INFLATION HIT A NEW 40-YEAR HIGH UNDER BIDEN
It’s not just Independence Day weekend that will cost more this year - thanks to Biden, prices are up across the board.
May’s Consumer Price Index soared 8.6 percent compared to last year, exceeding economists’ expectations and reaching a new 40-year high.
Due to Bidenflation, the average U.S. family spent an extra $635 in May alone, which at an annualized rate would add up to an extra $7,620 over the next year.
With real wages declining 3.5 percent, after-tax income is projected to decline 5.6 percent compared to last year, marking the largest year-to-year decline since 1932.
With inflation ripping into family budgets, low-income Americans are struggling across the nation.
Nashville resident Matrice Moore-Carr: “Am I going to have to cut my meals back? Am I going to have to eat once a day as opposed to three? I don’t know. It’s just tough.”
Dallas resident Kat Johnson: “That savings is pretty much gone now. As things have gotten so expensive, it’s been almost a paycheck-to-paycheck life.”
BIDEN’S POLICIES ARE TO BLAME FOR INFLATION
Biden’s radical tax-and-spend agenda is responsible for inflation.
A report from the Federal Reserve Bank of San Francisco found that Biden’s $1.9 trillion stimulus fueled inflation.
According to a June The Economist/YouGov Poll, 75 percent of Americans blame Biden for inflation, saying he bears “a lot” or “some” responsibility for higher prices.
Even liberal economists say Biden’s spending fueled inflation:
Former Obama economic advisor Steven Rattner: “The original sin” was passing the $1.9 trillion, which has “contributed materially to today’s inflation levels.”
Former Obama economist Jason Furman: Biden’s spending is “too big … don’t know any economist” who supported that much.
Biden’s Treasury Secretary Janet Yellen: Biden’s $1.9 trillion stimulus was one of the “factors that are involved in inflation.”
Financial journalist Jacob Goldstein: “The problem is the economy overheated. In retrospect, the government should not have put so much money into the economy.”
While former Obama economic adviser Larry Summers warns a recession is “almost inevitable,” other experts say the economy is currently in “recession-like” territory already.
https://patriotpost.us/articles/89504-rnc-red-white-and-broke-2022-07-01