It’s no secret Americans have been struggling in Joe Biden’s economy. Joe Biden was hoping things would turn around any day now.
But the Federal Reserve gave President Biden devastating news about the economy that made his heart sink.
2022 has been difficult, to say the least for Americans under the weight of high gas prices, exploding grocery store prices, and a housing crisis on top of that.
All of those issues are in part due to the Biden administration’s failures that have piled up one after another.
Whether that’s passing a nonsensical trillion-dollar Inflation Reduction Act or Biden’s Federal Reserve exploding the interest rates, it’s all spiraled out of control fast.
Between the "Inflation Reduction" Act and $300 billion in student loan socialism, President Biden has authorized over $1 TRILLION in spending in 2 weeks.
This reckless spending hurts families.
That's why I am pushing for tax cuts here in Oklahoma. We need inflation relief NOW!
— Governor Kevin Stitt (@GovStitt) August 24, 2022
Everyone knows that inflation continues to be a major problem that needs to get under control and fast.
There’s bad news for those hoping inflation would calm down any time soon, though.
According to the President of the Federal Reserve Bank of New York, John Williams, high inflation could persist until 2025.
He says it’s his “hope” that inflation will get back to the 2% goal by 2025, compared to the current 6% levels we’re seeing.
“Today, the latest reading showed the PCE inflation rate, the one that we’re focused on, is at 6.0%, and we want it to be 2%,” John Williams said in an interview with Fox Business.
“My hope is that we will be at our 2% inflation goal by 2025. But importantly, I expect to see a pretty significant decline in inflation next year as supply chain issues improve.” Williams added.
He also said he didn’t know if inflation has even peaked yet.
“I don’t know if it’s peaked, because that depends on some volatile prices like food and energy, which have been affected by global developments. I do think we’re starting to see some signs on under on inflation measures. They’re moving in the right direction,” Williams noted with Fox.
“It’s hard to predict the future and there are a lot of factors that affect inflation. But I do see we’re moving now and into next year with a lower inflationary trend.”
This is a hard pill to swallow for many Americans.
Another two or three years of the same 2022 economy we’ve been enduring would be crippling for so many families that are struggling to keep up even today.
Most economic experts agree that the federal government has to cut out the insane spending that leads to the inflation we’re seeing today if we want to get back to the negligible inflation we were seeing during Trump’s four years in office.
What causes inflation: The government spending too much money, borrowing money it doesn't have, & printing money.
Biden’s solution: Spending money they don't have, borrowing money they don't have, & printing money.
— Ted Cruz (@tedcruz) September 21, 2022
With Biden showing no signs of slowing the government spending sprees, the only hope is to kick him out in 2024.
Stay tuned to the DC Daily Journal.