Joe Biden is presiding over one of the worst economies in decades.
One mistake is delivering a punch in the gut to working class Americans.
And Joe Biden was furious after a leading economist exposed this colossal blunder.
The cost of living is skyrocketing under President Joe Biden, as inflation has hit 40-year highs under his watch.
He went on a multi-trillion dollar socialist spending spree that was paid with enough debt to make a drunken sailor blush, unleashing rampant inflation on the nation.
Essentials, like food, energy, and housing, are up double digits since Biden took office.
While the country is grappling with rampant inflation, President Biden is trying to take a victory lap.
After blaming anyone and everything else for the inflation his left-wing agenda caused, the President has claimed that the worst is in the rearview mirror.
But back-to-back inflation reports showing that the Consumer Price Index – a measure of the price increase of consumer goods and services over time – is rising yet again.
Heritage Foundation economist EJ Antoni put the blame for the inflation crisis on Biden’s failed policies.
“Over the past week, we have witnessed more fallout from the federal government spending, borrowing, and printing trillions of excess dollars than over the previous several years,” Antoni said after the latest inflation report. “Not only did artificially low interest rates stoke inflation, but they also have facilitated a potential banking crisis.”
The recent collapse of Silicon Valley Bank was one the biggest bank failures in American history.
With the Federal Reserve increasing interest rates to supposedly combat inflation, the bank ignored the risk facing it to focus on pursuing a woke agenda.
The bank’s bond investments plummeted in value as interest rates climbed, creating massive losses.
“The government’s new bailout of irresponsible financial institutions is further complicating the Federal Reserve’s belated fight against inflation,” Antoni added. “We are witnessing in real time how misguided government intervention in the marketplace has side effects worse than the original disease. Instead of allowing that same marketplace to return to regular working order, the government continues applying ‘cures’ with harmful side effects.”
The damage caused by inflation is now spilling over into banking, sparking fears of another crisis under the embattled President.
Biden gave Silicon Valley Bank a bailout in everything but name to save the troubled financial institution.
Federal law guarantees that bank deposits up to $250,000 are protected by the Federal Deposit Insurance Corp.
The Biden Treasury Department stepped in to reimburse deposits over $250,000 for the troubled bank.
With a potential banking crisis and inflation still red-hot, the economy is in shambles as Joe Biden gears up to launch his re-election campaign.
Stay tuned to Conservative Underground News for any updates to this ongoing story.
