Joe Biden’s underlings scrambled to contain the political damage from the accumulation of all the crises Biden has created.
The effort is not going well at all.
And Jen Psaki made one promise that Joe Biden is going to live to regret.
The biggest issue facing Americans right now is surging inflation, which is making Americans poorer and lowering their standard of living.
Inflation has surged to 5.4% — a 13-year high on Joe Biden’s watch as reckless government spending devalues the dollar and the Democrat party supports shutdowns that created supply chain backlogs.
Jen Psaki tried to gaslight the American people into thinking that inflation was no big deal and was “transitory.”
In an interview on CNN, Psaki assured Americans inflation would subside by next year.
“What people should know is that inflation is going to come down next year. Economists have said that. They’re all projecting that. But we’re working to attack these cost issues that are impacting the American people every single day. But there [are] different issues in different sectors, and many of the ones you mentioned,” Psaki told host Jake Tapper.
But that is not true.
Peterson Institute for International Economics President Adam Posen told the Washington Post skyrocketing inflation could last into 2023.
“We’re going to see inflation that is meaningfully higher than the Fed wants through 2022 and maybe into 2023,” Posen stated. “All it takes is a little bit of wage pressure to get you inflation that lasts longer than six to nine months.”
America is trapped in an inflationary cycle because Biden’s policies caused consumers and businesses to adjust their behavior.
Businesses began to offer higher wages to attract workers in order to compete with Joe Biden’s enhanced unemployment and other government benefits.
That in turn causes price increases so businesses can maintain their profit margin.
As Americans see prices continually rise, they adjust inflation into their spending behavior.
That’s how an economy ends up locked in an inflationary cycle.
Jen Psaki promising that inflation will recede by 2022 could be a promise that comes back to bite Joe Biden.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.