Biden Still Believes Growing Inflation Will Sort Itself Out

After almost two years of Bidenflation, it’s hard to trust Biden on a single word he says, seeing as he promised inflation would be a “transitory” issue and said it’ll blow over in due time.

While it will definitely go back down eventually, there’s no telling how long it will take. Considering that thousands of families across the US were forced to find additional employment just to keep the lights on and mouths fed, it may not come soon enough.

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After the Inflation Reduction Act flopped, Biden now claims it’ll take time for things to normalize

On Thursday this week, Joe went as far as claiming his economic policies have been a major success; though data showed the CPI continued to grow all through October. It is set to continue this trend throughout the rest of the year.

As we’re all aware, this entire economic crisis could’ve been avoided with timely action, which the Biden administration refused to take up last year.

This wound up allowing the inflation rates to grow until it was too late, leaving the Federal Reserve with limited options to deal with the issue.

During his speech this week, Biden stated they’ll continue aiding families impacted by the growing cost of living, without even proposing the idea of dealing with the root cause of the problem.

A report from the Labor Department showed the consumer price index for October rose by 0.4%, compared to September, marking down a 7.7% increase year-to-year. This is demoralizing for every lower-to-middle-class family in the US.

Consumer Price Index continues to grow

On top of it all, instead of allocating resources to dealing with the southern border issue or the energy crisis, Biden decided to increase the number of IRS agents to 87,000, making tax season that much worse for the average American.

Even though food prices did rise by only 0.4% last month, which is an improvement compared to August and September, they’re still on the rise. They will likely spike even more as the winter months roll around.

Of course, Biden tried to spin this as a positive thing, ahead of the holidays. He knows full well that a Thanksgiving dinner this year will be impossible for the majority of US households to handle financially.

If anything, this year’s speech seems to have been moderated by the same people writing Joe’s cue cards. He didn’t make any ludicrous claims about inflation only being temporary, although saying he can’t guarantee anything isn’t exactly helping.

As one last-ditch effort to save face, Biden proposed the introduction of even more government-funded programs that would help pay for the monthly costs of impoverished Americans.

As it stands though, the majority of economists believe we’re on course for one of the biggest recessions in modern history; there’s not much we can do in terms of preventing it this late into the game.

This article appeared in The Record Daily and has been published here with permission.

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