(Republican Insider) – According to a report from The Western Journal, Fred Smith, the founder and CEO of FedEx, says that Democratic policies are what is to blame for the current inflation rates that the United States is experiencing.
As of this writing, the consumer price index exploded 8.5 percent during the month of March compared to 12 months ago, which is up from 7.9 percent in February, according to a report from CNBC. This is the highest rate since December of 1981.
This is astounding. Is there any wonder so many Americans absolutely hate the radical left and their horrific policies? We’re all suffering because of them. Most of us are having difficulty making ends meet and are forced to live paycheck-to-paycheck, all the while rich, left-wing corporations are rolling in the money.
During the last month of President Donald Trump’s time in office, January 2021, the inflation rate was only 1.4 percent. Ah, the good old days.
When asked by Fox News host Bret Baier last Wednesday to give his thoughts about the nation’s economy, Smith spoke about inflation.
“We still have substantial growth, but as you mentioned substantial inflation. I think the best person that commented on the current situation before it got started was Larry Summers, the former Democratic treasury secretary who forewarned about these inflation pressures,” Smith stated.
“It’s a combination of a lot of things that began with the pandemic and the instant reduction of demand and then the stimulus payments created demand for goods and then the third stimulus payment about a year ago created a significant labor shortage,” he continued.
“In a February 2021 Washington Post opinion piece, Summers wrote that passing the $1.9 trillion American Rescue Plan, given the economy was already well into a recovery, ‘will set off inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability,'” the Western Journal reported.
After it was passed the following month, the former Clinton administration treasury secretary referred to it as “the least responsible macroeconomic policy we’ve had in the last 40 years.”
Smith then went on to reference his own experience at the FedEx company with the impact of this piece of legislation.
“I’m not making any political statement one way or the other, but we know from our own statistics and can track exactly when the stimulus checks went out in April and May of last year, and we had about 50,000 [job] applications the first week in May,” he said to Baier.
FedEx CEO Fred Smith said his company's job application numbers show exactly how the Dems' stimulus $1.9T bill helped contribute to inflation. https://t.co/TpCs6GcGpN
— Randy DeSoto (@RandyDeSoto) April 21, 2022
“It took us to December to get back to about 120,000 applications,” Smith went on to say.
“So it’s simply quantitative data. I’m not saying anything based on anybody’s politics. It’s just the numbers,” the FedEx CEO reiterated.
He then went on to further explain the point during an interview he conducted with The Wall Street Journal.
Smith then took time to break down how the supply-chain crisis was actually created by government payments incentivizing people to not work.
“The Foundation for Government Accountability calculated last summer that when the enhanced unemployment payments and monthly child tax credits being sent at the time were added to existing benefits for lower-income Americans, that worked out to about $3,700 per month for a two-child family, or $44,300 per year in payments,” the report stated.
During this period of time, Smith spoke with the Journal, saying, “We were 40,000 package-handlers short, and there were people in the media saying that the stimulus checks didn’t have anything to do with that.” Such people are “divorced from the world we’re living in.”
“If I’m getting a government check,” he stated, there’s less incentive to “go into a warehouse.”
“Had we passed the Build Back Better bill that [President Joe] Biden wanted, my guess is that we would be [1920s] Weimar Germany right now,” he went on to say. “We’d have 25% inflation rather than 9% or 10%.”
Smith then went on to credit Democratic Sens. Kyrsten Sinema from the state of Arizona and Joe Manchin from West Virginia for taking action to save our country from experiencing the same fate.
He compared the two of them to the “Dutch kid with the finger in the dyke.”
Smith then said that much of the spending would have been paid for by money printed by the Federal Reserve, which is inflationary.
The CEO stated that you can’t “print money without regard to the fundamental laws of economics.”
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