Inflation a self-inflicted wound, not due to Putin

Veteran and entrepreneur Colin Wayne, founder of Redline Steel, said Tuesday in the edition of the Breitbart Daily News podcast with host Alex Marlow that the Biben administration and the Democrats are using Russian President Vladimir Putin as a “cover story” to excuse inflation caused by their own politics.

Marlow said the Biden administration is ‘simply saying it’s all Putin’s fault’, building on the White House’s attempts to rebrand inflation driven by leftist policies as ‘Putin’s price hikes’ .

“I think nothing has to do [with Putin]replied Wayne. “I think he’s the cover, but I think we’re doing this to ourselves.”

Wayne described the impact of continued inflation on his business, which manufactures home decor and art from domestic steel.

“The steel industry is extremely hard hit, especially 10-gauge steel,” he said. “So we use 16 to 20 gauge cold-rolled mild steel, and that’s domestic. So it’s made at Nucor, one of the largest steel mills in America, and there are a lot of companies that outsource it – just because of the cost savings that could be made – but we’re proud that our products are of national origin and correctly manufactured. here.”

He remarked, “The CRU index is the highest it’s ever been in American history in terms of the percentage, year-over-year, that’s over 400% and more. “, referring to the The US Midwest Domestic Hot-Rolled Coil Steel (CRU) Index, which estimates future steel prices based on comparisons of current and past prices of the commodity.

Wayne said the cost of a 5×10 sheet of steel used by his company in the production of art and home decor has quadrupled from a low point under the Trump administration to today. today.

He said: “So imagine a 5×10 sheet when President Trump was in office – I’m just going to say $50 a sheet – now it’s over $200 a sheet. All that [inflation] took place within 18 months. … The cost of steel inflation itself of 400% is unprecedented.

“Now I’m having trouble finding domestic steel,” he added, “and we have to pay even more for freight to bring it from other states, all the way to Michigan, just to find 10 gauge steel.”

Wayne said his company is considering expanding its art and home production decor to include other materials such as vinyl and aluminum in response to the rapid inflation of steel. Challenges can be seen as opportunities, he said.

“We kind of have to…be comfortable in an uncomfortable zone,” he determined, “and that’s where the growth comes from. But it’s between that and giving up, and I’m not going to give up. I am a fighter.”

He remarked, ‘Manufacturing is the backbone of this nation, and we are a country tIt is so dependent on other countries to find genuine products that if you were to walk into a major retailer, most of your home is made from products that are not here in the United States.

“There absolutely should be more manufacturing incentives for domestic suppliers who source domestically,” he concluded, “bbecause it feeds the whole system.

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Post expires at 8:24pm on Saturday June 25th, 2022