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America's inflation rate hovered around 2% during Donald Trump's presidency. But that number has skyrocketed under unelected-president Joe Biden. Church Militant's Hunter Bradford reveals some economic consequences to Biden's bad policies.
Under Sleepy Joe, America is tasting its highest inflation rate in nearly 40 years and one of the highest levels of inflation in the developed world. According to the International Monetary Fund, the United States and Iceland topped the list of 35 developed nations for rising consumer prices.
This inflation is the result of the billions of dollars in COVID and unemployment payouts and the uncontrolled printing of money under Biden. The numbers don't look good, but Tucker Carlson argues the numbers actually hide a much worse reality.
Tucker Carlson, host, Tucker Carlson Tonight: "In the last year, the price of the used car, for example, has gone up by more than 30%. Beef prices have risen by 21%; crude oil, up 55%."
Supply chain issues, money to immigrants, corporate taxing — Biden's throwing money around like candy. And there are consequences.
Biden concedes inflation is here, but denies it's here to stay.
President Joe Biden: "Some folks have raised worries that this could be a sign of persistent inflation, but that's not our view."
However, Joe Manchin, West Virginia's Democrat senator, believes Biden's Build Back Better plan will only exacerbate the problem.
Sen. Joe Manchin, D-W.Va.: "It's not transitory; it's real. It's harming every West Virginian. It's making it almost difficult for them to continue to go to their jobs — the cost of gasoline, the cost of groceries, the cost of utility bills."
Biden's spendthrift fiscal policy is digging a deep economic hole for the United States of America. Economists estimate America's inflation rate will finish at about 3%, 1% higher than the U.S. central bank's official target.