Joe Biden got some bad news in the form of one word he never wanted to hear
Joe Biden’s big government spending binge is causing runaway inflation.
Rising prices are one of the biggest drags on Joe Biden’s sagging approval ratings.
And Joe Biden got some bad news in the form of one word he never wanted to hear.
When prices began to rise in the early months of the Biden administration, Biden and Federal Reserve Chair Jerome Powell sought to distract blame from the Fed printing trillions to finance Joe Biden’s big government spending bills by calling inflation “transitory.”
But as the months rolled on, inflation never approached the Fed’s baseline of two percent.
Instead, prices shot up by 6.2 percent in October, the largest jump in 30 years.
Even Fed Chair Powell was forced to admit reality in testimony before the Senate Banking Committee.
Chairman Powell admitted inflation was here to stay and that it was time to retire “transitory” from public dialogue.
“So I think the word ‘transitory’ has different meanings to different people. To many it carries a sense of ‘short-lived.’ We tend to use it to mean that it won’t leave a permanent mark in the form of higher inflation,” Powell told Senators. “I think it’s probably a good time to retire and try to explain more clearly what we mean.”
The Biden administration’s plan to finance trillions of dollars in new welfare spending by the Federal Reserve printing new money and dumping it into the economy was always going to devalue the dollar.
Chairman Powell and Joe Biden claiming otherwise was pure economic illiteracy.
Democrats now face a political mess of Joe Biden’s own making as runaway inflation has soured Americans view on the economy, which is always the top issue in every election.
Chairman Powell saying inflation will continue to strangle the American economy is another political body blow the Democrats cannot afford.