‘Bidenflation’ Is Systematically Destroying The Middle Class

Americans have more money in their pockets than they ever have before.  That sounds like really great news, but it isn’t, because the cost of living is rising much faster than our incomes are.  In addition, much of the “new wealth” that has been created over the past couple of years has ended up in the hands of the very wealthy, and this has caused the gap between the rich and the poor to grow even wider.  As for the middle class, it is being systematically hollowed out by “Bidenflation”, and that process is only going to accelerate during the early stages of 2022.

Personally, I don’t like to use the term “Bidenflation” too much, because it is not entirely accurate.  Without a doubt, the Biden administration has taken actions over and over again that have made the inflation crisis even worse.  But it isn’t as if Joe Biden and his minions are the only ones responsible for this mess.

The creation of the Federal Reserve in 1913 started us down the road that we are on today.  Of course we could have exited this path at any time if U.S. voters had sent politicians to Washington that were committed to abolishing the Federal Reserve, but they didn’t do that.

In 1971, we reached “the beginning of the end” when President Nixon took the U.S. off the gold standard.  Today, the value of the U.S. dollar is only a very small fraction of what it was back then.

The U.S. national debt hit a trillion dollars in the early 1980s, and it will hit the 30 trillion dollar mark in 2022.  Our politicians have literally been committing national financial suicide, and both major parties are to blame.

In 2009, the Federal Reserve took the destruction of our currency to an entirely new level when they introduced “quantitative easing”.  It was supposed to just be a “temporary measure”, but of course the Fed just kept doing it.

Over the past couple of years the Federal Reserve has pumped more fresh money into our financial system than ever before, and this has greatly pleased investors.

But it is also turning our currency into a joke.

Earlier today, I read an email from a reader that was quite alarmed that many new car dealers are now charging $5,000 to $10,000 above the sticker price for many of their vehicles.

Of course the reason why they are able to get such prices is because we are now in a hyperinflationary environment.

Used vehicle prices have been rising very aggressively as well.  In fact, Jim Bianco says that they have been going up even faster than Bitcoin…

Used auto prices are rising faster than bitcoin and other assets, according to market researcher Jim Bianco.

“If you want to know what the best investment you probably had in 2021, it’s that car sitting in your driveway or in that garage,” the Bianco Research President told CNBC’s “Trading Nation” on Thursday. “It is appreciating faster than the stock market and lately faster than some cryptocurrencies.”

Isn’t that nuts?

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