According to Bloomberg, Pres. Joe Biden’s forty-year high inflation will cost American families an extra $5,200 in 2022, or $433 each month.
Despite claims that high inflation may be reduced by wage development, salaries have not kept up with inflation, allowing inflation to wreak havoc on American employees’ wallets:
“Those costs will be cushioned by the extra savings accrued throughout the epidemic, as well as increases in salaries. This year, though, accelerated depletion of funds will raise the necessity for people who have been on the sidelines to join the workforce, and this will likely dampen wage development.”
The U.S. Bureau of Labor Statistics stated on March 10 that all employees’ inflation-adjusted average hourly earnings dropped 0.8% from January to Feb., seasonally adjusted. Inflation-adjusted average hourly income have fallen 2.6% compared with a year ago.
According to a University of Michigan poll on consumer optimism, 32% of Americans anticipate their financial situation to deteriorate in 2022, owing to inflation. Just 16% of respondents believe Biden’s policies will be able to address the country’s economic issues. “That will make fighting inflation more difficult since so much of it is based on psychology and expectations,” according to Breitbart News.
Inflation has drastically altered Biden’s political landscape. Where Biden generally received good poll numbers when he initially took office, a new NBC News poll on Sunday indicated that 71 percent of Americans think the nation is moving in the wrong direction. Just 22% believe it is evolving on the correct path.
Furthermore, according to the last week’s Associated Press-NORC poll, about seven in ten Americans believe Biden’s economy is “in bad shape.” A majority of respondents disapprove of how Biden is handling the economy. In addition, a majority of Americans believe that his own economic policies have harmed the economy rather than enhanced it.
Biden has done incredible damage to America’s economy, clearly. From inflation to the supply chain problem without the obvious solution of more manufacturing in America. Not to mention his restricting of energy production in America at a time when we are desperately in need of lower energy costs.
