You probably didn't hear about it but very quietly, the Biden administration has more than doubled the inflation forecast.
"Not only did they double it, but they once again failed to have it make any sense" said E.J. Antoni, policy expert for the Texas Public Policy Foundation.
Basically, the White House grossly underestimated how bad prices would rise, and now we are all feeling it. At the grocery store, restaurants, and the gas pump.
And what about that promise that Joe Biden made not to raise taxes on anyone making less than $400k a year? As Antoni points out, inflation -is- a tax increase!
"Joe Biden promises, except that is precisely the group that has been hardest by the Joe Biden tax of inflation" Antoni told KTRH.
As for the real inflation forecast? "The White House forecast of 4.8% is completely absurd" Antoni said, "It would mean that prices would have to stay at their July level for the rest of the year. If they go up, then the White House estimate is going to be garbage."
Translation? Inflation is a hidden tax hike, and our economy is going to get worse, before it gets better.
Photo: Getty Images