For over a year, at this point, inflation is a problem that’s had its grip on the American public. The ongoing rise of costs is what’s draining people’s savings, forcing folks to put off retirement plans, and making life unaffordable in general.
People who were struggling before inflation began are truly having a rough time as of now. Meanwhile, the White House has been putting out various claims about inflation that just aren’t accurate.
It was initially said that inflation was a “transitory” phase that would later lead to a thriving economy. This thriving economy has yet to materialize 13 months later since inflation began.
Afterward, the Biden administration waved growing consumer costs aside as “high-class problems.” Although, high earners in the country aren’t being hit in the ways that middle-class and low-income earners are.
Naturally, Americans are looking forward to the days in which inflation is over. Sadly, this is now projected to be years down the line.
What Every American Must Know About Inflation
On Thursday, Larry Fink, the CEO of BlackRock, shared some news about inflation that most folks aren’t going to be pleased to hear.
Fink told Bloomberg News that “a number of years” could very well pass before inflation is a thing of the past. The CEO also mentioned various Federal Reserve policies (such as hiking interest rates) that resulted in a “recalibration” of US markets.
At this time, the market is divided between losers and winners. Growth stocks have absorbed some serious hits, while commodity companies managed to rise in moderation. Fink’s view of all this is it’s now widespread knowledge that inflation isn’t just going to be a phase as the White House once claimed.
In a nutshell, the statements from the BlackRock CEO indicate that Americans are going to be dealing with sky-high prices for quite some time to come. There does not appear to be light at the end of the tunnel, at least not for the foreseeable future.
How Biden is Sealing Americans’ Fate
Joe Biden has blamed everyone and everything from COVID and Russian President Putin to Republicans and Congress for inflation.
The president also recently informed the nation that there’s not going to be a button he can press to reduce gas expenses and grocery store prices. What the president didn’t mention is the role his American Rescue Plan played in causing inflation.
Biden likewise didn’t admit he could very well lower gas prices by reinstating oil drilling on federal lands, reopening pipelines, and bringing back oil and gas leases.
This president continues to prioritize his own partisan agenda, an agenda at odds with policies that would drive down inflation, at least to some extent.
In the meantime, everyday Americans are left struggling.