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CBS News takes El American’s Idiot of the Week award for blaming inflation on the Russia-Ukraine war.
Rampant inflation is such a problem for Joe Biden, and so noticeable in the pockets of Americans, that the Democratic Party is desperate not to assume it is a consequence of their economic policies. The like-minded media is trying to sell the narrative that rising prices are due to anything external and not the government’s penchant for printing money.
CBS News has been the latest media outlet to join the Democratic Party’s narrative of blaming inflation on everyone but the government’s economic policies.
A few months ago, Sen. Elizabeth Warren (D-MA) said that rising prices were due to the greed of businessmen. Now CBS News is hiding behind the recent escalation of the conflict in Ukraine to explain inflation, which has been rising steadily since the first months of the Biden administration.
Any excuse seems to be a good one for the Democratic Party to throw the ball out of the inflation issue.
CBS News does not know that inflation is a monetary phenomenon
“Inflation is always and everywhere a monetary phenomenon,” is a phrase coined by Nobel Prize-winning economist Milton Friedman, who explains that inflation occurs when there is a mismatch in the quantity of money in an economy, as there is a faster increase in money supply than in money demand.
Let’s summarize these complex issues so that the DNC and CBS News can understand them: If some sailors end up on a desert island and are able to produce 100 fruits. Let’s imagine that they also have $100. Each fruit, in this scenario, will cost $1. If another $100 suddenly appears, they will not be richer—instead, each fruit will cost $2.
Printing money and distributing it does not make us richer, just as printing university degrees and giving them away among the population does not make us smarter or better prepared.
If we add to this injecting money into the economy, so that the government gets deeper into debt, the increasing regulations and taxes, we already have a picture of the culprit, and we don’t have to go to distant Ukraine to look for it. The main enemy of American families’ pocketbooks is at home.
We want this El American Idiot of the Week award for CBS News to also serve as a call to the rest of the media to at least agree on the excuse they are going to give to justify the inflation suffered under the Democratic administration, and not blame it on something new every week, depending on what is in fashion.
Ignacio Manuel García Medina, Business Management teacher. Artist and lecturer specialized in Popular Culture for various platforms. Presenter of the program "Pop Libertario" for the Juan de Mariana Institute. Lives in the Canary Islands, Spain // Ignacio M. García Medina es profesor de Gestión de Empresas. Es miembro del Instituto Juan de Mariana y conferenciante especializado en Cultura Popular e ideas de la Libertad.
Social Networks: @ignaciomgm