As a result of heavy spending packages and the federal government printing money, prices are rising across the board. Inflation’s been stifling the American economy for over a year. However, it’s getting worse with time, rather than getting better.
Joe Biden and his allies have come out with back-to-back excuses and explanations when it comes to inflation. For a while, they said inflation was just going to be temporary and lead to a better economy.
Later, the left-wing talking points accused the Russian president of being the cause of US inflation before turning the blame on GOP lawmakers who are opposing Biden’s spending bills.
The reality, however, is that regardless of how many excuses the president or his handlers put out, everyday Americans are still suffering.
A Terrible Situation For the Middle Class
A brand new Primerica survey revealed that a staggering 75% of the middle class reports living costs outpacing their income. This data comes as inflation recently reached a rate of 9.1%, with every possibility for this rate to climb.
More information from Primerica shows that most of the middle class also doesn’t expect to be in a better financial position by the time one year passes.
Most Americans wouldn’t trust Pres. Biden with a glow stick.
That’s because families living paycheck to paycheck now have to find an extra $6,000-10,000 per year to keep up with Biden’s inflation.
— John Kennedy (@SenJohnKennedy) July 19, 2022
Meanwhile, 77% of Americans believe a recession will hit the country before 2023 gets here. That’s not to mention an additional 61% who believe the nation’s economy will get even worse over the next 12 months.
Strong majorities of Americans likewise report cutting back on dining out and holding off on upgrading their technology devices. Large purchases are also getting farther and fewer in between, primarily owing to interest rates that are climbing amid historic inflation levels.
The ‘Build Back Better’ Administration?
Most Americans can agree that where inflation stands today is not “better” for anyone. It also remains to be seen what the current White House is “building back.”
Thanks to inflation and supply chain issues, many small businesses are struggling to make rent payments, rather than being built back better. Small businesses provide vital contributions to America’s middle class. Without them, communities and individuals suffer in multiple ways.
This time last year, Joe Biden smugly declared “no serious economist” believed unchecked inflation was on the way. Actually, no serious economist would believe inflation was transitory. The 1st step of tackling skyrocketing inflation is to be honest in recognizing it even exists. pic.twitter.com/YF6vOMdggw
— Lee Zeldin (@RepLeeZeldin) July 20, 2022
Last year, the president and his Cabinet members downplayed inflation. Even Treasury Secretary Janet Yellen came out weeks ago and conceded that her previous claims about inflation were wrong.
Today, it remains to be seen just how much wrong calls from government officials will cost the middle class.