An Unexpected New Report Sends Biden Tumbling
This week, President Joe Biden participated in a so-called victory lap so that the President of the United States can convince the American people that the nation is making a full recovery from a substantial economic depression.
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Yesterday, President Joe Biden stated that the United States government anticipates inflation to be in the rear-view mirror and that citizens should have faith that we’re on the right track, that we’re seeing real progress. The economic assessment for the month of August, however, revealed that things had not gone as anticipated.
The rate of inflation and price increases took a momentary dip in July, but both trends reversed course in August, resulting in an annual increase of 8.3 percentage points for the consumer price index. This is a tenth of a percentage point increase from July’s 8.2% reading.
The number was supposed to go down rather than up, and the report shows that the economy is still in a very difficult position. Unfortunately, all of it is higher than anticipated.
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This could be a problem for the chances of Democrats winning midterm elections, which had been improving thanks to the lower numbers seen in July and predictions from D.C. officials who said the trend would continue.
In addition, the costs of providing services go up by 0.7 percent, representing a 6.8 percent increase from August 2021. The cost of goods (excluding those related to food and energy) also went up, resulting in a year-over-year increase of 7.1% for core goods.
The price of gasoline was the one exception to this report, as it decreased by more than 10%; however, overall prices are still higher by more than 25% in comparison to where they were during the same time period the previous year.
Prices of shelter, including rentals and real estate, increased by 0.7% (compared to an increase of 6.2% in the prior year), and prices of electricity increased by 1.5% (compared to an increase of a staggering 15.8% in the prior year). These statistics do not inspire a lot of confidence in the customers. Now that we are getting closer to the elections in November, the question that needs to be answered is how much of an impact this report will have on voters.
According to a number of recent polls, Americans’ primary concern is inflation and the economy. Considering this, it is highly likely that a report on the economy that is less than optimistic will have a negative impact on the Democrat Party.
In any case, the fact that inflation is currently at its highest level in the past four decades, and these findings indicate that there is only a glimmer of hope for a recovery suggests that our financial situation may continue to deteriorate.