Biden Is Full Of Ship | Ep. 1354
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Inflation Effects
The current inflation surge is impacting everyday expenses, with consumer prices showing the largest year-over-year increase since 2008. highlights that while used car prices have slightly decreased, the overall cost of goods and services continues to rise, affecting everything from groceries to housing costs 1. He notes that the Federal Reserve's radical monetary policies since April 2020 have contributed to this inflationary trend, with real hourly earnings declining since Joe Biden took office 1.
Real hourly earnings are down 1.9% since January, when Joe Biden became president.
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The White House's focus on supply chain issues, such as extending port operations, is seen as insufficient to address the broader inflation problem 2.
Government Response
Government responses to inflation have included adjustments to Social Security benefits, which are set to rise by 5.9% in 2022, the largest increase in four decades 3. criticizes this as a burden on taxpayers, arguing that higher wages are offset by rising prices, negating any perceived benefits for workers 3. He also points out that the administration's strategy of downplaying inflation and focusing on supply chain issues fails to address the root causes of the problem 4.
The White House continues to downplay inflation, even though it obviously is a serious problem.
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Additionally, the Federal Reserve's plans to taper asset purchases are seen as a necessary step, but Shapiro remains skeptical about their effectiveness in curbing inflation without causing further economic slowdown 5.