Biden's credibility on inflation, gas, economy is melting like an ice cube in the summer sun
Americans ‘facing a recession today’: Puzder
Author Andy Puzder unpacks the consumer economy amid price hikes, global food shortages and fears of recession.
America isn’t doing so well right now. If you have a baby, travel or eat, you may have noticed. America’s small businesses have noticed, the Wall Street Journal reported this week that "fifty-seven percent of small-business owners expect economic conditions in the U.S. to worsen in the next year" matching an all-time low recorded in pandemic dominated April 2020. Nonetheless, Biden and his acolytes evidently have not noticed – either that, or they just don’t particularly care about the misery their wrongheaded policies are inflicting on the American people.
While the American economy tumbles down the rabbit hole of his failed policies, Biden grasps for catchy phrases to save a presidency whose credibility is melting like an ice cube in the summer sun.
Most recently, he called President Trump "the MAGA King," as if calling Trump the leader of a movement to Make America Great Again was an insult. Seriously? Biden really needs to spend some time talking to people outside his administration’s progressive bubble.
INFLATION HURTING ‘EVERY ASPECT’ OF AMERICAN BUSINESS: ANDY PUZDER
Out here is the real world, inflation remains destructively high. While the administration crows about supposed wage gains, American workers are steadily losing more ground every month, because the highest inflation rate since the early 1980s is eating up all their pay increases – and then some – leaving them worse off in real terms. Meanwhile, gas prices are at a record high and still rising. Grocery store shelves are barren. Mothers and fathers are desperately scrambling to find formula to feed their babies.
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The situation isn’t improving, and given this administration’s commitment to tax and spend – at this point, just spend and spend – policies, there’s no light at the end of the tunnel.
Biden and the Democrats are in a deep hole, and the only thing they seem to be able to do is to keep digging.
The Consumer Price Index rose another 0.3 percent last month, and now stands at an annualized rate of 8.3 percent. The Producer Price Index, which measures wholesale prices and thus serves as a reliable indicator of future inflationary pressures, is up a whopping 11 percent compared with one year ago.
GAS PRICES SET RECORDS FOR 2 WEEKS STRAIGHT AS BIDEN STRUGGLES TO REASSURE AMERICA
And all that is despite GDP shrinking by 1.4 percent last quarter, which undoubtedly exerted a disinflationary effect. In other words, inflation would be even worse if the economy were not teetering on the precipice of recession.