Today, inflation is one of the worst threats America is up against. It’s caused prices to go up across the board, not to mention robbing people of their opportunities to retire on time, travel, and otherwise partake in ventures that cost money.
At this point, Joe Biden appears resigned to inflation. After his administration claimed that it was just a “high-class” issue and merely “transitory,” it’s now singing a different tune.
The president has warned inflation may stick around for quite some time and there’s no button he can press to fix it. Meanwhile, today’s inflation is causing Americans to pay a shocking amount of extra money each year.
The Cost of Biden’s Inflation Crisis
The Moody’s Analytics Firm recently revealed that Biden’s inflation crisis is sticking Americans with an annual tab of $5,520. That’s the result of an 8.5% inflation rate that’s caused households to have to pay more than $460.00 extra per month.
For many families, especially those on tight budgets, this is extra money they don’t have to spend. The rise in prices is making some folks go into debt, max out credit cards, and otherwise push themselves to the limit in order to keep up.
However, the pure cost for households for having inflation running at 8.5% is $460.42 per month. This estimate is based solely on the realized inflation rate and doesn’t adjust for what inflation would have been absent the pandemic because that is highly uncertain.
— Ryan Sweet (@RealTime_Econ) June 10, 2022
Moody’s Analytics is one of the president’s favorite economic firms. He’s cited their past data when it’s best convenient for them. Only, this time, the president would rather focus his attention elsewhere.
If inflation continues to increase beyond 8.5%, then the $5,520 per year that Americans are paying will only go up. Polling shows that most people today are worried about inflation and what it means for their futures.
Folks are even downsizing their lifestyles in order to avoid getting completely swallowed whole by higher prices.
This November, American voters will have the chance to hold Biden accountable for not just inflation, but all the other disasters that have materialized on his watch.
The president has not shown any real willingness to intercede on the behalf of Americans.
Joe Biden says if you do not count food and gas, inflation has gone down.
First of all, that's a lie.
Second of all, are people just supposed to starve and stay home?
— Lauren Boebert (@laurenboebert) June 11, 2022
Biden is sticking by his expensive spending goals, even as they take the country closer to a recession. He’s refusing to back down on his climate change agendas, even as they’re sending gas prices sky-high.
When the midterms roll around, voters will get to determine whether or not Biden’s party should maintain its majority in Congress.