Highest inflation in 40 years, highest gas prices ever, shortages, and now a recession !!! pic.twitter.com/pOqGWXDBS6
— Wall Street Silver (@WallStreetSilv) July 28, 2022
The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.
Weird how 2 consecutive quarter declines in GDP was a recession each time except this time. pic.twitter.com/CnxlV9mvWW
— Sven Henrich (@NorthmanTrader) July 28, 2022
Biden Sets Record For Highest Inflation Among Any Elected US President on Record
“At this point in his presidency, Biden has presided over more inflation than any president since Gerald Ford, who took office in 1974,” Joseph H. Sullivan writes in National Review. “But President Ford’s path to the White House was an outlier. He was never elected president or vice president.”
Sullivan notes, “Among elected presidents, Biden has presided over more inflation than any since at least 1948, when data on seasonally adjusted consumer prices from the Bureau of Labor Statistics begin.”
One of the biggest factors driving inflation is federal government spending. In the spring of 2020 — after government imposed lockdowns — the first round of stimulus money printing began to offset income losses by Americans forced to stay home from work. That round of money printing by the Federal Reserve resulted in an increase in the money supply.
-There will be no inflation
-Inflation is transitory
-Inflation is good for you
-Inflation only hurts the rich
-Inflation is consumers’ fault
-Inflation is greedy biz’s fault
-Inflation is Putin’s fault
-Recessions mean something else!
-Breadlines are a great way to meet people
— Carol Roth (@caroljsroth) July 28, 2022
GDP Sunk by Plunge in Private Investment, Drop in Government Spending. Consumer Spending Rose Despite Raging Inflation.
Consumers hung in there, amid strong labor market, sharply rising wages. But private investment plunged, incl -14% in residentialt.co/C1T1jRbXce pic.twitter.com/6Kf5c5KRQk
— Wolf Richter (@wolfofwolfst) July 28, 2022
⚠️ YELLEN SAYS AMERICANS FACING GREAT STRESS RIGHT NOW FROM HIGH INFLATION
– Reuters via t.co/6vj5FWMV9H
— PiQ (@PriapusIQ) July 28, 2022