The economy is crumbling under Joe Biden.
And there’s one reason why.
Now, one shocking inflation report shows how Biden is destroying America’s economy.
When Joe Biden took over as president at the beginning of the year, he inherited an economy that — while battered by the coronavirus pandemic and Democrat-imposed shutdowns across the country — was one of the strongest in the world.
Now, less than a year into office, Biden has overseen a deteriorating economy that threatens all the economic progress America has seen over the past 10 years.
And it’s all because of skyrocketing inflation that is set to destroy Americans’ savings, and potentially trigger a massive economic correction within the stock market as well.
CNBC reports, “Inflation surged in June at its fastest pace in nearly 13 years amid a burst in used vehicle costs and price increases in food and energy, the Labor Department reported Tuesday. The consumer price index increased 5.4% from a year earlier, the largest jump since August 2008, just before the worst of the financial crisis. Economists surveyed by Dow Jones had been expecting a 5% gain.”
The report highlights one of the worst periods of inflation in American history, and there’s no sign that the train wreck is slowing down any time soon.
Instead, things appear to only be getting worse under Biden, as America’s dollar loses more and more of its value and prices rise across the board, on everything from gasoline to lumber.
The inflation numbers also pose a huge threat to the stock market, which was at an all-time high at the time of Biden’s inauguration.
Higher inflation rates could force the Federal Reserve to raise interest rates sooner than expected, which would likely trigger a huge sell-off in the markets, hitting Americans even harder.
“Stock market futures fell following the report, while government bond yields, which have been down precipitously, were mixed,” adds CNBC. “Policymakers at the Federal Reserve and the White House expect the current pressures to begin to ease, though central bank officials have acknowledged that inflation is stronger and perhaps more durable than they had anticipated.”
Across the board, the key metrics that are used to measure inflation have all skyrocketed since Joe Biden took office.
Even worse, some of the basic goods many Americans rely on to live have been among the hardest hurt.
Now, numerous companies are publicly announcing they’re raising their prices to meet the growing inflation, which some economists say is reaching critical levels.
While it was widely expected that prices would rise this year, almost all the prominent economists in Washington and on Wall Street have been stunned with how rapidly the situation has deteriorated.
“Food and energy prices also were up substantially, 0.8% and 1.5% respectively. The gasoline index rose 2.5% in June and is up 45.1% over the past 12 months. Food has increased 2.4% in the past year,” concludes CNBC.
If left unchecked, the rising inflation could trigger an economic recession, and potentially the largest economic downturn since the 2008 crisis.