Biden’s Latest Problem Worse Than Experts Feared
(UnitedVoice.com) – When the pandemic began, there was a real concern about how it would impact the economy. Three years later, the deadly virus’s impact on the global market has caused an inflation crisis. In America, President Joe Biden is taking considerable heat for not getting it under control — and instead, presiding over it as it reaches a new high.
On Wednesday, July 13, the Bureau of Labor Statistics released its new report showing inflation hit 9.1%, the highest it’s been since 1981. The number was higher than expected. Experts previously thought it would only increase from 8.6% to 8.8%.
Americans are paying more for everything from groceries to gasoline. Still, Biden didn’t seem overly concerned about the suffering families face. The Hill reported the president called inflation “unacceptably high” but said the report is “out-of-date,” claiming it doesn’t consider reduced gas prices.
Energy alone comprises nearly half of today's inflation numbers. So, here's what's important:
– The price of gas has decreased for 30 days straight, the price at the pump has dropped by 40 cents since mid-June.
– Gas should continue to come down in the days and weeks ahead.
— President Biden (@POTUS) July 13, 2022
In 2020, when COVID-19 began spreading, the government passed a series of economic measures, and the Federal Reserve dropped the interest rate to zero to keep the US economy moving forward. Inflation began creeping up at the end of the first year of the pandemic, but Biden didn’t take it seriously when he took over in 2021. In fact, his administration brushed off concerns for months. Then, the Fed began raising the interest rate, which created new problems. Now, the country is on the brink of a recession.
While the Biden administration flounders, again downplaying the crisis, the American people suffer. That’s left many to wonder: when will it end?
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