a protest against BidenomicsMore than a decade ago, as U.S. automakers were teetering on the verge of collapse and two in the grip of bankruptcy amid the Great Recession, the unions and the autoworkers they represent made many concessions to keep the Big Three afloat. A big one was the agreement toThe pressure put on the unions at the time was tremendous.
In the years that followed, the promise of low inflation was kept—and then some. The Federal Reserve officially targeted two percent inflation, and its biggest challenge in those years was often raising inflation to that target. The loss of an automatic inflation adjustment did not sting becauseAll that changed shortly after Joe Biden took control of the White House and pressed a Democrat-controlled Congress to enact. Inflation went from 1.8 percent in 2019 to seven percent in 2021.
Where was the apology for breaking the promise of holding inflation low? Where was the gratitude for the extra-burden of inflation visited upon them in the name of “rescuing” America from a pandemic-induced economic crisis that had already passed?