incoherent because lower inflation<\/a> is cause for firms to moderate their price hikes, rather than cut prices. It\u2019s unhelpful because the only path back to earlier price levels is deflation, which comes with massive economic pain.\u201d<\/p>\n