Americans today are living with the first-hand effects of inflation.
With no clear end in sight, inflation is causing prices to spiral far beyond what people can afford. Rising prices also prompted the Federal Reserve to push up current interest rates. It claims this will level out inflation; yet, economists believe it will trigger a recession in 2023.
The White House has been all over the map when it comes to inflation.
First, the administration reasoned inflation was just a transition to a better economy. After this, inflation was dismissed by the White House chief of staff as nothing more than problems of a “high-class” nature.
Some of the latest talking points now argue that inflation is because of the Russian president and his war in Ukraine. Yet, this war began well after US inflation started.
New predictions concerning inflation are now out. To say they are pretty bad would be a massive understatement.
What to Know About Inflation Going Forward
This past Tuesday, Treasury Secretary Janet Yellen laid out some very uncomfortable updates about the status of the US economy. While speaking with lawmakers, Yellen confessed inflation will remain at a high rate.
Later, the US treasury secretary explained her “hopes” that inflation will decrease. During her remarks before lawmakers, though, Yellen rejected documented claims that Joe Biden’s American Rescue Plan of 2021 triggered inflation.
This is outrageous. Perhaps an all-time worst comment by a Biden Press Sec.
We have historic inflation, historic gas prices, falling wages, weak job growth, and an impending recession.
Americans deserve better than the Biden regime. pic.twitter.com/VmeD6QLowr
— Rep Andy Biggs (@RepAndyBiggsAZ) June 7, 2022
According to Yellen, the presence of inflation across multiple advanced nations doesn’t support the theory that Biden’s spending created today’s inflation crisis.
In the mind of the US treasury secretary, the root causes of US inflation boil down to higher prices, supply chain issues, warfare in Ukraine, and COVID.
Due to the current presence of inflation, the White House’s budget proposals will be adjusted to account for this.
Complete Denial From the Biden Administration
The White House continues to show very strong levels of disconnect and denial when it comes to the present state of the economy.
Just earlier this month, Biden was panned for arguing that debt is down, while savings and financial security are up on his watch. Meanwhile, White House press secretary Karine Jean-Pierre has also been making similar remarks about the greatness of the US economy.
BIDEN: "Since I took office, families are carrying less debt, their average savings are up…more Americans feel financially comfortable…" pic.twitter.com/YvJBOyL48c
— Townhall.com (@townhallcom) June 3, 2022
The longevity of inflation increases the likelihood of more people sinking into poverty and otherwise struggling. On top of inflation, America’s economy continues to be hindered by massive shortages of supplies like baby formula and more.