Joe Biden’s policies have created huge problems which have wrecked the economy.
And he’s going to face consequences for his actions.
A leading economist made a prediction for 2022 that’s bad news for Democrats.
Over the last year inflation has spiked seven percent as prices have risen sharply for cars, gas, food and furniture.
It’s the fastest growth in inflation in the last 40 years.
The problem is a direct result of bad policy championed by the Democrats, who unreasonably paid healthy workers to stay home because of Covid.
While wages have gone up, they haven’t gone up enough to keep up with rising inflation.
The public’s opinion of Joe Biden has massively shifted over the last year as his approval ratings have gone steadily down. A major reason for this is because his policies have made life harder, particularly for lower-income Americans.
And as bad as inflation is at the moment, things are likely to get even worse in the upcoming year.
Larry Lindsey — the director of the National Economic Council under President George W. Bush — has the opinion that inflation could be “above” 2021 levels in 2022.
In an interview with Fox Business anchor Maria Bartiromo, Lindsey said that inflation is now “embedded into the labor market.”
“There is never an example of getting inflation to this level, embedded in the labor market and it ending without recession… I don’t think we’re going to have a recession this year,” he said. “Slower growth, maybe. So I don’t think there’s any chance at all of decelerating inflation.
“So until you get the overnight interest rate up somewhere close to at least the prevailing inflation rate, you’re really not going to make a dent in inflation,” he continued, referring to the Federal Reserve’s plan to raise interest rates, which dampen price increases. “We’re going to continue to have inflation this year, probably at or maybe even a little above what last year’s pace was.”
Harvard University economist Kenneth Rogoff echoed the same sentiments when he said that “it’s not so easy to raise interest rates to fight inflation when public and private data is high, when the stock market is high, when housing prices are high, when the economy is still weak.” Central bankers willing to do so would have “a lot of stomach.”
The only way to curb inflation is to raise interest rates which will hurt the economic recovery which hasn’t been as strong as predicted.
Democrats’ bad policies have created a bad situation that there’s no easy escape from.
Joe Biden was delusional when he promised on the campaign trail that most Americans wouldn’t have to pay for the enormous spending he planned.
Americans are paying every day for Democrats’ reckless spending.
If you want American Patriot Daily to keep you up to date on any new developments in this ongoing story and the rest of the breaking news in politics, please bookmark our site, consider making us your homepage and forward our content with your friends on social media and email.