This Time Last Term⏮️
🗓️May 14th 2022
Biden signed a $1.5 trillion omnibus bill to fund the government through September.
Included ➡️13.6B in Ukraine aid, military goodies & “humanitarian” check
How did that turn out? 🧵
⚪️Overall 6% increase in discretionary spending
⚪️ This across-the-board boost meant more federal dollars flowing into the economy via contracts, grants, salaries & “programs”right as 🇺🇸 was flush from prior stimulus & supply chains were still snarled.
More money chasing goods/services → higher prices
Why was then Sec of Transportation Buttigieg taking paternity leave during a supply chain crisis?
I don’t think he got enough heat for that
nypost.com/2021/10/17/but…
This bill had a lot of Transportation/HUD “priorities”
Billions more for housing, infrastructure, transit - pumping demand into construction/materials sectors already short on labor/supply and contributing to rent/housing inflation.
There was a huge increase in NIH research in the spending Bill w/ educational grants & work programs—more grants/contracts mean more economic activity w/o supply fixes.
Not targeted relief; but expansions that OVERHEATED demand in key CPI areas like shelter, food & services
Simultaneously, the Biden administration was also using this opportunity to cut funding for the border that they were going to pretend to protect right before the 2024 election when it was politically expedient
(it didn’t work lol)
It’s kind of universally agreed-upon that Biden‘s federal spending in 2022 is what fueled a lot of the inflation we saw in the years thereafter
Pretty insane that he kept the Covid scam going for as long as possible to maintain emergency powers
mitsloan.mit.edu/ideas-made-to-…
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