The brilliant Dr. Ben Carson has a warning for America: Biden will turn America into Argentina or Venezuela with rampant inflation and massive debt.
There is little doubt that is true as inflation jumps up to 3.1% and he touts a $6 trillion budget after spending trillions on socialist programs.
Inflation is rampant as Mises points out:
Corn, soybeans, and wheat have been trading at multi-year highs, with corn having risen from around $3.80 per bushel in January 2020 to approximately $6.75 now. Chicken wings are at all-time record highs. It is getting more expensive to eat.
Copper prices have risen to an all-time high. Steel, too, recently traded at prices 35% above the previous all-time set in 2008. Perhaps most famously, the price of lumber has nearly quadrupled since the beginning of 2020 and has nearly doubled just since January.
Naturally, with raw materials prices soaring, prices of manufactured goods are jumping, too. That is especially noticeable in the housing market, where the median price of existing homes rose to $329,100 in March—a whopping 17.2% increase from a year earlier.
The cost of driving is soaring, too. According to J.D. Power, cited in The Wall Street Journal, the average used car price has risen 16.7% and new car prices have risen 9.6% since January
The Feds claim this is transitory but don’t count on that. The Federal Reserve has a terrible track record. They can’t predict the future nor can they control millions of prices.
— Trish Regan (@trish_regan) May 29, 2021