According to the Bureau of Labor Statistics Consumer Price Index, (CPI), inflation in America has been printing at new record highs. However, President Joe Biden seems to be losing ground with his climate bill. The Biden administration’s recent budget negotiations and tactics toward dealing with inflation have been criticized by West Virginia’s senator Joe Manchin who thinks specific parts of the climate bill could wait. Amid the political tussle, the U.S. government and Federal Reserve have been accused of massive spending, as bureaucrats continue to fuel weapons contractors, war, and the Fed’s balance sheet has not been reduced.
A political strategist says that inflation has not sunk the Biden Administration or Democrats, but it did bring down their power.
The most recent CPI report by the U.S. President Joe Biden has been drawing a lot attention. It revealed that consumer prices rose at their fastest annual rate in six years, compared to 1981. American consumers continue to pay more for oil, gas, electricity and food month after month.
While noting that rising inflation has been an issue for Americans, The Hill opinion contributor, Brad Bannon, believes “inflation has knocked Democrats down — but not out.” In an opinion editorial, Bannon says that Republicans face “political headwinds” that could challenge the party’s prospects.
Despite the knockdown from inflation, Bannon claims that the “continued visibility of Trump,” and the Supreme Court overturning Roe v. Wade may lead to Republicans failing to appeal to voters. “If that wasn’t enough, the ongoing congressional investigation of the failed Jan. 6 Capitol coup keeps Trump in the middle of the media screen when the GOP wants the focus to be fixed on the incumbent president,” Bannon wrote.
Senator Joe Manchin Claims ‘Inflation Is Absolutely Killing Many People’
The Biden administration is also dealing with senator Joe Manchin (D-WV), who explained to a West Virginia radio host on Friday, that he was still “engaged” in Biden’s budget negotiations. Manchin told the radio host that “inflation is absolutely killing many, many people,” and he’s been against specific parts of Biden’s climate plan.
“Can’t we wait to make sure that we do nothing to add to that?” Manchin asked on the radio program. The West Virginia Democrat stressed that inflation is a “clear and present danger to our economy.”
“No matter what spending aspirations some in Congress may have, it is clear to anyone who visits a grocery store or a gas station that we cannot add any more fuel to this inflation fire,” Manchin said. “We can’t afford mistakes in the highest inflation we’ve seen in 40 years,” the senator added.
On the same day, Biden conceded to the lack of backing he needs for the administration’s climate change legislation. Biden remarked, however, that he plans to use “every power” that he has as president to continue his fight against global warming.
Congress Increases Military Spending, Gives 1.7 Billion to Ukraine, Federal Reserve Accused of Not Tapering the Central Bank’s Balance Sheet
The government’s spending is increasing despite the rising inflation. While Biden and the Democrats fight with Republicans in front of the media, bipartisan efforts have fueled the American government’s expenditure a great deal.
Glenn Greenwald is a journalist explained on Saturday how the “establishment wings” of the two bickering political parties seem to agree on military expenditure regularly without much debate. Greenwald highlighted how Biden requested $803 billion to fund military spending in 2023 and Congress “arbitrarily increased it by $37 billion, to $840 billion.”
House recently passed record-breaking $840 billion Military budget. It is more than all of the stimulus checks together.
You see, they don’t print money for the people. But for military contractors, it is “socialist.”
— Dan Price (@DanPriceSeattle) July 15, 2022
The U.S. Treasury (USAID), and Agency for International Development(USAID) provided additional $1.7 billion to the Government of Ukraine five days ago. According to estimates, the US government gave Ukraine $6.8 billion in aid. This includes other benefits such as access to Mi-17 helicopters, Mi777 howitzers, MANPAD system, anti-tank missiles and Cheetah Javelin, MILAN and Harpoon missiles.
NOW – U.S. announces additional $1.7 billion in aid to Ukraine. pic.twitter.com/gy3a3HjnMh
— Disclose.tv (@disclosetv) July 12, 2022
In addition to the U.S. government’s spending, the country’s central bank has been accusedContinue to print large amounts of U.S. Dollars reports show the Federal Reserve’s assets grew by $4 [billion during]Last week: $8.896 [trillion].
Peter Schiff, a gold bug and economist noted at the June end that the Fed hadn’t stopped growing its balance sheet. Schiff, a long-standing critic of Fed policy and a vocal opponent to excessive spending by the government, has done so for many years.
The #FedThe shrinkage of the balance sheets has been stopped. To $8.896tn in total assets, the last week’s increase was $4bn. Fed balance sheet equals 36.5% US’s GDP #ECBBoJ’s 135% and’s 81.9% pic.twitter.com/XOQtydBZNF
— Holger Zschaepitz (@Schuldensuehner) July 15, 2022
“The Fed’s balance sheet just expanded for the third week in a row in June,” Schiff wroteTweet. “The rise of $1.9 billion increased the size of the Fed’s balance sheet to $8.934 trillion. When will the Fed stop inflating inflation? [quantitative easing]It is time to actually fight it from the beginning [quantitative tightening].”
Although, some individuals have said the Fed’s balance sheet is shrinking correctly. “They need to keep buying because their assets mature,” one individual notedTweet. “They are buying less than is maturing to reach the planned balance sheet shrinkage. To follow it day by day you need to know the exact maturities, but it is definitely still shrinking at the correct rate.”
People are however able to make their own decisions. disagreed with that assessment and stressed that the Fed has “shown repeatedly that they’re buying far more than their own estimates from March.” The Biden administration said after the CPI report came out that because gas prices have dropped the recent CPI numbers were already out-of-date.
High Gas Prices Push Americans Toward Clean Energy, Biden’s Administrations Inflation Arguments and Economic Remedies Have Not Convinced Americans Its the Right Direction
Andererseits, video of Biden’s Transportation secretary Pete Buttigieg during an interview shows Buttigieg bragging about how high gas prices are forcing Americans to lean toward electric vehicles. Jennifer Granholm, Biden’s Energy Secretary recently highlighted that the high gas prices are “accelerating our progress toward clean energy.”
According to the poll, 33% of Democrats disapprove of Biden and 64% want another person to lead their party in 2024.@nytimes @SienaResearch poll. Which are your top three reasons? Top reasons? Age (33%), and Job performance (32%). @ShaneGoldmacher https://t.co/G3cwiLMMoa
— Peter Baker (@peterbakernyt) July 11, 2022
Despite the White House saying the CPI numbers were out of date, Americans don’t seem to be convinced by the excuses. According to a poll published by the New York Times, three quarters of Americans believe that the nation is headed in the wrong direction.
According to a University of Michigan survey, Americans have the most negative outlook about America’s economy for many years. Another poll indicates that inflation has been the greatest concern. In the midst of the gloomy economic outlook, the senior White House correspondent Alexander Nazaryan noted that inflation has become “Biden’s political nightmare.”
Do you agree with the rise in inflation in America? What are your thoughts on the criticisms Joe Biden has received for his economic woes? Do you agree that inflation has become a ‘political nightmare’ for Biden? Comment below to share your opinions.
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