(RightIsRight.co) – When the COVID-19 pandemic began, lawmakers responded by flooding the country with money. Most recently, Democrats passed a $1.9 trillion stimulus package shortly after President Joe Biden took office, throwing even more money at the problem before even giving former President Donald Trump’s last economic bill time to work. All of the money saturating the economy is contributing to an inflation crisis — but the new president doesn’t seem concerned.
— Congresswoman Debbie Lesko (@RepDLesko) June 15, 2021
On Wednesday, June 16, Newsmax reported the Biden administration isn’t concerned about the increase in inflation. The news comes days after the Federal Reserve Bank of New York revealed inflation rose 0.6% last month to 4%, the highest rate since the NY Fed’s Survey of Consumer Expectations started. It was the seventh month in a row where inflation expectations rose.
Rather than taking steps to bring inflation down, the Biden administration seems unconcerned. It seems White House officials are pointing to charts of interest rates on five-year US Treasury notes and other medium to long-range indicators. The charts show that market expectations of inflation have been nearly flat and that they are pretty much what they expected over the next 15 years. In other words, while inflation is rising, it likely won’t cause a crisis.
However, Republicans disagree. They believe that the Biden administration is gaslighting the American people (presenting a false sense of reality) into thinking there won’t be a problem. Prices are rising for goods and services across the country at the same time people are still trying to recover from the economic burdens of the pandemic. While the administration might not see a problem with the fact that hardworking people are getting less for their money, all Americans are feeling the pinch in their budgets.
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