Joe Biden is running on Bidenomics and claims to have inflation under control, only it isn’t under control.
Inflation jumped to 3.7% on a year-over-year basis in the month of August. We can expect more rate hikes which erode our quality of life. They increase costs and are taxes on the American people.
Most of the pressure comes from surging gasoline prices in August. Saudi Arabia and OPEC+ countries cut production. We are now dependent on countries that hate us for our energy, and Biden keeps cutting our nation’s sources of petroleum. He is talking about draining the emergency reserves again.
Economists and the Biden administration claim there are factors outside of their control, but it should be noted that Biden canceled oil and gas leases on more than 13 million acres in Alaska. It reversed the Trump administration lease approvals.
The IEA projects that gas prices will remain elevated as Saudi Arabia and other OPEC+ countries have doubled down on production cuts. Roughly 2.5 million barrels of oil per day have been taken out of the market in comparison to January production levels.
The Biden administration did everything it could to alienate the Saudi Crown Prince.
The cumulative effect of inflation has reduced the purchasing power of US households by the largest amount in over a decade. The 2.3% drop in income was the largest seen since 2010.
Investors Are Feeling the Pain
According to Bloomberg, inflation is “dashing retirement plans as investors wake to the reality of price surges.”
Almost half of affluent investors in the US say inflation is “killing their dreams of retirement,” according to the 2023 Natixis Global Survey of Individual Investors.
Despite cooling inflation, “84% of respondents said the surge in recent years woke them up to just how big a threat inflation is to future income and savings. Many of those surveyed, all of whom have at least $100,000 in investable assets, fear they won’t be able to work long enough to overcome the hit to their finances and their retirement plans.”
This guy has a Nobel Prize. You can imagine how worthless they are.
— Miranda Devine (@mirandadevine) September 13, 2023
Biden-nomics has inflation under control!!! It is doing exactly what they want, destroying the middle and lower classes of the American people. They want us to own nothing while the elite control everything. Inflation is simply the theft of personal wealth.
Consider housing: how can young families buy a house? Think of the retirees with more or less fixed incomes. Both are watching their future washed away by inflation and national debt.