This video is brought to you by ftx check them out in the link down below and get free crypto every time you trade over 10 hey. So let's talk about what joe biden said today about inflation. I'm gon na give you the skinny here all right. So first he says: inflation is caused by two things: supply chain issues because of the pandemic, hindered by delta and omicron, which is not wrong like supply chain issues were caused at first and then things got worse by delta and omicron and number two putin don't mind.

The fact that we printed 30 more money that ever existed in america, don't don't don't mind the printing press. It has to do with the two peas plant a pandemic and poot anyway, joe biden tells us that don't worry. The good news is america is in a strong position, don't mind the fact that we're probably in a recession, but that's all right. That's all right uh! He says that the federal reserve plays a primary role in fighting these concerns and that he's got highly qualified nominees, which the senate should confirm.

Okay, he goes on to say that the fed has two responsibilities: achieving maximum employment and, of course, having stable prices. We already know this is old news right, but he agrees with powell with what he said last week and and that the fighting inflation is core, that it's affecting individuals, but the big things that we got out of what he said were really the following: that the President, together with congress, can help fight inflation and so biden's recommendation is to lower the costs of everyday, hard-working americans and ultimately ask the rich and highly priced and expensive and wealthy companies and not to price gouge, while at the same time paying their fair share in Taxes, he suggests that in response republicans say well, we should just increase taxes on middle class families and let billionaires in large companies off the hook. So i think this is a really interesting spot to kind of just take a little checkpoint here or hit a checkpoint and mention that joe biden is really now wielding inflation as an argument for why we should pass the buildback better plan. Which democrats argue is you know trillion dollars of spending that will actually reduce inflation, where, of course, republicans say, the government spending money does not lower inflation.

Now, personally, we know that i believe that inflation is going to come down over the next year or so here, but biden's really making this pitch right before midterms that hey, let's pass my build back better plan and we'll just ask corporations to not raise their prices. See problem with that is in a capitalist environment corporations have a responsibility to their shareholders, who are at least 50 of americans or shareholders of companies, hopefully more, and certainly almost all of us watching this video probably are shareholders. Corporations have a responsibility to if prices can go up to raise prices. Inflation is not the responsibility of companies to fight.

If prices go up prices like if companies can charge more, they charge more, that's the way it works, and so what happens when prices actually goes up go up is actually a really good thing for americans because it ultimately leads to deflation see i don't want somebody To think that oh kevin just wants companies to raise prices to make costs, go up. That's of the simplistic argument that politicians like to take. Oh, it's corporations faults, they raise prices and they take advantage of people when the reality is the way capitalism works is when companies raise their prices, it actually induces more people to join in making the products or providing the services that the companies with now higher prices Are providing - and in doing so, you actually induce more competition because it's now more profitable for more people to compete in an industry when you introduce more competition or, dare i say, innovation by companies being able to raise prices and then being able to invest in innovation. To compete with their competitors, what are they then able to do lower prices? And this is why, over the last 40 years, we've actually seen inflation go down, not up sure right now we're at a little bit of a you know up here.

But that's because of what joe biden didn't tell you, which is printing 30 more money, and that is increasing the supply of money that we have in this country by 30 percent. That's wild didn't mention that. I don't really think this has anything to do with companies price gouging just like. I don't think that republicans actually want to increase taxes on middle-class families.

I think this is political, uh and posturing, but really uh. We don't have to go into the details of everyone's tax plans because, let's be real nothing's going to happen before midterms anyway and then, which is very likely when republicans at least win control of one of the chambers of congress. We will have a stalemate in congress for probably the next two years kind of, like we've, already had a stalemate in congress for the last four. That is two of biden's in the last two of trump's.

Well, then, we're gon na get nothing done from our administration. Whoever that may be anyway, brad mentioned that he met with 10 ceos and that they agreed that, if biden passes his buildback better plan we'll end up being able to lower electricity bills 500 a year. According to one estimate. Now we don't actually have fact checks yet on this 500 a year, but that's about 40 to 45 dollars for lower electricity bills, which is nice.

But if you take a look at what states like california, are doing, they're, actually taxing people more who want solar panels. So sometimes politicians saying our prices are going to go down and we should invest in green energy can actually leave prices to go up. So that sounds nice. I don't know.

If i buy joe biden says that republicans plan with energy is to give oil companies a free pass, now keep in mind that joe biden just unlocked the opportunity for oil companies to drill on federal land, something that has not been done during his entire administration. And he did so on a holiday, or it was actually the friday evening, right before easter to almost on purpose, bury the news that they're opening up the possibility of more drilling on federal land. In fact, if you just google biden drilling on federal land, which was always a big thing that they they didn't want to do april 15th you'll see it biden, plans to open more public land to drilling or why biden broke his promise on no drilling. No new drilling on federal lands - this is above permits that already exist right, and so the arguments are here.

That biden said in a campaign promise to voters no more drilling on federal lands period period period, but he broke that. But what they're really trying to do here is make the market price in that in the future there will be more oil available coming from america, and hopefully, oil prices will go down right before midterms. It's a political move. So meanwhile, quietly right before easter biden, saying you know, okay, let's drill more on public lands which breaks the campaign promise he's today telling us that republicans want to give oil companies a free pass, come on man.

So then, towards the end of the press conference, joe biden takes a few questions and kind of blames other folks for inflation, not himself or a previous stimulus packages. I know two were passed, obviously under trump in congress. Third and the 1400 check by biden. I think one of the bigger takeaways, though, towards the end, was that when he was asked, would you consider dropping trump's china tariffs to help bring down some costs uh for goods traded with china, especially like tires, for example, uh or even chips? He says we are discussing that right now, so kind of interesting to me overall, i think this was an attempt at a political slam on really republicans to try to prevent the republican takeover in uh in the fall when in election season, which i guess is actually Closer to the winter, because it'll be in november uh, but anyway uh.

I, i don't know that he achieved that with this. So my thoughts, let me know what you think in the comments down below.