The clock may be approaching midnight for the Biden administration spending spree party.
It was good times sending out checks to celebrate the big victory over Donald Trump. But now with inflation rising every single month, and next years mid-terms looming closer, the left need to make a right turn.
Biden and the Federal Reserve continue to say all the right things. But the consumer price index rose over 4.2% over the past year, and that's the fastest rate since 2008.
Economist and financial planner Ray Perryman of the Perryman Group told KTRH, "We put a lot of money in the economy, and a lot of money into people's pockets, and things are opening up to where they can spend that money now. There are some real factors out there to cause inflation."
With the rising inflation, has come growing concerns and a call for Biden and the Fed to offset inflation. Perryman says, "I guess you could call it a warning sign. This is a situation where we need to monitor it very carefully, the Federal Reserve needs to be ready to jump in if necessary. A lot's happened the last year. We need to keep an eye on this."
In the meantime, Americans are keeping their eyes on soaring gas prices, and weekly increases at the gas pump. This was not how the script was supposed to go, with the economy set to explode post-pandemic.
"I think the biggest thing right now is to recognize that it's a problem" Perryman said. And the best way to slow down the problem? The Biden administration needs to stop this massive spending.
"The Federal Reserve may stop putting so much out there sooner rather than later, because they're watching the inflation situation" Perryman cautioned. A situation that was handled under Donald Trump is now going completely the other way.
They also need to watch the calendar. Those mid-terms will be here before they know it.