Presidencies are defined by the economy – and while Biden has been reaping the benefits of a strong Trump economy, that could change and soon.
Inflation, the beast that killed the Jimmy Carter presidency, is about to rear its ugly head. And even Biden’s advisors are admitting it.
The Epoch Times reports:
Speaking to Fox News, Council of Economic Advisers chair Cecilia Rouse was asked about whether the trillions of dollars in new and proposed spending will lead to inflation.
“These are very serious concerns, and we know that coming out of an extremely deep recession that there are going to be bumps along the way. We expect that there is going to be supply chain disruptions. That will cause some transitory increases in prices,” Rouse responded.
There have been fears that with the considerable amount of spending, starting with last year’s CARES Act stimulus package and subsequent packages, higher inflation won’t be transitory.
Anyone that’s tried to buy a home recently knows that inflation is already here. And it’s hitting the middle class harder than anyone.
If middle-class Americans feel the pinch of Biden’s extravagant money printing, they won’t be forgiving in 2022 or 2024.
That’s something that Biden, and the Democrats, have to be in fear of.