The ongoing issue of inflation in the United States, also known as “Bidenflation,” is showing no signs of slowing down, severely impacting Americans’ purchasing power. Inflation has reached a staggering 18.8% for the third consecutive month, with an annual rate of 6.0%, nearly double the Consumer Price Index (CPI). Core prices remain stubbornly high at 3.8%, causing real wages to decline by 2.5% since President Biden took office.
President Biden has been quick to shift the blame onto his predecessor, Donald Trump, for the inflation crisis. However, experts point to excessive money printing and government spending as the main drivers behind the skyrocketing prices. Many Americans are feeling the pinch, with housing becoming increasingly unaffordable due to inflation. A recent TIPP Poll revealed that inflation is a top concern for Americans, leading to a decrease in overall spending.
The divide in inflation data is becoming more apparent, with the TIPP CPI showing significant differences compared to the Bureau of Labor Statistics (BLS) CPI. Homeownership is also slipping out of reach for many, as rising mortgage rates and prices make the dream of owning a home more challenging.
In response to the inflation crisis, the Federal Reserve has raised interest rates a total of 11 times, the highest increase in 22 years. Meanwhile, the national debt has ballooned to $34.55 trillion, with interest costs now exceeding the defense budget. As concerns over stagflation – a combination of high inflation and stagnant economic growth – continue to rise, the future of the U.S. economy remains uncertain. Stay tuned to World News Live for the latest updates on this developing story.
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