The Biden administration was forced to confess on Thursday that the inflation cycle will continue its major spike for “several more months” as everyday Americans are subjected to rapidly rising prices.
Treasury Secretary Janet Yellen made a statement admitting that the “rapid inflation” would continue past their original estimates. Yellen said that there was no promise that the inflation spike would be “a one-month phenomenon” but predicted that inflation should return to “normal levels” over the “medium term,” but cautioned that the government will have to watch it carefully.
CNBC reports that the consumer price index jumped by 5.4% in June, marking the sharpest rise since 2008, and if energy and food are left out of the equation, makes it the worst inflation jump in almost 30 years.
Despite assurances from the White House, top economists warn that the inflation surge will last much longer than “several more months,” and hit lower and middle class America the hardest.
The Wall Street Journal reported that “Americans should brace themselves” as the U.S. will face “several years of higher inflation” not witnessed in decades.
Economists, the report continues, say that consumers should expect “brisk price increases” for a long while as a result of the “post-pandemic economic recovery.”
Data forecast by expert respondents set an average inflation expectation of “2.58% from 2021 through 2023,” marking the highest average increase since 1993.
Even some Democrats have been forced to admit that President Biden’s policies are responsible for the inflation spike. Representative Kim Schrier (D-WA) said that they knew all along that Democrat policy “could lead to inflation… I feel it.” She added that everyone can’t help but notice that everything is “a little more expensive… gas is more expensive.”
Despite the abject failure of the Biden administration’s fiscal policy, they attempted to score brownie points by claiming that Americans saved an average of a whopping $0.16 on select food items pertaining to the 4th of July.
Daily Wire called the statement from the White House over a 16 cent savings as proof of the Biden administration’s economic plan’s success “laughable.” The outlet pointed out how the American economy is just short of freefall, with million facing evictions, skyrocketing inflation and “disastrous job report numbers.”
Author: Clayton Lane