Joe Biden’s Presidency is at the six month mark.
The lights on the economy are flashing bright red.
And Joe Biden got one warning from Wall Street that could hammer your bank account.
Bad news continues to roll in on inflation.
The latest Consumer Price Index report showed inflation rising nearly double what experts predicted.
And the report also showed prices up 5.4% year-over-year.
The Biden administration and Federal Reserve Chair Jay Powell claim inflation is just temporary.
But top Wall Street CEOs disagree and they say inflation is here for the long haul and that companies are preparing to raise prices in response.
“The inflation could be worse than people think,” JPMorgan Chase CEO Jamie Dimon said on an earnings call Tuesday. “I think it’ll be a little bit worse than what the Fed thinks. I don’t think it’s only temporary…
…BlackRock CEO Larry Fink told CNBC yesterday that policymakers “are saying jobs are more important than consumerism. … That is going to probably lead to systematically more inflation…
…Is there somewhat more inflation out there? There is,” PepsiCo CFO Hugh Johnston said on an earnings call Tuesday. “Are we going to be pricing to deal with it? We certainly are.”
Inflation is the most regressive tax increase there is.
Prices rise as the value of the dollar crashes and no one can escape.
Americans work the same hours for the same take-home pay, but as the Federal Reserve pumps more money into the system it chases fewer goods, and the purchasing power of Americans’ paychecks shrivels.
The only way to combat inflation is through interest rate hikes that would cripple economic growth.
And despite Joe Biden’s claims, inflation and economic hardship appear here to stay.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.