Inflation is now at a 40-year high, increasing by the alarming rate of 7.5%. Now experts are saying the Biden-flation is even worse, but you're not supposed to know that.
"They've actually changed the way they calculate inflation" said well respected economist EJ Antoni, "This year we're now using as a base, some data from 2020, and that means that the numbers are unfortunately skewed down, so inflation is higher than the number we're being told."
And it's going to get even higher, at least 5%-6% more here in 2022. Making things worse, is what is know as a wage-price spiral.
"A wage-price spiral basically means that as prices go up, workers demand higher wages, and businesses have to cover those higher wages with even higher prices" Antoni told KTRH, "And this goes on and on and on, as long as the federal reserve keeps printing money to fuel that spiral."
The U.S. dollar continues to crumble, with China watching, and waiting.
"We've become so dependent on China economically, so they have us over a barrel" Antoni said, "And at any moment of weakness, China will be ready to take advantage of that weakness."
Yet another reminder that elections have consequences.
Foto: Getty Images