While Joe Biden has been repeatedly saying, inflation was a tiny blip on the radar of happiness, it is once again proved, Biden and his administration have been consistently lying with the Americans and inflation has been hitting Americans since the summer, with prices rising on a wide range of goods. With a series of catastrophic decision of the Biden administration, including the recent blunder in Afghanistan, where the country has been handed-over to the Taliban and other jihadist groups, there is predictions of a dire economic crisis in the US, where Americans will face immense sufferings, which would be further increased with hundreds and thousands of illegal immigrants entering the country. More illegal immigrants would result in further job crisis and hundreds of thousands of Americans losing their jobs as employers would prefer hiring aliens at a lower wage.
Although political analysts are seeing a major political disaster for the Democratic Party during the 2022 midterm elections, others say, Biden administration will enter into tsunami of crisis by the end of this year. Meaning, for Americans, the year 2022 will be full of bad news, and things won’t really change unless they can see Biden and Kamala Harris getting removed from their posts through impeachments and the House and Senate returning to Republican majority. At this crucial junction, Americans need a savior to salvage them from the dire consequences Joe Biden and Democrats have already pushed them.
Biden administration has already started retreating from its predictions that inflation was a “tiny blip on the radar of happiness”.
Twitter CEO Jack Dorsey offered his dire two cents on Friday.
“Hyperinflation is going to change everything. It’s happening”, he wrote to his 6 million Twitter followers.
Although he wrote, “It will happen in the US soon, and so the world”, economic analysts say, during the post-pandemic scenarios, no other country in the world would witness such severe economic crisis. Another nation that also may suffer from economic crisis is India.
CNBC defined hyperinflation as “a condition of rapidly rising prices that can ruin currencies and bring down whole economies”. Hyperinflation has often used in modern discussions in connection with Venezuela.
A 2019 report from CNBC crystallized the impact of hyperinflation on that nation.
It said that at that time, Venezuela’s hyperinflation rate was 10 million percent, with hopes of declining below 1 million percent. The report said that in six years, the cumulative decline of the country’s economy was 65 percent.
On Friday, Federal Reserve Chairman Jerome Powell stopped using the word “transitory” to describe inflation.
He said inflation pressures would likely last longer than originally predicted, even stating they may move into 2020, according to Fox Business.
“There is a lot more inflation on the horizon”, said Ian Lyngen, an analyst at BMO Capital Markets, according to the Financial Times.
The publication reported that it had seen a letter from hedge fund manager David Einhorn’s Greenlight Capital that Powell “hasn’t lifted a finger to fight inflation,” adding “inflation is here and it appears poised to worsen”.
In a commentary headlined “Inflation Is the Mother of Big Political Change” in the Wall Street Journal, Holman Jenkins Jr. wrote that “Inflation is like COVID: If it gets loose, it will dominate our politics”.
He noted that government spending could be a major factor in how inflation impacts the nation.
“We may discover other vulnerabilities but two gaping ones weren’t part of the story in the 1970s. In 1977 federal debt was 34% of GDP; today it’s 125%. And the share of Americans who’ve experienced direct government aid has quadrupled. It now comprises more than 50% of the population, and that’s before our vast pandemic spending and Joe Biden’s welfare ambitions,” he wrote.
“Which means a lot could go kerblooey and fast. Rising interest rates could double or triple today’s US$400 billion interest bill on the national debt. Overnight, this item could rival Social Security and Medicare as the biggest single budget outlay,” he wrote.
With an eye on the spending packages before Congress, he added, “To the upwelling of voter aggravation, add Congress’s likely targeting of indirect benefits that effectively put almost 100 percent of Americans on the dole”.
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