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Economy

More Americans Seriously Concerned About Inflation Than Think Earth Is Round

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Joe Biden

A new poll found that 95% of registered American voters believe that inflation is a “somewhat serious” or “very serious” issue, which is more than the percentage of Americans who believe that the Earth is round.

The Harvard CAPS/Harris poll asked 2,000 registered voters from May 18-19 a series of questions on President Biden’s performance.

When asked, “Overall, how serious of an issue do you think inflation is for the country right now?” 27% of voters said “somewhat serious” and 68% of voters said “very serious.”

According to a 2017 national poll by Public Policy Polling, 7% of Americans either believe the Earth is flat or are not sure – meaning that it is a more outlandish belief to be unconcerned about inflation in the United States than it is to believe that the Earth might be flat.

The inflation crisis began shortly after Biden took office and steadily climbed to the highest rate in 40 years. Due to record high inflation, the real wages of American workers have fallen throughout Biden’s presidency. According to a report from the Bureau of Labor Statistics, the “Real average hourly earnings decreased 2.6 percent, seasonally adjusted, from April 2021 to April 2022. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 3.4-percent decrease in real average weekly earnings over this period.”

The April report showed that “this is another upward inflation surprise and suggests that the deceleration is going to be painstakingly slow,” said Seema Shah, chief strategist at Principal Global Investors, according to CNBC.

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5 Comments

5 Comments

  1. teresa

    May 28, 2022 at 11:34 pm

    biden the ridiculous, silly old weasil – a danger to this country – can’t believe he is still standing. Please President Trump get back here asap you are the real president

  2. Jim Morris

    May 29, 2022 at 1:01 pm

    Biden is an unmitigated disaster. This dementia-ridden empty suit has single handedly driven the economy to 1932 levels, incited violence and instilled divisiveness. Inflation, energy, ‘the border’, Afghanistan, everything he touches turns to… fill in the blank.

  3. Bill McCallister

    May 29, 2022 at 3:05 pm

    I personally blame Biden’s administration for this devastating inflation, awful food prices and gas prices higher than at any time in my 76 years. Biden has unconstitutionally terminated valid contracts and wants to terminate contracts that students made for loans. He does not have the legal authority to that.

  4. Robert w Coad

    May 29, 2022 at 4:39 pm

    BIDE FLATION IS REAL

  5. jim

    June 11, 2022 at 11:07 am

    This CREEP Joe “the Joker” Biden look like the Joker from Batman.

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Economy

Atlanta Fed’s GDP Tracker Shows United States May Be In A Recession

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Joe Biden

The United States has likely entered a recession, according to the Federal Reserve’s key gauge for measuring economic activity.

The Atlanta Fed’s GDPNow measure, which tracks economic data in real time and continuously adjusts projections, says that the United States economy will shrink by 2.1% in the second quarter. A 2.1% contraction in the second quarter paired with the first quarter’s decline of 1.6% would meet the definition of a recession.

“GDPNow has a strong track record, and the closer we get to July 28th’s release [of the initial Q2 GDP estimate] the more accurate it becomes,” wrote Nicholas Colas, co-founder of DataTrek Research.

The tracker fell dramatically last week from an estimate of 0.3% after data “showing further weakness in consumer spending and inflation-adjusted domestic investment prompted the cut that put the April-through-June period into negative territory,” CNBC reported.

“One big change in the quarter has been rising interest rates,” CNBC added. “In an effort to curb surging inflation, the Fed has jacked up its benchmark borrowing rate by 1.5 percentage points since March, with more increases likely to come through the remainder of the year and perhaps into 2023.”

Last week, Federal Reserve Chairman Jerome Powell warned that the decision to fight inflation by increasing interest rates was “highly likely” to cause pain to Americans.

During the European Central Bank forum, host Francine Laqua asked Powell, “If you’re speaking out to the American people to try and help them understand how long it will take for, you know, monetary policy to go back to something that resembles normalcy … what would you tell them?”

“I would say that we fully understand and appreciate … the pain people are going through dealing with higher inflation, that we have the tools to address that and the resolve to use them, and that we are committed to and will succeed in getting inflation down to two percent,” Powell responded.

“The process is likely, highly likely to involve some pain, but the worst pain would be from failing to address this high inflation and allowing it to become persistent,” he added.

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Economy

Biden’s Fed Chairman: Solving Inflation ‘Highly Likely To Involve Some Pain’ For Americans

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On Wednesday, Federal Reserve Chairman Jerome Powell said that solving the inflation crisis is “highly likely” to cause pain to Americans but that it would be less painful than not addressing inflation.

During the European Central Bank forum, host Francine Laqua asked Powell, “If you’re speaking out to the American people to try and help them understand how long it will take for, you know, monetary policy to go back to something that resembles normalcy … what would you tell them?

“I would say that we fully understand and appreciate … the pain people are going through dealing with higher inflation, that we have the tools to address that and the resolve to use them, and that we are committed to and will succeed in getting inflation down to two percent,” he responded.

“The process is likely, highly likely to involve some pain, but the worst pain would be from failing to address this high inflation and allowing it to become persistent,” Powell added.

Powell’s comments come as inflation has reached the highest rate in more than 40 years with prices rising 8.6% from May 2021 to May 2022, according to a new report from the Bureau of Labor Statistics.

In order to bring down inflation, the Federal Reserve increased the interest rate by 0.75% earlier this month – the highest increase since 1994 – and warned of additional increases in the interest rate in the future.

“The three-quarter-point hike brings the federal funds rate to between 1.5% and 1.75%. The federal funds rate dictates what it costs for banks to borrow money from each other. And, generally, higher interest rates mean it’s more expensive for consumers to get a mortgage, obtain a loan to buy a vehicle and to carry a balance on a credit card,” NBC News reported. “The expected effect of these changes is that consumers will spend less and the heightened demand for goods — one of the drivers of inflation — will slow down.”

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