Bidenflation Makes Americans Poorer
The United States’ annual inflation rate stayed unchanged at 3.7 percent in September, according to Bureau of Labor Statistics data released on October 12.
Many economic analysts hoped Federal Reserve rate hikes would reduce inflation to around 2 percent, but rising rents and high gasoline prices have destroyed such optimism. It now seems that the Fed will have to keep interest rates high for many more months to combat rising prices.
Bidenflation: Overall inflation is down 60 percent from its peak last year, but that is little consolation to Americans still struggling to make ends meet.
“While inflation has moderated compared to the beginning of this year, it’s important to remember that since President Biden took office, prices have increased by around 20 percent, reducing Americans’ real wages and living standards,” Alfredo Ortiz, president and chief executive officer of the Job Creators Network, said in an October 12 statement. “Due to this Bidenflation, ordinary Americans are poorer.”
Money printing: Roughly 26 percent of all U.S. dollars in circulation have been added since the beginning of the covid-19 pandemic, so it makes sense that prices have increased by about 20 percent. It should be self-evident that creating more dollars out of thin air makes all dollars worth less. Yet the U.S. government continues to print money even though inflation-adjusted earnings have fallen about $5,400 under Biden’s watch.
Prophecy says: A Republican victory in the next election could temporarily stabilize the economy, yet the Bible indicates that falling wages and rising inflation will worsen in the long term.
The Prophet Haggai describes the current and future economic conditions: “Ye have sown much, and bring in little; ye eat, but ye have not enough; ye drink, but ye are not filled with drink; ye clothe you, but there is none warm; and he that earneth wages earneth wages to put it into a bag with holes” (Haggai 1:6).