Bidienflation is a problem and is likely to become worse due to the fictitious “Inflation Reduction Act.” It's not just that it won't reduce the rate of inflation, but it could also result in the loss of thousands of jobs. According to 230 economists, it could raise inflation. The Democrats are seeking to hurry through this before the CBO is done scoring it. However, everything the CBO has stated to date should have given people pause before accepting this deal in light of the rise that the CBO is signaling that it will be a deficit.
If you thought we were in trouble with Bidenflation, if you'd like to see how severe it can be, take a look at the current situation in Argentina. It's deteriorating into economic chaos.
Inflation, which is currently at 60 percent, is expected to reach 90% by year's conclusion. Less than 50% of Argentine adults are employed. There's a rout on the banks and around $1 billion of cash being taken out over the past month.
Amid skepticism about the currency and creditworthiness of banks, people are trying to convert their pesos that are devaluing into dollars in cash. The peso's value trading on black markets has dropped by 75 percent in comparison to the US dollar over the beginning of January.
I'm not an economist, but I'm guessing the 60 or 90 percent rate of inflation isn't an excellent figure.
Economic experts are taking blame for the government's “profligate spending” where “half the population receive some form of government benefit.” Now, they're figuring the exact location where this thought process of the left leads. Because they're in such dire straits caused by this spending, a portion of the citizens are demanding that they spend more. The government is divided between the conservatives, like the president Alberto Fernandez — who recognizes that this is a madness and is determined to limit spending — and the leftists, such as extremist Vice President Cristina Fernandez de Kirchner who will take the country towards the edge and is adamant about any cuts to the budget.
The country has had three economic ministers over the past month.
Through the course of this yea,r Kirchner was adamant she believed Martin Guzman, Fernandez's long-serving economic minister, did not enjoy her backing. In the month of October, he resigned to be replaced by the Silvina Batakis who was viewed as being left of Guzman. She was in office for 24 days before being dismissed while attending sessions in America.
Today, they are able to have Sergio Massa who has said that he's going off printing money which has been instrumental in fuelling inflation, but that he doesn't contain the “magic.”
He wasn't greeted with a smile upon his arrival at the palace to be sworn in the new position. The angry crowd followed his car through the streets, banging on the windows. That's the way it appears when things go completely out of control after the citizens are tired of what the government is offering them.
The crowd yelled, “You are garbage!” at the man, and his security personnel needed to intervene in order to get his vehicles out of the way of the angry crowd.
If you fall into leftism, and you are unable to stop spending, that's the place you'll get to. This is the direction Democratic policies will take us. This is just one of numerous reasons we should vote them all out in November.