Democratic Senate Majority Leader Chuck Schumer (NY) will put out a report this week that argues spending trillions of dollars will “help inflation pressures.”
The report, penned by Moody’s chief economist Mark Zandi, says that inflation anxieties are “overdone,” because “much of the added fiscal support … is created to boost the economy’s long-term growth possibilities and help inflation pressures,” according to Axios.
“More investments in social programs and infrastructure will increase productivity and labor force growth, and the focus on climate change will help stop its increasingly bad economic effects,” the politically charged report says, and the program’s policies “would shift the benefits of the stronger growth to lower-income people and deal with the skewing of the wealth distribution.”
Moody’s, which gave a $864 million settlement to state and federal authorities in 2017 for alleging that risky mortgage securities were safe in the lead up to the 2008 financial crisis, contradicts a previous report from the firm saying that President Trump’s policies brought down unemployment, urged companies to raise American wages, and even made homes cheaper for younger families.
“As the immigrants go, the tight labor market gets tighter, pushing up the cost of labor as employers struggle to fill their job positions,” the report said. “Trump’s immigration policies will lead to possibly severe labor shortages, and labor cost increases.”
Schumer seems to be leveraging the second Moody report to support a $3.5 trillion Trojan horse program, while the Producer Price Index increased 7.3 percent back in June from 12 months before, the largest demand since 2010. When compared to May, the index increased one percent. On average during the pre-covid Trump admin., the index increased by about 0.2 percent a month.
A new poll showed that voters in battleground areas are overwhelmingly worried about inflation and the increased cost of living with 86 percent of people having concerns. Fifty percent of the people responding say they are very worried.
Socialist Democrat Senator Bernie Sanders (I-VT) is creating the $3.5 trillion Trojan horse program, which includes global warming agenda, expanding medicare, and targeting white areas with displacement using low-income housing, illegal immigration followed by amnesty, along with subsidized childcare.
Author: Blake Ambrose