One year ago the United States was just dipping its toes into inflation when compared to where things are now. Exactly one year to the date on July 19 2021 President Joe Biden assured us we have nothing to worry about.
These remarks came just after the Biden administration pushed through the $1.9 trillion American Rescue Plan. What exactly did it rescue, anyway?
Many economists warned that pumping this much money into the economy would lead to massive inflation. Joe Biden and the White House scoffed at that notion.
"As our economy has come roaring back, we've seen some price increases," Biden said. "Some folks have raised worries that this could be a sign of persistent inflation, but that's not our view. Our experts believe, and the data shows, that most of the price increases we've seen were expected and [are] expected to be temporary."
At this point, we can safely say it's not temporary. Just last month inflation was over 9 percent, which is the highest since 1981. Gas prices, though they have dropped a little, are still breaking people's wallets.
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