According to conservative media icon and former Trump administration official Steve Bannon, President Joe Biden deserves whole-hearted credit for runaway spending, inflation, and now a bank failure.
Bannon had an eye-opening conversation recently with precious metals specialist Phillip Patrick in which the two discussed the precarious nature of the current U.S. economy. Both put the responsibility squarely at the feet of the Democratic president.
Each noted that last week marked the largest amount of federal emergency loans handed out to banks. The total blew past the previous record in the 2008 financial meltdown and signaled that a far worse event may be in the making.
As Patrick observed, the American people are bailing out financial institutions without getting any of the upsides.
Biden’s inflation set the stage for the current banking crisis.
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There are several major banks that have larger unrealized losses than SVB had when it imploded. Furthermore, if all banks adjusted their treasury reserves to current market prices, Patrick said that would lead to a $620 billion dive in the balance sheet.
Bannon responded by declaring that the current dip is “not recoverable.” The financial world is “living in a fantasy” with Treasuries worth possibly only a third of their value.
He is far from the only voice pinning responsibility for skyrocketing inflation on the White House. And though Biden has elevated deflecting blame onto others into an art form, the numbers demonstrate how far the U.S. has fallen under his watch.
Considering the “Presidential Inflation Rate (PIR),” a simple measure developed by the Winston Group, it is obvious how much strain this administration has put on the economy.
The formula tallies the nation’s inflation using the standard Consumer Price Index (CPI) from their inauguration month to the most recent CPI. Biden’s PIR is an astounding 15%.
For perspective, that is by far the highest since fellow Democrat Jimmy Carter posted 18.1% during his presidency. As for the Biden administration’s boogeyman, former President Donald Trump, the nation prospered during his term with only 4.1% inflation.
Energy prices since Biden was sworn into office are up 37.2%, and rents are increasing at a 42-year high.
Inflation, as Bannon so clearly noted, is Biden’s to own. Reckless spending led to soaring prices and climbing interest rates, and the U.S. consumer is paying full price for the president’s economic mismanagement.
