Biden's economy is hurting millions of Americans, and it is going to get worse | Eastern North Carolina Now | Where is Donald Trump when you need him?

Coronavirus Disease 2019 (COVID-19)

The impact of Joe Biden’s economic disaster is going to get worse.  That’s the prediction of experts.  We are posting this article, along with the link to the original source, so you can send the link to any “Woke” friends you may have.  Here’s what it says:

Double-digit inflation may be just around the corner as Democratic leaders in Congress debate a new, revised Build Back Better spending bill. 

The inflation rate is currently 9.1%, the Bureau of Labor Statistics reported Wednesday.

According to the Heritage Foundation, inflation is likely to hit double digits by the fall.

"Things are only going to get worse one way or another, as Biden's economic policies are a double-edged sword," said Joel Griffith, research fellow in economic policy studies at the conservative think tank. "This is quite possibly the last month of lingering economic factors keeping inflation in the 8% range, which means the official [Consumer Price Index] number could be in the 10% range by the fall.

"Or, inflation may slow down if gas prices — which have been a key driver of inflation — drop even further than they have in the last few days. The problem with that? Those prices are dropping not because of more supply, but because of the rising fear of recession." 

Inflation has already reached double digits in four major U.S. cities: Seattle, Miami, Houston and Baltimore.

The Producer Price Index (PPI) is currently at a record high of 11.3%.

"This is the seventh consecutive month with wholesale price inflation above 10 percent," said Idaho Republican Sen. Mike Crapo. "Now would be the worst time to subject businesses to another round of Democrat tax increases, which would serve only to put more pressure on costs to producers, including the vast number of small businesses struggling to stay afloat in the high-inflation, shortage-ridden environment that has unfortunately been engineered by the Biden Administration's economic policies."

Democratic leaders in Congress are considering a revised filibuster-proof budget reconciliation bill that could include $300 billion for climate-related initiatives in addition to expanding taxpayer-funded Obamcare subsidies as well as an effort to lower prescription drug prices. 

Democrats are also considering an increase to the corporate tax rate.

West Virginia Democratic Sen. Joe Manchin has said he would only support a spending package that does not worsen the inflation situation in the country. 

"Inflation is absolutely killing many, many people," Manchin said.

Democratic leaders need all 50 senators from their party caucus plus Vice President Kamala Harris on board in order to pass a budget reconciliation bill.

Here’s the link to the original source:  U.S. heading toward double digit inflation by fall as Democrats debate revised spending bill | Just The News


Go Back




Comments

( July 17th, 2022 @ 11:32 am )
 
Biden's next inflation driver is wind and solar energy, which is much more expensive than conventional energy, and much less reliable. This will not only drive up the cost of our electric bills but also the cost of everything manufactured with electricity.

Sadly the RINO leadership of the NC General Assembly, Speaker Tim Moore and Senate President Phil Berger are in the tank with Biden and Roy Cooper on the wind and solar boondoggle. Their HB951, the NC Green New Deal is even more radical than the EU's "Green Deal" and it will cost NC electric ratepayers dearly. Another RINO to thank for this fiasco is the State Senator Beaufort County will inherit through redistricting, Jim Perry (R-Kinston) whose fingerprints are all over HB951.
( July 16th, 2022 @ 6:06 pm )
 
If those in DC had not changed the way inflation is calculated real inflation would be nearing 20%. DC does a good job on cooking the books. www.beaufortcountynow.com



Dutch Farmers Protesting Damaging Climate Change Policies Editorials, Beaufort Observer, Op-Ed & Politics OPEC Leader Dies As World Grapples With Oil Crisis


HbAD0

Latest Op-Ed & Politics

U.S. Supreme Court Justice Clarence Thomas is no longer listed as faculty on George Washington University Law School’s website and will reportedly not teach at the Washington, D.C. school in the upcoming semester.
Former Vice President Dick Cheney, who famously started two wars in the Middle East and shot a dude in the face while hunting, now says Donald Trump is the greatest threat America has ever faced.
Condoleezza Rice, a former Secretary of State and current Director of the Hoover Institution, slammed Critical Race Theory during an interview on ABC’s “The View”
President Joe Biden claimed over the weekend that the so-called Inflation Reduction Act of 2022 would not raise taxes on those making less than $400,000 per year, but a non-partisan organization that crunched the numbers says it will.
A transgender cheerleader, who is a biological male, was criminally charged last week for allegedly choking a female teammate at a cheerleading camp.
The FBI raided former President Trump's Mar-a-Lago home and found incriminating evidence that he was once President of the United States of America!

HbAD1

Rep. Victoria Spartz (R-IN), who was born in the Soviet Union, grilled U.S. Attorney General Merrick Garland on Thursday over the actions that the FBI is allegedly taking and over a variety of security concerns that have erupted under President Joe Biden’s administration.
A national Republican group is urging the 4th U.S. Circuit Court of Appeals to reject Democrats' request to keep the Green Party off the N.C. ballot.
NBA legend Bill Russell has passed away at 88 years old, according to a statement posted to social media.
The “Inflation Reduction Act” would be a disaster for many. Taxes would rise for nearly every income group, devastating low-income households in particular.
Governor Andy Beshear (D-KY) said on Sunday that his state’s death toll from recent flooding has reached 26 and is expected to increase.
White House Deputy Press Secretary Karine Jean-Pierre tried to downplay supply chain clogs that are taking a toll on the U.S. economy by claiming that the problem was happening because President Joe Biden had achieved a “historic economic recovery.”

HbAD2

Sen. Pat Toomey (R-PA) on Sunday said that moderate Sen. Joe Manchin (D-WV) got “taken to the cleaners” by Senate Democrats by agreeing to their tax and spending package.

HbAD3

 
Back to Top