Many Americans are very much eager for inflation to exit stage left. A 9.1% inflation rate continues to crush people’s wages, futures, and options in life.
Thanks to current living expenses and growing interest rates, Americans are putting off their retirement plans, cutting back on the food they buy at grocery stores, coming out of retirement, and otherwise uprooting their lives to avoid going broke.
Meanwhile, to this day, the Biden administration is still undermining the severity of inflation. Even before Americans learned about the new rate of inflation, the White House was already calling it “over elevated.”
Meanwhile, one GOP congressman is warning that much more inflation remains and will eventually materialize.
Lesser-known Facts About Inflation
Virtually every American understands that inflation today is making everyday life more difficult to afford. However, fewer people understand just how deeply inflation is settled into the economy.
As Sen. Bill Hagerty (R-TN) pointed out, inflation runs much deeper than what’s visible on the surface due to American Rescue Plan funding that has yet to be spent at both state and federal levels.
.@LeaderMcConnell (R-KY): "This all-Democratic government produced yet another absolutely terrible inflation report … These are staggeringly bad numbers and they were fueled directly by the reckless spending spree that Democrats rammed through on party line just last year." pic.twitter.com/SZpsCuwQBY
— CSPAN (@cspan) July 13, 2022
When governments do eventually get around to spending these funds, it will lead to new increases in prices, hence more inflation and possibly more increases in the interest rate.
Hagerty also explained that Biden and the Democrat Party put this into motion last March when they rammed the American Rescue Plan into law, despite warnings of economic harm.
A Warning For the American People
Hagerty’s forewarning about inflation directly ties into multiple economists’ projections of a recession. If inflation rates increase in the weeks and months to come, this means fewer people will be able to keep up with their current lifestyles.
That also means higher poverty rates, a stronger likelihood of small businesses closing, and a continued adverse domino effect throughout the economy.
Inflation hit another 40+ year high in June of 9.1%, worse than expectations again and up from 8.6% last month. Joe Biden is the worst president in over 100 years.
— Clay Travis (@ClayTravis) July 13, 2022
Biden has not taken a single step to curb inflation. In fact, he and Democrats in Congress recently tried to pass a brand new spending package centered on climate change reform and tax increases.
To the relief of many Americans, Sen. Joe Manchin (D-WV) shut this down, warning he wouldn’t give this bill his vital vote, due to where inflation stands today.