It was a report in the New York Post just this week that said Joe Biden’s “own policies” are to blame for surging inflation in America.
After all, inflation “had surged” to 7.5% even before the Russian war on Ukraine and the sanctions that have been imposed.
“That is the fastest rate of inflation that we have experienced since 1982. In the months immediately ahead we must expect inflation to rise further. The expected surge in gasoline prices alone could increase inflation by 1.5 percentage points,” the report said.
Now a report from the Washington Examiner warns that already 3 in 4 consumers say they have been hurt by Biden’s inflation.
“A Bankrate survey conducted last month found that people of all ages and backgrounds have been feeling the pain of higher prices, with 74% of U.S. adults who have felt the effects of inflation reporting that they are now worse off financially. That number is up from the 66% who said they have been hurt financially by inflation when the survey was last conducted in July,” the report said.
It cited that 7.5% inflation, which was “the fastest pace of inflation in four decades.”
“Inflation has been steadily increasing since President Joe Biden took office, with many economists attributing the higher prices, in part, to high levels of fiscal spending last year. ”
The report explained 94% of baby boomers, those ages 58-76, reported experiencing the impact of higher grocery prices. Also feeling those troubles were 89% of those in Generation X, ages 42-57, 72% of millennials, ages 26-41, and 52% of Generation Z, ages 18-25.
“As for gas prices, which have been rising steadily and even more recently have skyrocketed because of the war in Ukraine, nearly 9 in 10 boomers say they have felt the effects, while 79% of Generation X, 62% of millennials, and 47% of Generation Z said the same,” the Examiner reported.
The reaction to the inflation has been plans announced by the Federal Reserve to raise interest rates this year, the first move expected this month. But senior industry analyst Ted Rossman told the Examiner, “It’s clear that inflation, not higher interest rates, is the dominant kitchen table economics concern right now.”
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