One promise from the U.S. economy emerging from the pandemic was that American workers would benefit from a tight labor pool driving up salary and pay. And while that happened, the benefits have all been erased by the sudden surge of inflation on President Biden’s watch.
That means workers aren’t running in place, they are actually falling behind as rising prices force middle- and working-class families to make hard choices, like whether to fill the gas tank or the refrigerator.
Inflation topped out at 5.4% in July, the government reported Wednesday, the third straight month above 5%. When President Trump left office in January, inflation was in check at just 1.4%.
Economists fear the multitrillion dollar spending that Biden and the Democrats launched in Washington — $4.5 trillion more was added by the Senate in a 24-hour period on Tuesday — is fueling the disadvantage.
“I support heating the economy one log at a time, not throwing them all on the fire at once,” Harvard economist Jason Furhman, one of President Obama’s top economic advisers, tweeted on Wednesday. “To the degree the [latter] leads to prices rising more than wages it won’t leave workers better off.”
Nobody in that administration really understands economics…they just want to lie, tax, and spend (to buy votes)!
Obama can now breathe a sigh of relief. Joe Biden has already surpassed Obama as the worst US president in history.