Remember over the summer when the Biden administration said the soaring inflation was only 'transitory'? New data shows that is not true.
"It's almost Orwellian if we look back and follow the narrative" said expert economist EJ Antoni with the Texas Public Policy Foundation, "It started out as, don't worry there is no inflation, and then it was inflation is transitory, and now we're seeing articles that try to tell us inflation is good."
The numbers show it is not good. Not only is inflation at a 30-year high, but now inflation is causing hardship for 45% of U.S. households.
"I think the number is just going to continue to grow as inflation itself continues to grow" Antoni told KTRH. "People who are on fixed incomes, or people with low incomes, they're the ones who really get hammered the most by the tax of inflation."
And if all of that isn't bad enough? The White House says inflation, and the supply chain issues are your fault. "People have wanted things right away, forever! People have always been impatient" Antoni said, "Why is it that all of the sudden now during this administration, that these human behaviors are causing inflation when they haven't for the last 30 years?"
As we look ahead to the new year, after the holidays and the holiday shopping, get ready for large heating bills as the latest wave of this inflation.
"Not only are we going to have large heating bills, but we're going to continue to see the pain at the gas pump unfortunately" Antoni said, "And it really is a shame that the administration is begging OPEC to pump more oil, but for some reason they don't want the oil produced here."
Welcome to Biden-flation in the U.S.
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