There is likely to be worse decisions to guide President Joe Biden’s fight against inflation — Vice President Kamala Harris immediately involves mind.
However the role of Brian Deese in Biden’s recent and belated “laser focus” on inflation is more proof that Sleepy Joe either doesn’t have a clue about policy, or isn’t serious about one of the crucial serious economic problems facing average Americans.
Deese is a lunatic in command of the asylum. His economic policies are amongst the massive reasons we’re suffering with 8% inflation (a stealth tax on the working class) and markets are signaling a possible recession.
Influence is growing
Worse, he shows no signs of reversing course while his power is growing. Treasury Secretary Janet Yellen is claimed to be not long for the administration, possibly gone after the midterms, for failing to see the inflation threat before it was too late.
High on the shortlist to exchange her is staff-favorite Commerce Secretary Gina Raimondo, and possibly Gary Gensler, the hyper-ambitious and progressive Securities and Exchange Commission chair who has lefty Sen. Elizabeth Warren in his corner.
While Yellen’s situation gets sorted out, Deese, director of the president’s National Economic Council, is Biden’s inflation and economic go-to guy, I’m told. My sources in DC say Deese was the most important wordsmith behind a recent op-ed in The Wall Street Journal through which the president finally admitted inflation won’t be going away anytime soon. (Deese recently conceded as much on Fox News; he declined further comment).
Treasury Secretary Janet Yellen admitted she was unsuitable about how severe inflation could be — and Americans are paying the value.AP Photo/Andrew Harnik
Deese is advantageous as a flack or a ghostwriter for the president (he’s actually pretty good BS’ing on TV), but he shouldn’t be anywhere near setting policy for an economy approaching $25 trillion.
His résumé is way too steeped in progressive policies and politics which might be at the center of our inflationary woes.
Consider: Deese, fresh from Yale Law School, cut his teeth in government as key economic adviser to Barack Obama, the president who famously used his skills as a community organizer in an effort to remake the US economy into something that might make Saul Alinsky proud.
Deese worked on Obama’s auto bailouts, burnishing his rep as an excellent progressive in coping with the carmarkers.
After traveling through the administration’s budget and economic bureaucracy, he took a crack at private-sector work at BlackRock to advance a progressive investing fad often called ESG, or Environmental Social Governance.
President Joe Biden’s war on oil is causing pain on the pump, as gas prices surge.Michael Reynolds / Pool via CNP
Deese spent three years as global head of sustainable investing on the $10 trillion asset-management company, imploring money managers to screen out corporations that didn’t meet strict environmental standards set by progressive influencers.
Under ESG guidelines, for instance, oil corporations are implored to reduce on drilling and spend money on windmills — with the threat that BlackRock might divest or seek management change.
Due to BlackRock’s size, these edicts were copied by other investment firms.
The wrath of woke
As everyone knows, corporate America selected to adopt ESG standards reasonably than face the wrath of woke investors.
It’s one reason the US is so reliant on foreign oil for our energy needs — and why gas prices were rising even before the oil market was roiled by Russia’s invasion of Ukraine.
Another excuse is that after leaving BlackRock and joining the Biden White House, Deese was amongst those leading the charge to implement these woke corporate edicts in national fiscal and energy policy.
Biden’s pointless spending, massive recent regulations, and the hurdles his White House have imposed on domestic oil production, combined with Fed money printing, created the inflationary mess, after all.
These aren’t solely Deese’s doing, but he is claimed to have had a heavy hand in each.
Now, with Yellen being sidelined, his hand is growing stronger, which is why you see him on TV a lot nowadays.
Yet for all his TV discuss trying to fix inflation, his remedies remain more of the identical: A heavy emphasis on green boondoggles, and fewer drilling that has resulted in higher gas prices and inflation that all of us could have to simply suck up and live with because the economy works through a obligatory “transition.”
Over at BlackRock, Deese’s old boss, Larry Fink, has been re-thinking his firm’s ESG goals, stating that such standards are too drastic to be achieved overnight.
Inflation and social unrest are inevitable with no transition to cut back the nation’s carbon footprint that may take a while.
Good for him, but too bad for the American people.
Deese hasn’t gotten Fink’s memo, or is solely refusing to read it.