Just about any reputable expert will tell you that uncontrolled inflation often poses the largest threat to an economy.
Although inflation has slightly cooled in America over the past year, many studies show that the value of the dollar keeps diminishing.
And now Janet Yellen is hiding her face over this one damaging economic report.
The United States economy is not healing – despite what Joe Biden claims
In recent weeks, Joe Biden and select members of his administration have hit the campaign trail.
Since taking office, Joe Biden has received tremendous criticism for his poor economic record.
Inflation skyrocketed following his accession to office, which has fortunately cooled down a little bit.
In response to this mild cooling, Joe Biden has coined the term “Bidenomics” to tout what he believes is an impressive economic record.
However, most reputable economists would disagree, and a recent report shows that the economy is far from robust as Joe Biden would like voters to believe.
Just recently, the Department of Labor released its monthly Producer Price Index, which measures what American businesses are paid for goods and services as well as other operating costs like sales taxes, employee health care packages, and more.
The report showed that the Producer Price Index grew by .3%, which is higher than the .2% increase that experts had predicted.
This is a .8% increase from where the Producer Price Index stood one year ago.
Although this increase is not drastically above expert predictions, it shows that the economy is not recovering as Joe Biden claims it is.
Earlier this week, an anonymous White House official told Politico that “if you look at where the puck’s going to be a year from now, inflation’s going down and the term ‘Bidenomics’ is going to come to signify President Biden has a plan.”
The anonymous official added that “they may not be able to list every single thing in that plan, but it’s more factories, it’s more jobs, it’s prescription drug costs cut.”
As it stands, the White House has not responded to the higher-than-expected increase in the Producer Price Index, which has the potential to cause financial harm to consumers and business owners alike.
Joe Biden may regret boasting about the economy as earning signals continue to appear
According to Joe Biden and his team, his economic policies are responsible for America’s post-COVID recovery.
However, there is little to no evidence that any of Joe Biden’s policies have benefited the American economy.
If anything, Joe Biden’s tax-and-spend agenda has led to rampant inflation and rampant price hikes, which have caused lasting damage to consumers and businesses all across the nation.
“Bidenomics” will be remembered as a stagnant part of the American economy’s history.
And many experts believe that the worst is yet to come.
Patriot Political will keep you up-to-date on any developments to this ongoing story.
