Biden Blames 'COVID-Related Challenge' as Main Driver of Historic Inflation
Note to readers: The new Trends Journal magazine was released today and was packed with the latest trends that impact your life. Be prepared, not afraid.
President Joe Biden on Wednesday tried to brush off the consumer price index soaring to 9.1 percent, and said, “All major economies are battling this COVID-related challenge.”
The White House’s statement called inflation “unacceptably high,” but called today’s data “out-of-date.”
“Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June. Those savings are providing important breathing room for American families. And, other commodities like wheat have fallen sharply since this report,” the White House said.
If you buy this bullshit, I’ve got a bridge to sell you, just make sure to buy it before the nuclear bomb.
Heather Long, the economic columnist at The Washington Post, tweeted:
Groceries: up 12% in past year -->Biggest annual increase since 1979
Chicken: Up 19% in past year-->Biggest increase ever
Gas up 60%-->Biggest since 1981
Electricity: Up 14% -->Biggest since 2006
Rent: Up 5.8% -->Biggest since 1986
Julia Coronado, the founder of MacroPolicy Perspectives, told The New York Times: “It’s an ugly report. I don’t think there is anything good about this report, as far as the Fed is concerned, as far as the U.S. consumer is concerned.”
Peter Schiff, the founder of SchiffGold.com, also took to Twitter to call on the Presstitutes to acknowledge that “the true rate of inflation” is about 18 percent.
“American workers are experiencing unprecedented declines in their real incomes, which is why record numbers have been forced to work multiple jobs to make ends meet,” he posted.
The Federal Reserve, which was expected to raise rates by 75 basis points in July, could now very well raise rates by a full percentage point. There is a Fed meeting scheduled at the end of the month.
NYC TOLD TO PREPARE FOR NUCLEAR WAR
The Fed raised rates by 75 basis points in June in hopes that inflation would come down but it continued its record rise.
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TRENDPOST: We have reported in great detail over the decades how Washington and the U.S. Federal Reserve Banksters do all they can to make the “Bigs” bigger and bloat up those who are “Too Big to Fail,” their “quantitative easing” schemes of buying up corporate bonds... while the middle class and Mom and Pops are decimated.
Indeed, this trend is perfectly clear. All of a sudden, when the Panic of ’08 hit, millions of Americans lost their homes. Down and out, the private equity bandits began buying up the foreclosed homes and renting them out. Now that trend is in full force, and the American middle class continues to shrink, the chance of home ownership is vanishing. The best option is to, instead, rent from one of those “investment firms.”
And how do the plantation workers of Slavelandia suffer?
The Trends Journal has noted that most of these financial issues were brought on by ineffective COVID-19 lockdowns that destroyed businesses and local economies, the Federal Reserves’ miscalculation that inflation was just “transitory,” and the sanctions leveled against Russia that have done nothing to stop the war.
FactSet, a market data firm, estimates that the profits for S&P 500 companies will grow by 4 percent, which marks the slowest pace since most countries reopened from COVID-19 lockdowns.
We have long warned subscribers that the central bank Banksters were either too stupid to see inflation rising, or are totally in the game of rigging the markets, and were fully aware that the higher interest rates reach, the harder the market will fall. As we continue to note, while the average person feels the economic pain as inflation rises and it costs them more to buy less, the true levels of economic devastation will not be realized by the general population until Wall Street crashes.
