https://issuesinsights.com/2021/10/01/as-inflation-fears-rise-biden-starts-looking-for-scapegoats/
You know inflation is a problem when it gets harder to find something for $1 at Dollar Tree stores. And that’s exactly what’s happening as the discount chain announced that many of its goods would carry a price of up to $1.50.
There’s been more bad news on the inflation front this week, so, naturally, Biden is looking for someone or something else to blame – other than his own economic policies.
As soon as Biden conjured up his reckless $1.9 trillion “rescue” plan, economists left and right said that pumping that much deficit-financed spending into a fast-growing economy risked sparking an inflationary spiral, to which team Biden said “nonsense.”
When prices did spike in the spring, Biden insisted that “the overwhelming consensus is it’s going to pop up a little bit and then go back down.”
That didn’t happen. This week, Federal Reserve Board Chairman Jerome Powell, who’d previously dismissed inflation fears, said price increases have “been larger and longer-lasting than anticipated,” and that this will “likely remain so in coming months before moderating.” The Fed now predicts that inflation this year will be 4.2%, up from its June forecast of 3.4%.
Also this week, the London-based research firm Capital Economics said that the U.S. may be heading into an “era of higher inflation.”