Scott Continues To Hammer Biden, Fed Chairman Over Unwillingness To Address Inflation

Back in 1974 President Gerald Ford brought us his program to “WIN.”

WIN was an acronym that stood for “Whip Inflation Now.” Ford produced lapel buttons for Americans to wear and argued that, since energy prices were driving up inflation – it peaked at 12.3 percent that year – the people should carpool and turn down thermostats to get control of what he called “public enemy number one.”

U.S. Sen. Rick Scott may not have any buttons or slogans ready, but he is one of the rare ones in Washington who is calling attention to how the Biden administration’s spendthrift ways are inviting rekindled inflation.

Last week, the Florida Republican noted a report by the Bureau of Labor Statistics, or BLS, that said the consumer price index rose 0.6 percent in March. That was the steepest monthly jump since 2012.

Just based on that, the year-over-year index of prices rose 2.6 percent in March. That 12-month rate stood at 1.7 percent in February. Rising gas prices helped feed the increase.

Scott began hammering President Joe Biden and Federal Reserve Chairman Jay Powell two months ago over their inflationary policies. He revisited that last week after the BLS report.

“President Biden and Chair Powell need to wake up,” Scott said in a statement.

“When you grow up poor, as I did, you know how much it means to a family when prices go up. Today’s CPI data is clear – inflation is on the rise. Yet Biden and Powell remain in la-la land, ignoring the fact that prices of everyday goods, like groceries and essential business supplies, are rising and making it harder for folks to make ends meet.”

“Americans can’t afford for this to be ignored any longer,” he added. “It’s time for Biden and Powell to return to reality and lay out a clear plan to address rising inflation and protect American families.”

The challenge for Scott is making sure Americans, and not only Biden and Powell, grasp the looming risk.

Last month, conservative columnist Henry Olsen noted why Americans have not felt inflation’s pinch so far.

The federal government between February 2020 and January shoveled $4.4 trillion in new money into the economy, primarily to combat COVID-19, Olsen wrote. Yet Americans uncharacteristically did not spend, either because they were locked down or fearful of shrinking job prospects. Thus, prices remained stable.

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But Biden and Democrats in Congress just chucked another $1.9 trillion into the mix, and are talking about $2 trillion more with a dubious “infrastructure” plan – the key feature of which is that only 5 percent of it will be spent on roads and bridges.

On March 31 Scott wrote a letter to the editor at the Post, noting that neither Powell nor the National Economic Council had publicly responded to his call for a plan to, as Jerry Ford might say, WIN.

“While Mr. Powell continues to ignore the elephant in the room, American families are worrying whether their paychecks will get them through the month. It’s time for the Biden administration and the Federal Reserve to face reality. So what’s the plan, Mr. Powell? The American people deserve to know,” Scott wrote.

On April 9, Scott hit the pair again. He noted that the BLS had issued its latest report on what producers charge for goods, and that the 4.2 percent bound for the year ending in March was the highest in decade.

“When inflation rises, the prices of everyday goods, like groceries and essential business supplies, go up making it harder for folks to make ends meet,” Scott said in a statement.

“Biden’s ignorance on inflation is not only wrong, it’s dangerous. The president’s refusal to address this critical issue has a direct negative effect on Floridians and families across our nation, and hurts low and fixed-income Americans the most. It’s time for Biden to wake up from his liberal dream and realize that reckless spending has consequences, inflation is real and America’s debt crisis is growing. Inflation is rising and Americans deserve answers from Biden now.”

Of course, if Biden and Powell continue to sit idle, or simply keep throwing money into the economy, the pain will be shared by moderate- and low-income Americans, while the political risk could be theirs.

As Olsen wrote last month, “Rapid inflation is always a political millstone for those in power. Biden and the Democrats are riding high now. If inflation comes roaring back, they won’t be there for long.”