Thread by @ThinkJoMice

INFLATION Post 1 - Click on "Show this thread" to see the first 16 Tweets of this Post in proper order

I wish to share facts proving the GQP's FALSE narrative that Joe Biden's American Rescue Plan and infrastructure bill are causing inflation

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with rising prices in energy, food, and housing

My statement that we DO [N]OT have an "economic problem known as inflation" was hyperbole, as "Inflation" by definition is a measure of rising costs of goods and services

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The distinction I was making, is that our rising prices are NOT unique to the US and are NOT due to a weakening Dollar reducing purchasing power from increased domestic spending on social programs that do not bring revenue BACK to the treasury to

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pay for them, that's NOT why prices are rising

Under Biden there's been an 18% increase in federal revenues, the most since 1977, and reduced deficit spending each month since June 2021 compared to 2020

For the months

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politico.com/news/2021/10/1…

of Jan through March of 2022, deficits have been reduced below the deficits for those same months in FY's 2019, 2020 and 2021

Now that we know Biden's fiscal policies have NOT caused inflation, let's turn to the forces

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bipartisanpolicy.org/report/deficit…

that drive higher prices most affecting family finances: food, energy and housing costs

Before discussing how corporate greed and "GQP Policies" drive rising US consumer prices, we need to know how food and energy prices are trending globally

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On April 5, 2022, UN Sec-Gen Antonio Guterres addressed the Security Council on the world economic harm caused by Russia's invasion of Ukraine

His address begins at [12:53] and is well worth listening to in its entirety

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[14:34] "Far beyond Ukraine's borders, the war has led to massive increases in prices of food, energy, and fertilizers because Russia and Ukraine are linchpins of these markets

It has disrupted supply chains and increased the cost of

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transportation putting even more pressure on the developing world

Many developing countries are already on the verge of their collapse due to the impact of the COVID 19 pandemic and a lack of adequate liquidity stemming ultimately from the unfair

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nature of our global economic and financial system. For all these reasons it is more urgent by the day to silence the guns [...]"

[15:41] "As Secretary-General of the United Nations it is my duty to call to the attention of the council to the

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serious damage being done to the global economy and particularly to vulnerable people and developing countries [...]

Madam president our analysis indicates that 74 developing countries with a total population of 1.2 billion people are

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particularly vulnerable to spiking food, energy and fertilizer costs. Debt obligations take up some 16% of developing countries' export earnings and in small island developing states the figure is 74% and rising because of increased interest

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rates and the need to pay for expensive imports. In the past month alone wheat prices have increased by 22%, Maize (corn) by 21%, and Barley by 31%

Brent oil prices on the 1st of April were more than 60% higher than at the same time last year

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the series of events have led to that, not only the present situation

Natural gas and fertilizer prices more than doubled over the same period. We are already seeing some countries move from vulnerability into crisis and signs of social unrest

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The flames of conflict are fueled by inequality, deprivation, and underfunding. With all the warning signals we have a duty to act. [...]"

Secretary-General Guterres testifies that rising prices for energy, food and the fertilizers needed

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to grow food IS A GLOBAL ISSUE

Consequently, to blame Joe Biden for rising prices in the US consumer prices when the entire world is facing the same challenges is
"INTELLECTUALLY DISHONEST"

[To Be Continued]

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