Inflation continued to rise in July, hitting 5.4 percent compared to a year ago, but Wall Street breathed a sigh of relief because the numbers weren’t as bad as expected. Stocks were up sharply following the release of inflation numbers as investors took the increase in prices in stride.
The White House continues to insist the increase in prices is nothing to worry about, that once the supply chains catch up with demand, everything will be peachy. They refuse to acknowledge that spending $5 trillion we don’t have on pandemic relief has anything to do with the jump in prices.
They can spin the inflation threat any way they wish, they’re not fooling the American people.
A recent Fox News poll found 83 percent of Americans are “extremely” or “very” concerned about inflation, with inflation being a top-level concern for both Democrats and Republicans.
Joe Biden’s biggest apologist is Federal Reserve Chairman Jerome Powell, who — coincidentally or not — is up for another term as Fed chairman. Radicals in Congress are pressing Biden not to nominate Powell for a second term, so Powell’s soothing words about inflation should be seen in that context. – READ MORE