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The Carter Zone: Biden in Turmoil as U.S. Inflation Hits 40-year High

Joe Biden has just officially entered the Jimmy Carter Zone

If you believe the official line being fed to the public – blaming this historic economic calamity on “broken supply chains and a high demand for used cars and construction materials,” then you’ll have missed the obvious cause of this economic stagflation debacle. The root cause is most certainly two years of suicidal government Covid policy and record printing of US dollar to pay for those insane pandemic policies.

Yes, the government has devalued the currency – creating a stealth tax in the process, one which everyone will now have to pay on everything – a tax which hurts the middle and working classes the most.

In addition to an obvious spike in energy and fuel, historic higher prices have now infected just about everything which households and businesses purchase, and it’s not likely not stop there.

Meanwhile, the Biden Administration is in full retreat and are refusing to give the press and the people any meaningful answer as to why this has happened, and more importantly, what might be done to mitigate the ongoing damage to the dollar.

Here comes Bidenflation…

Washington Examiner reports…

Consumer prices increased 7% in the 12 months ending in November, the fastest clip since 1982, solidifying inflation as the greatest threat to President Joe Biden’s agenda.

The much-anticipated numbers reported by the Bureau of Labor Statistics Wednesday revealed the extent of the inflation that has afflicted the country as it recovers from the COVID-19 pandemic.

High inflation has damaged Biden’s [rather debatable] popularity and sapped support for his plans for new major spending programs and tax hikes.

“This crushing report shows Democrats’ spending has pushed Bidenflation to achieve the highest prices in 40 years, killing family budgets and wiping out three years of wage gains,” said Rep. Kevin Brady of Texas, the top Republican on the Ways and Means Committee.

The persistent inflation has led the Federal Reserve to gear up to raise interest rates this year for the first time since 2018. This year could see several interest rate hikes, the first of which might occur in March.

Federal Reserve Chairman Jerome Powell testified before the Senate on Tuesday and told lawmakers that the economy is now in good enough shape for pandemic-related stimulus to be pared back and for interest rates to be raised. This comes after months of unprecedented economic support by the Fed.

“When the annual rate of inflation begins with a 7, there is immense pressure on the Federal Reserve to get it under control, supply chain issues notwithstanding,” said Bankrate’s chief financial analyst, Greg McBride.

Continue this story at Washington Examiner

READ MORE FINANCIAL NEWS AT: 21st Century Wire Financial Files



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