Victor Davis Hanson
The Democrats will suffer historic losses in the November midterms.
This disaster for their party will come about not just because of the Afghanistan debacle, an appeased Vladimir Putin’s invasion of Ukraine, the destruction of the southern border, the supply chain mess, or their support for critical race theory demagoguery.
The culprit for the political wipeout will be out-of-control inflation—and for several reasons.
First, the Biden Administration is in such denial of inflation that it sounds to Americans simply callous and indifferent to the misery it has unleashed.
Biden officials have scoffed at price spikes as “transitory.” Or they have preposterously claimed spiraling costs are a concern only to the elite. They blame the Ukraine crisis. Or they fault the out-of-office bogeyman, Donald Trump.
The administration assures us that consumer prices are only rising at an annualized rate of 7.5 percent—as if the steepest increase in 40 years actually is not all that bad.
Yet the middle class knows that inflation is far worse when it comes to the stuff of life: buying a house, car, gas, meat, or lumber.
Second, inflation is an equal opportunity destroyer of dreams. It undermines rich and poor, Democrats and Republicans, conservatives and liberals. It unites all tribes, all ideologies, all politics against those who are perceived to have birthed the monstrous octopus that squeezes everything and everyone it touches.
The conservative passbook holder sees his meager life savings eaten away. The liberal teacher’s car payments stretch from six to 10 years.
The prospective Republican home buyer sees his hard-earned potential down payment eaten away each month. The Democratic carpenter feels his new higher wages buy even less.
Third, inflation is ubiquitous, inescapable, omnipotent—and humiliating. It destroys personal dignity. And its toxicity is insidious, sort of like seeping, odorless, colorless, but nevertheless lethal carbon monoxide.
Unlike now-unpopular critical race theory, it cannot be avoided for a day. You cannot tune it out like one does the mess in Afghanistan or the now nonexistent southern border. Inflation attacks everyone in 24/7, 360-degree fashion.
It belittles you at the gas station. It downsizes you at the food market. It humiliates you in the obscene real estate market. It makes you look stupid when you are paying for a new car. It ridicules you when you buy lumber. Suddenly you apologize that you really cannot afford your child’s braces.
Fourth, inflation undermines a civil and ordered society. It unleashes a selfish “every man for himself” mentality, the Hobbesian cruelty of a “war of all against all.”
Inflation is the economic and emotional equivalent of smash-and-grab or carjacking. It is a brazen robber in broad daylight that so infuriates Americans by its boldness. It convinces them their very civilization is dying.
One day a friendly, hard-to-find plumber announces that he will work for cash only to avoid taxes that all others must pay. You notice at your neighborhood Walgreens suddenly lots of once inexpensive stuff is now pricey—and locked up because of shoplifting fears.
You sense that price stickers are mysteriously glued on top of older, original, and cheaper price stickers.
In warranted paranoia, you begin to wonder if you are being price-hiked by the car salesman, the barber, or the mechanic, and conclude that in order to survive, you too should price-hike others.
The noble fool who won’t play the inflation roulette game is reduced to the clueless standing naif victim of musical chairs—with nowhere to sit once the music ceases.
Fifth, Americans know that our current inflation is self-induced, not a product of a war abroad, an earthquake, or the exhaustion of gas and oil deposits.
Biden ignored the natural inflationary buying spree of consumers who were released from being locked down for nearly two years unable to spend.
Instead, he encouraged gorging that huge demand by printing trillions of dollars of funny money for all sorts of new redistributionist entitlements, green projects, and pet congressional programs.
The Biden Administration eroded the work ethic. It kept labor non-participation rates high by subsidizing with federal checks those staying at home.
It nihilistically slashed gas and oil production by canceling federal leases, oilfields, and pipelines while pressuring banks not to lend for fracking.
In just a year, Biden reduced America from the greatest producer of gas and oil in the history of civilization to an energy panhandler begging the Saudis and Russians to pump more of the oil that America needs but will not tap for itself.
Americans know the inflation octopus was willfully birthed. They are confused only whether Team Biden unleashed it out of incompetence—or a neosocialist idea of eroding the value of money for those who had it while gifting cash to those who didn’t.
Or was Biden deluded by crackpot “modern monetary theory,” the fool’s gold that claims printing money ensures prosperity?
In the end, it doesn’t matter whether Biden was deluded or diabolical. Come November, Americans will rightfully blame him for willfully damaging their lives.
13 thoughts on “The Biden Inflation Octopus”
“Americans know the inflation octopus was willfully birthed. They are confused only whether Team Biden unleashed it out of incompetence—or a neosocialist idea of eroding the value of money for those who had it while gifting cash to those who didn’t. “
I feel like I’m being gaslighted every day.
The red tide should bring a check to Biden’s grandiosity, at least domestically. But can it reverse some of the damage? You eloquently state: “It [Biden-Harris admin] nihilistically slashed gas and oil production by canceling federal leases, oilfields, and pipelines while pressuring banks not to lend for fracking.”
Can we get back to energy independence from energy dependence without a change of leadership in the White House? I hope so, but am unsure how. Lower energy costs would help combat some of the inflation — as higher energy costs add up the price of nearly everything.
Additionally, if we returned to previous levels of gas and oil production, we’d be creating jobs. And that salary money spent locally first — on housing, food, and so — has a multiplier effect. Even if many people do wind up buying goods that ultimately were manufactured in and shipped from China, we still have more funds circulating through the various local communities first. Less cash being directly exchanged for imported energy. It’s so lose-lose right now.
My other fear: further military adventures as moral gestures or “demonstrations of strength.” We are still the paying the interest, I am informed, on the debts from the Iraq and Afghanistan wars. Financing another war — unless that war is an absolutely necessity — would itself be near-ruinous.
Great overview. Since humans seem to have short memories I’m hopeful by November they haven’t forgotten the woes of the last 4+ years. I saw $5.89 a gallon here in Northern California yesterday.
As Barry Soetoro so wryly told us; “Don’t underestimate Joe Biden’s ability to F things up”
This is who @hold be governor of California. He understands what is going on
It seems like a no brainer for the November election, BUT beware of corruption in the elections and don’t under estimate the hunger of Americans for free handouts and acceptance of Democrat corruption, and the false narrative of the media to the huge numbers of dumb Americans.
Therein lies a huge problem. The masses have been dumbed down so far, and for so long, that I fear that they will keep their heads in the sand, and their hands out for freebies that cost everyone untold amounts of money. Even the animal kingdom makes sure their strongest members lead them, not the crippled and blind in their midst…..
IA! C’Thulhu Fatgn! Or Hail Hydra! Or an obscure reference to the plays of Charles Williams? Or an allusion to Frank Norris’ California novel… I’d prefer one of the top 3…
“….inflation is an equal opportunity destroyer of dreams.”
Aren’t people supposed to give up their dreams? Dreams of owning a house, dreams of getting ahead and becoming “unequal”, dreams, dreams, dreams. Biden, Pelosi, Obama, AOC, etc. say give them up. They’ll take care of you. They envision multitudes living in dense tiny apartments, walking or taking a street car to work installing solar farms or windmills way out in the country, not owning cars, eating organic veggies and nothing else. You’re gonna’ love it. Until they get it all built, they’ll insist that REI not be greedy and increase the price of tents.
VDH has done again what he always does and I cannot get enough of the words he uses so well. Using the Octopus as his title was brilliant. I am so glad he is on
The side of the good people of America because he is one of the best of us.
Thank You Prof Hanson and keep the words coming.
I totally and completely agree. I am however very very very concerned that these people know it’s coming in November and are quietly and secretly redoubling their efforts to cheat and seize elections much like … only many times moreover worse than 2020… HELP!!
If the November elections are stolen, then, it appears we are headed to the biblical Armageddon. After all, we should remember that God is on the throne, and He directs the affairs of man. He is allowing the cup of iniquity to fill, in order for the end to come. And come, it will, on His time. Hold on tight, pray and trust our Holy and Powerful God, who will save us in the end.