Just 18 months in, the regime has reversed the fabulous economy built by President Donald Trump and a GOP-controlled Congress with policies purposely designed to create massive inflation and economic turmoil.
They did this by having the Democrat-controlled Congress pass excessive, large spending bills at a time when the pandemic had created a supply chain crisis; putting more money into an economy with fewer goods available to buy leads to higher prices as demand goes up.
In addition, Biden's handlers had him sign several executive orders attacking the fossil fuel industry, which in turn led to record-high oil, gasoline, diesel fuel and natural gas prices. An industry under assault is not going to spend billions of dollars investing in new infrastructure like pipelines and refineries if they see the administration bending to the whims of the far-left who want to put them out of business.
All of which has led to historic levels of inflation, as the Labor Department noted this week, per Breitbart News:
Inflation in the United States, already at 40 year highs, rose to an annual rate of 9.1 percent in June, the Department of Labor said Wednesday. This is the highest rate since 1981.
Compared with a month earlier, the Bureau of Labor Statistics’ Consumer Price Index was up 1.3 percent.
Economists had expected CPI to rise at an annual rate of 8.8 percent, up from 8.6 percent in May. They expected a month-over-month increase of 1.1 percent.
Inflation continues to wreck the budgets of American families as prices for everyday necessities including food, gas, diesel, housing, utilities and transportation continue to climb. Other items like clothing, appliances, construction materials and furniture are also experiencing massive price hikes and shortages.
And the more household budgets are consumed by inflation, the less money those families have to spend on other things like recreation, restaurants and so forth.
The inflation has become so bad that even some Democrats are calling out Biden and Democratic leaders like Speaker Nancy Pelosi (D-Calif.).
“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,” Sen. Joe Manchin of West Virginia said after the latest inflation figures were released, echoing a familiar theme that he believes massive government spending is in large part responsible for runaway inflation, now at the highest levels in more than 40 years.
“Today’s inflation data illustrates the pain families across the country are feeling as costs continue to rise at a historic rate,” Manchin added in a statement posted to his Senate website.
“9.1% is cause for serious concern. Items like chicken, eggs and lunchmeat have increased to new highs, while energy costs rose more than 40% in June with those that can least afford it suffering the most.
“It is past time we put our country first and end this inflation crisis. For more than a year, leaders in Washington have ignored the serious concerns raised by myself and others about the rising cost of inflation,” he continued.
“While Washington seems to now understand this reality, it is time for us to work together to get unnecessary spending under control, produce more energy at home and take more active and serious steps to address this record inflation that now poses a clear and present danger to our economy,” Manchin added.
Biden and his Obama handlers are purposely tanking our country.