Despite inflation being at its highest rate in 13 years, the Biden administration believes there’s no cause for concern.
An official said last week that Americans can “expect these things will work themselves out in the not-too-distant future,” although he couldn’t “say exactly when,” Reuters reported.
“We are just watching the data closely, week by week, month by month,” he added.
While the Biden Administration takes a hands-off approach to inflation, Americans are deeply concerned about their pocketbooks.
A list provided by a Washington Post economics reporter states that gas is up by 45%, used cars are up by 45.2%, and rent is up 2.3%. Inflation rates for milk, bacon, fruit, and fresh fish have also drastically increased.
Here are the items really driving up inflation:
Car rental 87.7% (y/y change)
Used cars 45.2%
Laundry machines 29.4%
Fresh fish 6.4%
New cars 5.3%
Rent (OER) 2.3%
— Heather Long (@byHeatherLong) July 13, 2021
Earlier this month, the Labor Department reported the Consumer Price Index rose 5.4 percent compared to the same time in 2020.
Inflation is roaring out of control, yet Biden officials simply state it is their belief it will deflate by the end of this year as the United States returns to business as usual.
However, instead of blaming it on the pandemic, Kevin Brady, a Republican on the House Ways and Means Committee, said Biden’s policies were driving up prices, the Washington Examiner reported.
“With consumer prices at a 13-year high, Bidenflation is growing faster than paychecks, wiping out workers’ wage gains, and leaving American families behind,” Brady stated.
Most Americans do not feel optimistic that “Bidenflation” is coming to an end any time soon, according to a new poll.
According to a Skynova survey, at least 83 percent of respondents indicated they are at least somewhat concerned about the rising inflation, Gateway Pundit reported.
61 percent said they believe inflation will hurt them overall.
Americans deserve better than the lackluster response given by the Biden Administration, which doesn’t seem to be concerned about rising prices amid the people’s growing concerns.
Hopefully, they are right, and the inflation will go down on its own. But if they’re not, this could have detrimental effects on families, especially those already struggling after the government lockdowns ravaged our economy.