President Joe Biden promises to protect America’s poor from his tax hikes, yet his economic agenda is fueling inflation — which is itself a tax that hits struggling families hardest.
And this is no temporary blip as the economy restarts after the lockdowns, as Democrats would have us believe. On Monday, the Wall Street Journal reported that economists it surveyed are warning Americans to brace “for several years of higher inflation than they’ve seen in decades.”
They predict the core inflation index (which excludes food and energy) to average 2.58 percent annually through 2023 — levels not seen since 1993. From 1995 to 2019, it averaged just 1.7 percent a year.
The Federal Reserve guesses that bump will be temporary, but economist Joel Naroff warns, “We’re transitioning to a higher period of inflation … than we’ve had over the last 20 years.”
Americans already expect ever-greater prices, with inflation worries hitting their highest level in eight years, per the Fed’s June survey. The median expectation is that price growth will hit 4.8 percent in a year, up by nearly a point since May. Such concerns themselves feed inflation, as suppliers jack up prices in anticipation of their own higher costs.
Voters will take a BIG TOLL on Democrats !!!!!!
I’ve noticed locally since Biden was elected, higher prices on everything! Fuel prices, Food prices, and new car prices. Also shortages on things that I have never see before like Lumber and food items in the supermarket. Cost of living now exceeds my income. Takes more than one income now to survive. Jobs everywhere, but few pay a living wage and no one wants to work. Interesting times we are living!
It will take a toll on some people more than others. The Crab Bag raised their prices 50% (fried chicken 4PC no sides) from $9.06 to $12.95. On the brighter side, I just checked Phillips website and they still charge $9.00 for 4PC that include fries and slaw.
Still can’t believe the thrives were capable of the big steal. What’s even crazier is they choose that dumb ass.
Bull$hit.
The poor get welfare, food stamps, hud , medicaid and now $300 a kid
What it will take a toll on, is lower middle class trying to keep there head above water
Expect an explosion of minority and illegal children.
Amazing how quickly the dumbocrats undid Trump fantastic economy.