Biden’s Spending Spree Causes Inflation, Price Surges

Economists are warning that inflation could become a major threat thanks in part to the Biden-Harris administration’s big spending. Indicators point to rising prices across the board, most recently in the commodity sector which includes everything from oil and lumber to grains and iron ore.

Wall Street Journal: The run-up in commodity prices is casting a cloud over the global economic recovery, slamming vulnerable businesses and households and adding to fears that inflation could become more persistent.

Some forecasters are predicting that Biden’s dangerous economic policy could usher inflation so high that it resembles the crisis in the 1970’s.

CNBC: The Deutsche team said the coming inflation could resemble the 1970s experience, a decade during which inflation averaged nearly 7% and was well into double digits at various times. Soaring food and energy prices along with the end of price controls helped push that era’s soaring inflation.

“Already, many sources of rising prices are filtering through into the US economy. Even if they are transitory on paper, they may feed into expectations just as they did in the 1970s,” they said. “The risk then, is that even if they are only embedded for a few months they may be difficult to contain, especially with stimulus so high.”

But Joe Biden and Kamala Harris are ignoring Republicans and economists who are sounding the alarm on the consequences of their radical agenda. They continue to push for record-breaking spending bills that force inflation rates even higher alongside big tax increases on families and businesses still recovering from the pandemic.

Bottom Line: The Biden-Harris agenda is a threat to American families and businesses. Their massive spending proposals are pushing inflation higher, setting the country up for an economic disaster.