“Our income is falling even as the thieves who took away our prosperity continue to masquerade as people we can trust to solve the problems that they created,” Jeffrey Tucker observes soberly about America’s economic and monetary situation.
Tucker, Brownstone Institute founder and president, wrote an op-ed that was published Friday in The Epoch Times. He noted that the inflation problem continues and the dollar is likely to lose half its value by the 2030s. Basically, Biden’s economic policies and the Federal Reserve created a crisis, and it’s not getting any better.
“The Consumer Price Index came out this morning and it showed no improvement over last month,” Tucker wrote. “It is still rocking at 3.2 percent with new strength in food and medicine. The sticky index is frustratingly high too at 5.4 percent.”
As we face the 31st month of “transitory” inflation, we’ve also have almost that long a period in the Federal Reserve’s “war on inflation by raising rates higher and faster than in the whole history of the institution,” Tucker continued. “That said, in real terms, federal funds rates are still barely above zero. That’s because inflation is still rocking and eating away the dollar’s purchasing power.”
The purchasing power of the U.S. dollar is declining at a somewhat less rapid rate than it was as of a year ago, Tucker noted. But the dollar is still declining, not hitting the Fed’s target. “Prices are nowhere near going back to 2019 levels but instead it all keeps getting worse,” he wrote. “We have now lost 16 cents from its value at the start of Trump’s last year of his presidency. The mad money printing has taken a terrible toll. All of the value of the transfer payments from 2020 and 2021 have completely vanished.”
Obey