President Joe Biden’s 40-year-high inflation is here to stay despite the White House claiming for months that rising costs were “temporary, transitory.”
“Inflation is pushing prices higher and higher, and some of those costs may never come back down to the levels Americans were accustomed to before the pandemic,” Axios reported Monday. [T]he good old days of cheap goods, and even cheaper services, may be long gone.”
“Gas, food and other consumer prices have soared, with no end in sight,” the article added.
Biden’s inflation will reportedly cost consumers an extra $5,200 in 2022, or $433 per month. According to the University of Pennsylvania’s Wharton School, inflation already cost consumers an estimated $3,500 in 2021, impacting low-income families the hardest.
Biden’s inflation has not eased. Instead, inflation has only become worse and will continue to soar in 2022, Barrons reported. Inflation has become so bad that Goldman Sachs estimated the Federal Reserve has a 35 percent chance of triggering a recession as a result of tightening monetary policy to cool inflation.
Biden has struggled with messaging on inflation. What was once called “transitory” inflation is now “Putin’s price hike.” Before that shift, CNN labeled inflation “good,” but the Washington Post noted that some reframe it as “corporate greed.”
“Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world,” Biden claimed in Iowa last week. “So everything is going up. We saw it in today’s inflation data.”
Biden’s claim that inflation is only a result of Putin’s actions is incorrect. Inflation was climbing well before “Putin’s price hike.”