Biden's War on Everyday Americans Continues - Inflation Up 90% Over Fed's Goal
Another month, another missed inflation goal, it would seem.
As is quite common under the Biden administration, consumer prices once again rose during the last month, seeing a 0.4 percent uptick, CNBC reported.
With February included, inflation is now up an outrageous 3.8 percent for the year — over 90 percent more than the 2 percent the Federal Reserve aims for.
According to Navy Federal Credit Union corporate economist Robert Frick, “Inflation continues to churn above 3 percent, and once again shelter costs were the main villain.
“With home prices expected to rise this year and rents falling only slowly, the long-awaited fall in shelter prices isn’t coming to the rescue any time soon,” he added.
Because of the missed goals, he believes that it’s unlikely for “the Fed to lower rates quickly.”
It’s beginning to seem like consistently missing the goal for inflation is the Biden administration’s trademark.
January also missed its inflation goal, rising by .3 percent, still more than what could have put the Fed on track to meet their inflation goals, according to Reuters.
Many are attempting to point out that inflation is cooling, compared to its record high in June 2022, but is doing better than terrible really that good?
Biden himself is attempting to parade what is normally bad news as a win with a statement from the White House claiming the president’s “top economic priority is lowering costs and today’s report shows we continue to make progress on that front.”
He even has to compare current inflation to May 2021, because if he dared to bring up the numbers from before his administration, his own numbers would look terrible.
According to Investopedia, under former President Donald Trump, the country saw an average yearly inflation percentage of 1.9.
That means that Joe Biden is currently doubling the inflation rate of his predecessor.
He can’t even blame COVID for his failures, as the pandemic was largely over when he took the White House.
Of course, they undoubtedly will blame COVID nonetheless as they used the disease, even well after the height of the issue was over, as an excuse to print trillions of dollars as reported by The Heritage Foundation.
As the report notes, even well after government-imposed restrictions began to be lifted and everyday life began to return, the Fed still felt the need to oversaturate the economy with new bills.
Nearly $2 trillion in “relief” was done in 2021, helping to lead to the record-high inflation that was witnessed.
The Biden administration has ultimately done nothing to handle inflation as it continues to ramp up.
Even his supposed golden goose that was meant to prevent inflation, the ironically named Inflation Reduction Act, has done the exact opposite.
As The Heritage Foundation’s research fellow, EJ Antoni, reported, that bill simply increased deficit spending and imposed energy taxes, neither of which dealt with the titled issue. On the contrary, it ushered in 40-year-high inflation.
And yet, the White House “has the audacity to gaslight the American people by not only minimizing the problem, but pretending to be part of the solution,” Antoni wrote.
“Until the breakneck pace of government spending comes down, we will continue to have elevated levels of inflation,” he concluded.
Despite everything the cognitively declining leader says or releases in a statement, inflation is continuing to hurt everyday Americans, and Biden’s policies are making the situation worse, not better.
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