New Fed study shows Biden owns our economic disaster; Inflation hits another 40-year high; inflation jumped 8.5% in past year; 1/3 of Americans Say They Have Had to Cut Groceries to Afford Gas, and related stories
New Fed study shows Biden owns our economic disaster:
President Joe Biden loves to blame our sky-high inflation on corporate greed and Vladimir Putin. But a new study from the San Francisco Fed shows it was Biden himself who put America on this grim trajectory.
Specifically, it was the massive $1.9 trillion stimulus dumped into the US economy in early 2021 by the president’s American Rescue Plan.
As the nearby chart demonstrates, the nation began heading into the inflationary stratosphere in early 2021, while other advanced economies, the other countries in the Organization for Economic Co-operation and Development, haven’t seen anything like the soaring prices now punishing workers across America.
Which means that the spike is due to something US-specific, rather than global prevailing conditions. That policy, was, of course, Biden’s signature economic “achievement.” —>READ MORE HERE
Inflation hits another 40-year high, as recession fears loom:
Inflation soared by 8.5% over the past 12 months, the federal government reported Tuesday amid fears of a looming recession.
The Labor Department said the rise in the Consumer Price Index through March is the largest since 1981. Officials noted that inflation had climbed to a 40-year high for the fifth straight month. Economists say there are few signs the rise in prices will end soon.
“Inflation is killing everything,” said Don Schnorr, a 59-year-old construction worker from Milwaukee. “Gas prices are going up, grocery prices are going up, and it doesn’t look like it’s getting any better.”
Americans are increasingly shelling out more of their paychecks on gasoline, food and housing while the U.S. economy continues to face shortages because of the supply chain crisis.
More voters say Mr. Biden is partially responsible. A CBS/YouGov has found that 69% of U.S. adults disapprove of the way the administration is handling inflation.
“I think things roll down from the top, so I would say the new presidential administration has something to do with it,” Mr. Schnorr said. —>READ MORE HERE
Follow links below to relevant/related stories:
+++++US inflation jumped 8.5% in past year, highest since 1981+++++
+++++Survey: One-Third of Americans Say They Have Had to Cut Groceries to Afford Gas+++++
Decades-high inflation pops the Democrats’ bubble
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