The Biden Administration can say what they want, what they can’t stop is the consequences of their policies.
Just three months ago, Press Secretary Jen Psaki said any inflation in the United States “will have a temporary, transitory impact.”
Psaki: Any inflation the U.S. economy suffers “will have a temporary, transitory impact” pic.twitter.com/9oX2woNR1Z
— Tom Elliott (@tomselliott) May 11, 2021
The term “transitory” is out the window, inflation has continued to rise on a monthly basis and the Consumer Price Index rose nearly twice as much as expected.
JUST IN – Inflation climbs for third straight month: U.S. consumer prices rose 5.4% in June from a year ago, again higher than expected.
— Disclose.tv 🚨 (@disclosetv) July 13, 2021
Prices of used vehicles have increased up to 10.5 percent, the food index increased 0.8 percent, and gasoline has risen 2.5 percent in the last month.
Americans don’t seem to buy what the Biden administration is putting out either, they say price levels are now the most important economic indicator.
A poll conducted by The Economist and YouGov found that 43 percent of Americans are worried about inflation and unemployment, not the performance of the stock market. The change is staggering, in January 42% of Americans were worried about unemployment and 24% were concerned about inflation.
The Administration has said that inflation should taper off by the end of the year however real economists disagree. A survey of economists showed that a combination of very low-interest rates, pent up consumer demand for goods, a large budget deficit, and stimulus payments are a recipe for elevated prices to last a lot longer than a few months.
The pain is coming instead of denying inflation is about to wreak havoc below is the spin (understatement) CNN put on the news.
Low-income families are the least able to absorb the “pain” of these prices and should be protected so they don’t have to choose between paying for other essentials, such as food and medicine, and paying for gas. | Mark Wolfe for CNN Business Perspectives https://t.co/CdshVaE8MK
— CNN (@CNN) July 13, 2021