We knew that Joe Biden wasn’t going to be the best president the country has ever seen. As a Democrat, we even expected some fiscal irresponsibility. However, no one anticipated that he would completely trash the economy – and all within less than six months of taking office.
It takes skill to tank the economy as badly as Biden has.
From allowing migrants to enter the country illegally to allowing bills to pass for far more money than the country has, he’s shown his ignorance.
And consumer prices are on the rise.
Biden promised that Americans wouldn’t see inflation. He promised that we wouldn’t be paying more.
Yet, he kept the country in lockdown, disturbing global supply chains. And as companies have had to suffer from insufficient supplies, higher taxes, and a lack of employees, they’ve had to raise prices.
The Consumer Price Index rose five percent over the prior year. The Department of Labor said that the CPI has been on the rise month by month. Economists have noticed that the rise is even more than anticipated.
The readings are even hotter than they have been since the index fall in 2008.
At least we are seeing a trend. The last time we experienced a surge in the Consumer Price Index was when Obama was in office. Now, we’re seeing it all over again thanks to Obama’s protégé.
And it gets worse…
The core inflation rate rose by 0.7 percent in a single month. Annually speaking, it rose by 3.8 percent. This is the hottest reading the country has seen since June 1992.
Americans are seeing the prices everywhere – and some are higher than the core rate because of overall supply and demand. Used car prices have risen by 29.7 percent. Airfares have risen by 7 percent. Food prices, luckily, have not been rising quite as dramatically at 0.4 percent.
The country’s in trouble. The Biden administration is drowning.
Okay, so what are they doing about it?
Nothing. The southern border is still wide open, allowing more migrants to put a strain on the economy. And, Democrats are still looking to add billions to spending bills, including Biden’s own infrastructure bill.
Treasury Secretary Janet Yellen along with Federal Reserve officials have said they expect to see the rise in the cost of living taper off. Many believe that the numbers look bad because of the pandemic shutdowns. As more states open things up and companies can begin employing people again, the economy will recover.
Will it, though?
There are analysts and economists that believe we could see the inflation continue through the end of the year and beyond. Much of this is because of the pent-up demand for various consumer goods, low-interest rates, and a large budget deficit that Biden only wants to make bigger.
Americans already know that the economy is in trouble. They’re seeing it every time they go to fill up their gas tanks with higher-than-average priced fuel. They’re seeing it when they go to buy anything – they have to pay more or they have to wait an unacceptable amount of time to get it at a normal price.
The biggest problem is that Biden won’t acknowledge it. Where’s the president to explain what’s going on and promise that things are in the works to improve the country? He doesn’t seem big on making public appearances.
Biden needs to make an Oval Office address. Whenever there is a solemn note to address, this is the forum to discuss it. Obama delivered three throughout his two terms. Trump delivered two. While Biden is still relatively new in the office, there are plenty of reasons for him to do it.
We’re waiting, Mr. President. We’re waiting for you to tell America that everything is going to be okay. Until he does, we should buckle up and expect the economy to continue to plummet.