Biden Team Forecasts ‘Several More Months Of Rapid Inflation’
While Americans face insane price increases in gas, houses, and food, the Biden team publicly predicts that inflation is here to stay for “several more months.”
Biden’s Treasury Secretary Janet Yellen admitted. “So I’m not saying that this is a one-month phenomenon. But I think over the medium term, we’ll see inflation decline back toward normal levels. But, of course, we have to keep a careful eye on it.”
CNBC reported:
The consumer price index, which measures costs for a wide range of items, increased 5.4% in June, the fastest pace in nearly 13 years. Excluding food and energy, the gauge rose 4.5%, the fastest acceleration in nearly 30 years. Prices that goods and services producers receive for their products jumped 7.3%, a record for data going back to 2010.
In June 2021, the New York Post reported that the wholesale price of chicken wings, a staple in many American restaurants and social gatherings, rose from 98 cents a year ago to $3.22. Restaurant chain Wingstop has opened a new online-only menu offering called Thighstop to cope with rising wing prices.
Despite the Biden team’s insistence that all of this inflation is temporary, top economists worry that inflation will last longer than several months. It is believed that the mass stimulus checks and new monthly child stimulus payments are contributing to the sudden rise in prices due to the dollar’s status as the world’s reserve currency.
“Americans should brace themselves for several years of higher inflation than they’ve seen in decades, according to economists who expect the robust post-pandemic economic recovery to fuel brisk price increases for a while,” The Wall Street Journal reported. “The respondents on average now expect a widely followed measure of inflation, which excludes volatile food and energy components, to be up 3.2% in the fourth quarter of 2021 from a year before. They forecast the annual rise to recede to slightly less than 2.3% a year in 2022 and 2023. That would mean an average annual increase of 2.58% from 2021 through 2023, putting inflation at levels last seen in 1993.”
Even some Democrats are noticing the rise of their cost of living due to Joe Biden’s policies.
“We knew that there was a possibility that this could lead to inflation…. I know it feels—I feel it,” Rep. Kim Schrier (D-WA) said. “We all feel it a little bit, that everything feels a little more expensive. On top of that, gas is more expensive.”
Despite this, a group of Congressional Democrats continues pushing for a fourth stimulus check.
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