Under Joe Biden’s economy, Americans are being slammed with the highest inflation in decades. It’s costing them thousands of dollars more this year to pay the same bills as they had last year.
Gasoline prices have exploded, as have diesel prices, which hits at the cost of every consumer item delivered to retails stores. Biden recently proposed a requirement that diesel suppliers maintain an inventory, which will drive prices even higher.
Their retirement funds have been decimated, resulting in what for many of those nearly at that status probably will be a permanently lowered income for their latter years.
He’s spending hundreds of billions of dollars on the “green” agenda, which today’s children will have to repay with interest.
What else can happen?
Now we know.
The Federal Reserve is warning employers against giving workers raises.
According to a new report in the Daily Mail, Christopher Waller, one of the six members of the board, told the annual Economic Forecast Luncheon to quit giving workers raises, “saying that it was pushing up inflation.”
“Wage growth has been a contributing factor to inflation, especially in the service sector, so it is important to get the labor market into better balance to bring future wage growth down to a more sustainable level that will assist in moving overall inflation lower,” he claimed.
“At any other time, I would be pretty unhappy about slowing growth, but not now.”
Waller, by the way, gets paid in excess of $183,000 for being on the board, according to the Federal Reserve itself.
He claimed there are “almost” two jobs for every person looking for work, which could be attributed at least partly to the impact of the government’s COVID pandemic shutdown of America’s economy, where many people took retirement and made other work arrangements and simply haven’t returned to the old system.
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The Fed this year repeatedly has raised interest rates across the nation, pushing the cost of borrowing much higher for consumers, hitting directly at their monthly pay-to-bills ratio.
Inflation hit a massive 9.1% in June, and it’s backed off very slightly since then.
Waller continued, “Business contacts tell me of empty offices and idle production capacity because employers cannot find workers.”
But within the last few weeks, Big Tech companies, Amazon, Twitter and Facebook, all have confirmed the firings of tens of thousands of workers.
And he repeated his warning about paying too much in salaries and wages.
“Wages have been rising more quickly than they have in decades, much faster than productivity growth plus 2 percentage points that I think of as consistent with the FOMC’s 2 percent inflation objective,” he said.
He said it is good that interest rate surges have slammed the housing market.
“As purchases of homes fall, so does demand for goods that typically accompany purchases—new carpeting, new furniture, new lawn mowers and so on. So slowing home sales will decrease demand for goods that complement the purchase of a new home and that will put downward pressure on the prices of those goods. Our goal is to rein in demand, bringing demand and supply into better balance, which will help reduce upward pressure on inflation,” he said.
EDITOR’S NOTE: Leftwing billionaire George Soros bankrolls everything evil – most recently the 75 pro-criminal “Soros district attorneys” who have transformed America’s most dynamic cities into degraded, crime-infested hellscapes of skyrocketing violent crime. Soros also funds drug legalization, euthanasia, open borders, globalism, Black Lives Matter, “defunding the police,” devaluing America’s currency and destroying her sovereignty. But why?
Whistleblower magazine reveals and explores the stunning truth: Soros, an atheist, literally says he’s “some kind of god,” obsessed with re-creating the world in his image. Here are a few actual quotes from Soros: “If truth be known, I carried some rather potent messianic fantasies with me from childhood…” “It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” “You know, in my personal capacity I’m not actually a selfless philanthropic person. I’ve very much self-centered.” “I am kind of a nut who wants to have an impact.” “Next to my fantasies about being God, I also have very strong fantasies of being mad. … I have a lot of madness in my family. So far I have escaped it.”
Except he hasn’t “escaped it.” Not only is Soros totally mad, but he’s imposing his insanity on America. See Soros and the leftwing world he has created and funded as never before in “THE BILLIONAIRE WHO THINKS HE’S ‘GOD’: Why George Soros is obsessed with destroying America.”
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