Staff Reports
Kamala Harris, like many politicians who have watched their policies backfire spectacularly, is looking for someone—anyone—to blame for the sky-high inflation gripping the nation. With no real solutions in sight, she is set to deliver an economic policy speech in North Carolina, where she plans to lay the blame squarely at the feet of “corporate greed” and “price gouging.” For a politician with a record as glittering as a dumpster fire, this tactic feels like a desperate last grasp at straws.
Just a few years ago, warning bells were ringing loud and clear. Larry Summers, a revered economist who washed his hands of the current administration after working for both Bill Clinton and Barack Obama, cautioned the White House about the impending doom of the massive stimulus spending being foisted upon the economy. His predictions were plain: the spending spree being spearheaded by President Biden would create a catastrophe more akin to a Vietnam-era inflation crisis. Yet, here we are—Harris and Biden still fumbling for explanations while inflation continues to eat away at Americans’ wallets.
Harris Will Try to Blame Inflation on 'Corporate Greed.' Will Voters Buy It? https://t.co/2xrLQlgzdw
— Proud Latina Republican (@GodBlessUSA4Eva) August 15, 2024
The cycle of inflation can be summarized simply enough: too many dollars chasing too few goods. While it sounds basic, it’s the very essence of Economics 101, and perhaps that’s the problem for Harris and her team—they skipped class. Supply chains are in shambles, and the government has flooded the market with cash, leading to skyrocketing prices that would make even the most hardened businessman wince. But instead of taking any responsibility for this disaster, Harris and her cohort would rather make a boogeyman out of corporate America.
And the blame doesn’t stop with Harris. The Federal Reserve has also been complicit in this inflationary mess. While previous Fed chairs were known for removing the proverbial punchbowl before the party got too rowdy, these days it seems the Fed only deems it necessary to intervene once people are stumbling around, thoroughly inebriated by easy money and complacency. This lax approach to interest rates means consumers are still left with a bitter hangover as inflation continues its relentless march upward.
As if Harris’s attacks on corporate greed weren’t tired enough, her history as California’s attorney general reveals a long-standing penchant for villainizing businesses—particularly during her time battling pharmaceutical companies and oil giants. The claim that corporate greed is to blame for elevated prices is a well-worn Democratic talking point that conveniently ignores the surge in regulations washing over small and medium-sized businesses like a tidal wave. In just one year, the government has added over 90,000 pages of new rules, suffocating the very entities that create jobs and drive innovation.
Instead of acknowledging the role of excessive spending and regulatory burden, Harris would rather point fingers at the very people who form the backbone of the economy—the ones who innovate, create wealth, and hire American workers. This twisted game of blame may yield temporary political advantage. Still, it raises a critical question: What kind of America does Harris envision leading when she casts business owners as the villains in her ongoing drama? Grab the popcorn; this is one political circus that won’t be changing the script anytime soon.
