Joe Biden’s Presidency is a tragedy for the country.
No one thought it could be this bad.
Now Biden’s panicking after he discovered one problem that could cost him everything.
President Joe Biden’s collapsing regime is besieged with problems but none is bigger than inflation.
The inflation rate when Biden took office in January 2021 was 1.4%
Right out of the gates, Democrats rammed through their $2 trillion American Rescue Plan without a single Republican vote.
Biden claimed the bill was for “pandemic relief,” but 90% of the $2 trillion was a giveaway to left-wing special interests.
After flooding the economy with trillions of debt financed dollars, inflation began to take off.
The country has been rocked by month after month of devastating inflation reports thanks to Biden’s socialist spending spree.
President Biden has been wrong every step of the way about inflation, laughably claiming that it had peaked last December.
Now, he has been hit with the worst inflation news of his Presidency after June’s report found that inflation increased to an annual rate of 9.1%, yet another 40-year high.
That number came in well above economists’ predictions of 8.8%.
The real cost of most everyday items is much higher than the official rate of 9.1%, with gas up 60%, eggs 33%, and butter 21%.
This soaring cost of living is crushing Americans as they struggle to keep up.
Now, the federal government’s own data reveals that soaring inflation is forcing workers to take a pay cut.
Real average hourly earnings, the measure of wages adjusted for inflation, plunged in June by 1% compared to May.
Former chairman of Barack Obama’s Council of Economic Advisers, Jason Furman, described the news as “terrible.”
“The decline in real average hourly earnings at this point is terrible, the fastest pace of decline in 40 years,” Furman said.
Despite a tight labor market driving up wages for workers it can’t keep pace with white-hot inflation.
Americans are being crushed by the devastating inflation unleashed by Joe Biden’s socialist spending spree.
Since President Biden took office workers have lost $3,400 in annual wages due to inflation.
The Heritage Foundation’s E.J. Antoni told Fox Business that inflation cost the average family with two working parents $6,800 in annual wages.
“I can’t emphasize enough how much this is really crushing consumers,” Antoni said about the lost wages. “It’s truly crushing the middle class.”
After decimating Americans’ standard of living, Joe Biden is facing a major political problem heading into the Midterm elections.
A recent ABC News/Ipsos poll found that 80% of voters said inflation will be an “extremely/very important” factor in how they’ll vote this fall.
The same poll found that 71% of voters disapproved of Biden’s handling of inflation.
The problem is so bad that even the corporate-controlled media’s polling can’t hide it.
Inflation is the biggest problem in the country and Americans overwhelmingly blame Biden.
Joe Biden’s disastrous handling of inflation is set to cost Democrats control of Congress and his hopes for a second term.
Stay tuned to Conservative Underground News for any updates to this ongoing story.