Today’s inflation crisis results from Joe Biden and Democrats in Congress spending like there’s no tomorrow. The approval of stimulus checks and various other packages did not lead to economic prosperity as leftists claimed it would.
Instead, this only created a situation where prices skyrocketed, labor became harder to come upon, and complications with the supply chain worsened economic harm.
The Biden Administration is repeatedly grilled about inflation in one way. However, this sitting President continues to show just how uninterested he is in getting inflation settled so the economy can flourish again.
Now, Fox Business reports that Biden’s latest request to the US Pentagon shows that he hasn’t learned a thing when it comes to inflation.
At this time, the current President is requesting from the Pentagon a defense budget that will range from anywhere between $770 billion to over $800 billion. It is considerably higher than the defense budgets requested by other Presidents, former President Trump.
If Biden’s doing this because he believes the previous budget will help the country compete with inflation, he’s dead wrong. Roger Zakheim, the former Defense Deputy Assistant Secretary, has already warned that $770-$800+ billion will not put a pin on inflation in the slightest.
In essence, the current President is still operating under the misguided assumption that if he has bigger budgets and spends more money, it’ll sweep inflation under the rug. It isn’t the case. It has never been the case, but somehow, Biden doesn’t get it or doesn’t want to get it.
As Biden does nothing to handle inflation, everyday Americans feel the sting and have to change their lifestyles significantly.
Some people are looking for higher-paying work. However, this is tough when employers do all they can to lessen costs incurred from inflation.
Savings accounts that some Americans might have had are likewise getting drained. Higher prices play a role in this, as does the massive surge in interest rates taking place as a means to counteract inflation.
Unfortunately, Biden’s mess of the economy has created a vicious cycle where everyday Americans feel trapped regardless of what they do. Unfortunately, the nation’s current leaders cannot provide solutions or answers.
Meanwhile, inflation is forecasted to continue going potentially into 2023.