Biden EXPOSED – Tries To Play It Off!
(TheRedWire.com) – By mid-2021, it became apparent that President Joe Biden’s message regarding the economy was off-target. Biden continually stated he expected inflation to be temporary and transitory. Still, some economists said that wasn’t an accurate reading of the economy after the government injected trillions of dollars into it, creating a low supply, high demand scenario.
Over the last number of months, inflation has continued to rise at a fast pace. Ahead of the 2022 midterm elections, Democrats are focusing on abortion and other issues. On Tuesday, September 13, the president held a celebratory event at the White House. He declared the “Inflation Reduction Act” would reduce high prices. Still, several experts say it could take years for it to happen, at best.
Inflation Eats Away at Middle and Lower-Class America
On Tuesday, the Bureau of Labor Statistics reported that the cost of goods did not go down as many economists expected. Instead, it increased by 0.1%. That’s despite a 10.6% drop in gas prices over the last few months. Housing, food, and medical price increases offset the decrease in gas prices. Food accounted for the most significant hit to consumers’ bank accounts at 11.4% over the same time in 2021. It’s the largest increase since May 1979.
Former Obama economist Jason Furman tweeted that relief is not coming for America.
CPI report not pretty. Headline fine (0.1% CPI for Aug or a 1.4% annual rate in that month, with prices up 8.3% over the last year).
Problem is excluding volatile food and energy and was ugly (0.6% for Aug or a 7.0% annual rate).
Broad-based relief not coming. pic.twitter.com/WVODxYmrYm
— Jason Furman (@jasonfurman) September 13, 2022
Experts blame the primary cause of inflation on Biden’s policies and Democrats’ out-of-control spending. In 2021, former Clinton Treasury Secretary and Obama economist Larry Summers questioned the size of the Democrats’ American Rescue Act. He suggested it was too large and partially blamed government spending for overheating the economy. In November, former Obama Treasury official Steven Rattner wrote an op-ed saying he warned the Left about the problem and said they refused to listen.
Polling Doesn’t Bode Well for Democrats
For nearly a year, polls have shown voters disapprove of how Biden has handled inflation. Ipsos senior vice president of public affairs Chris Jackson wrote it’s taking a bite out of people’s quality of life. One would think Republicans would be leading in the polls by higher margins.
Now that the election is in full swing, the Republican National Committee (RNC) is shifting into full campaign mode. It posted an article highlighting Furman’s, Summers’, and Rattner’s recent statements. It stated workers’ wages have declined for 17 straight months and have been negative longer than during the 2008 recession.
Still, many political analysts expect inflation to remain the top issue in the election. If that remains true until election day, Republicans may have a great night.
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