Joe Biden has been a miserable failure as President.
Even his old friends are starting to turn on him.
And a top Obama advisor just gave him a reality check that left him fuming.
Joe Biden managed to destroy the economy in record time.
The devastating economic problems facing the country are piling up with no end in sight.
His reckless spending spree unleashed the worst inflation in 40 years.
Gas prices have hit record highs after he crippled American energy.
Biden has no solutions to the massive problems he’s caused so he’s turned to excuses and political gimmicks.
He’s tried to blame skyrocketing gas prices on price gouging by the standard Democrat villain, big oil companies.
Democrats in Congress introduced a bill to crack down on price gouging by giving the Federal Trade Commission the ability to go after oil companies if they deem gas prices are too high.
This would effectively lead to price controls, causing shortages and rationing of gas just like when this failed socialist idea was tried in the 1970s.
Jason Furman served as the chairman of the Council of Economic Advisers under Barack Obama.
In an appearance on Face the Nation, he explained the miserable failures of Biden’s economic policies.
The host asked Furman if the price gouging bill would “have a measurable impact for consumers.”
“I don’t think, though, that these anti-price gouging bills would do much to bring inflation down,” Furman explained.
“They just increase the type of shortages that consumers probably hate even more than the high prices,” he added.
Furman was then asked, “You were quoted as saying corporate greed is a bad theory of inflation. Is that another way of saying that what Democrats are talking about is just a gimmick?”
“I think it’s pretty gimmicky, these price gouging bills, because, you know, he’s got a lot of extra demand,” Furman replied.
“What happens when demand goes up? Prices go up,” he said.
“There’s an old saying the cure for high prices is high prices. That’s a little bit of a painful thing to deal with, but it’s what elicits the additional supply,” he continued.
“It brings more producers into the market, and it’s what brings prices down and we need to let that process work,” he added.
“You try to interfere with it, you’re going to make things worse. We tried that in the seventies, it was a big failure. We shouldn’t be repeating it again,” he concluded.
A former top Obama economic advisor went on the corporate-controlled media and took apart Biden’s price gouging bill.
Biden is such a disaster that the old Obama team is trying to distance themselves from his failures.
Furman went on to blame Biden’s $2 trillion American Rescue Plan for fueling rampant inflation.
With former allies from the Obama regime turning on him, it shows what a massive failure Joe Biden has been as President.
Stay tuned to Conservative Underground News for any updates to this ongoing story.