According to the latest Consumer Price Index (CPI) report from the Bureau of Labor Statistics, U.S. inflation is at a new permanent high, but U.S. President Joe Biden is losing ground on climate change legislation. The Biden administration’s recent budget negotiations and tactics to deal with inflation have been criticized by Senator Joe Manchin of West Virginia, who believes certain parts of the climate change bill can wait. In the political fray, the U.S. government and the Federal Reserve have been accused of spending heavily while bureaucrats continue to fuel weapons contractors and wars and the Fed’s balance sheet is not being reduced.
Political strategists say inflation has hammered the Biden administration and the Democrats, but won’t force them out
U.S. President Joe Biden and his administration have been under fire over the latest CPI report that showed consumer prices in June rose at the fastest annual rate since 1981. The report has drawn a lot of flakover the report that consumer prices rose at their fastest annual rate since 1981 in June. In the U.S., costs for oil, gasoline, electricity, food, and automobiles continue to rise each month.
While noting that rising inflation is a problem for Americans, The Hill opinion contributor Brad Bannon believes that “inflation has beaten the Democrats but not deposed them. “22} in an opinion editorialBannon states that Republicans face “political headwinds” that could threaten the party’s future.
Despite the knockdown caused by inflation, Bannon argues that “continued visibility of Trump,” and the Supreme Court overturning Roe v. Wade, may lead to Republicans’ failure to appeal to voters.” If that is not enough, the ongoing congressional investigation of the failed January 6 Capitol Hill coup will keep Trump in the middle of the media screen when the GOP wants to fix its focus on the incumbent president,” Bannon wrote.
Senator Joe Manchin Claims “Inflation Is Absolutely Killing More People”
The Biden administration is also responding to Senator Joe Manchin (D-Va.), who told a West Virginia radio host on Friday that Biden’s budget negotiations He explained that he is still “involved” in the process. Manchin told the radio host that “inflation is absolutely killing many, many people,” and he opposes certain parts of Biden’s climate plan.
“Can’t we wait to make sure nothing more is done? Manchin asked on his radio show. The West Virginia Democratstressed that inflation is a “clear and present danger to our economy”
“because anyone who visits a grocery store or gas station can see that we cannot add any more fuel to this inflationary fire It’s. The senator added, “We can’t make a mistake in the midst of the highest inflation we’ve seen in 40 years.”
The same day, Bidenacknowledgedthe administration’s lack of necessary support for climate change legislation. However, Biden said he intends to use “all the power” he has as president to continue the fight against global warming.
Congress increases military spending, gives Ukraine $1.7 billion, and the Fed is accused of not tapering the central bank’s balance sheet
Government spending continues to rise ever higher amid searing inflation. While Biden and the Democrats battle Republicans in front of the media, a bipartisan effort has greatly fueled U.S. government spending.
Journalist Glenn Greenwald (60) explained on Saturday how the “establishment” of the two bickering parties seem to regularly agree on military spending without much discussion (61). Greenwald emphasized that Biden requested $803 billion for military spending in 2023 and that Congress “arbitrarily increased it by $37 billion to $840 billion.”
The House passed a record $840 billion military budget, the same as all stimulus packages combined.
Printing money for the people is “socialist” but printing for military contractors is “bipartisan.”
– Dan Price (@DanPriceSeattle) July 15, 2022
Five days ago, the United States Department of the Treasury and Agency for International Development (USAID) gave the Ukrainian government another$1.7 billion in aidEstimates indicate that the U.S. government has given at least$6.8 billionand that Ukraine has at least $6.8 billion plus Mi-17 helicopters, M777 howitzers, MANPAD systems and the use of anti-tank guided missiles, Cheetah, Javelin, Miran, and Harpoon missiles, among other benefits.
NOW – US announces $1.7 billion in additional aid to Ukraine. pic. twitter. com/gy3a3HjnMh
– Disclose. tv (@disclosetv) July 12, 2022
In addition to U.S. government spending, the country’s central bank said Federal Reserve assets increased by $40 [billion] to $8.896 [trillion] within the last weekasreportsblamedfor continuing to print huge amounts of US dollars
At the end of June, gold bug and economist Peter Schiff said the Fed said that it has not stopped expanding its balance sheet. Schiff has been a critic of the Fed for years and has always been quite vocal in his opposition to excessive government spending.
99} #Fed 100} #Fed has already stopped shrinking its balance sheet. Total assets increased by $4 billion last week to $8.896 trillion. The balance sheet is now equivalent to 36.5% of US GDP, compared to 81.9% for the#ECBand 135% for the BOJ. pic. twitter. com/XOQtydBZNF
– Holger Tsaepitz (@Schuldensuehner) July 15, 2022
“The Fed’s balance sheet expanded for three weeks in June. It just expanded for the third consecutive time,” Schiff wrote on Twitter. “The $1.9 billion increase brings the size of the Fed’s balance sheet to $8.934 trillion, when will the Fed end [quantitative easing] and stop creating inflation and start [quantitative tightening] and actually start fighting inflation?”
Some individuals, however, say the Fed’s balance sheet is shrinking correctly. One individualnotedon Twitter, “They need to keep buying because their assets are maturing.” The
earthquake,
the nuclear accident,the nuclear accident,the nuclear accident,
the nuclear accident. We need to know the exact maturity to track the days, but even so, there is no doubt that it is shrinking at the right rate.”
But peopledisagreed with that assessmentand stressed that the Fed “has repeatedly shown that it has been buying far more than its own projections since March.” The Biden administration said the recent CPI numbers are already outdated because gasoline prices have dropped since the CPI report came out.
Soaring gasoline prices are driving Americans toward clean energy, and the Biden administration’s inflationary theories and economic measures have not convinced Americans of its correct direction
{while in videoduring an interview with Biden’s Transportation Secretary Pete Buttigieg Buttigieg can be seen bragging about how high gasoline prices are driving Americans toward electric cars. Biden Energy Secretary Jennifer Granholm recentlyemphasizedthat high gasoline prices are “accelerating progress toward clean energy.”
Biden’s approval rating has dropped to 33%, with a full 64% of Democrats wanting someone else to represent the party in 2024, according to a134} {nytimes}136} @SienaResearch poll. Poll by @SienaResearch. The top reasons are age (33%) and job performance (32%).137} @ShaneGoldmacher https://t.co/G3cwiLMMoa
– Peter Baker (@peterbakernyt) July 11, 2022
Despite the White House saying the CPI numbers are outdated, Americans They are not convinced. The New York Times published anational pollshowing that three-quarters of the public thinks the country is headed in the wrong direction.
A
University of Michigansurveyshows that the American people have the worst outlook for the U.S. economy in years, and anotherpollshows that inflation is the biggest concern so far. Amid the bleak economic outlook, senior White House correspondent Alexander Nazaryan noted that inflation has become “Biden’s political nightmare.”
What do you think about the rising inflation rate in the United States and the blame that Joe Biden and his administration receive for the bleak economic outlook? Do you agree that inflation has become a “political nightmare” for Biden? Let us know your thoughts on this subject in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons