Inflation
Senator Ted Cruz posted on Facebook a warning against #BidenFlation, the inflation of the US dollar since January 6, 2021. 18% of respondents to Senator Cruz’s post think inflation is a laughing matter.
How can I best describe the inflation of the US dollar? I call on financial experts for answers.
- Inflation Is the Cruelest Tax | Yahoo!Finance
- “It [inflation] is a way to take people’s wealth from them without having to openly raise taxes. Inflation is the most universal tax of all.” | Dr. Thomas Sowell
- “Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man.” | President Ronald Reagan
If the wisdom of experts on taxes and inflation of the US dollar is unconvincing, look at the history of the price of gold over 30 years, from January 1, 1996, to December 31, 2023.
Gold is money. Gold has always been a standard of value. For most of American history, the US dollar was “as good as gold” because it was based on the intrinsic value of gold.
“We can look at the buying power equivalent for $100 in 1928 to see how much you would need to adjust for in order to beat inflation. For 1928 to 2024, if you started with $100 in 1928, you would need to have $1,759.30 to keep up with inflation rates.” The Buying Power of $100 in 1928
My wife and I married well over a half-century ago. She paid $25 (or less) for my gold wedding band. Today, the same ring costs $1,050.00. The same ring would cost her 42 times more. Due to my bodyweight loss (no need to laugh), my ring was trapped in a work glove. The local jeweler charged me $65 to reduce the size so I would not again lose it in my glove!
The dual financial tsunamis hitting America, pseudoscientific anthropogenic climate change alarmism, and monetary inflation will lead to food shortages, medicine shortages, foreclosures, and horrendous unemployment.
Only God can affect the natural variability of the Earth’s climates. We, the People, can affect the unnatural government-caused devaluation of our dollars, savings accounts, and retirement accounts due to the astronomical expansion of the U.S. money supply.
The national debt has increased from $27.5 trillion at the end of 2020 to $34 trillion today, January 12, 2024. In layman’s terms, since January 6, 2021, and the first 12 days of 2024, Biden increased the national debt, on average, $5.9 BILLION daily!
Knowledge is power.
Who’s laughing now?
John White
Rockwall, Texas
John N. White 