After the inflation rate reached its highest level in 30 years, precisely since November 1990, President Biden announced a halt to this negative trend is becoming his top priority, although he and his incompetent Administration is the reason why we found ourselves in this spot in the first place.

On Wednesday, the Consumer Price Index published documents and compared the prices of goods, starting from the price of groceries, renting apartments, health services to the price of gasoline, and based on the data collected, the index is 6.2 percent higher than in October last year.

Dramatic increase, according to Biden The Gashligt King, should be sought in price increases and market manipulation.

Brandon is out of it

Some of the leading economists in the country have warned how the main reason for inflation is businesses having problems meeting the increase in demand caused by the coronavirus pandemic and supply chain crisis across the country.

The data caused an avalanche of comments, including senator Joe Manchin’s who stated how “inflation is not a current, temporary problem”, emphasizing the situation is “extremely bad” and “getting worse every day”, as the food prices are 5.4 percent higher than last year!

For example, bread and steak are 24 percent, bacon 20 percent, and cereals 4.5 percent more expensive than this time last year!

Inflation has not bypassed furniture prices, reaching 12 percent higher cost than last year, and, for all you car lovers, used car prices are 25 percent higher.

One of the biggest jumps in price is of course - gas, reaching record highs.

To put things into perspective, gas today is 59 percent more expensive than it was last year!

On Friday, the Department of Agriculture released a retail price report which showed the price of fillet mignon rose from $8.42 to $10.28 and beef rib eye from $8.71 to $16.99.

Another record was set this year, and that is household debt.

According to the latest report of the Federal Reserve, household debt increased from $286 billion to $15.24 trillion, in the third quarter of this year!

Senior economist Laura Rosner-Warburton from MarcoPolicy Perspectives stated she believes the United States is facing a period of high inflation that will last at least 6 months.

Rosen-Warburton added bottlenecks in the supply chain have not been resolved until the start of the holiday when demand is expected to rise and the companies will face problems in sourcing materials which is why they are unable to meet increased market needs.

She also addressed bottlenecks in the transport chain and labor shortages due to the coronavirus pandemic explaining how the companies must compensate for lack of manpower, and the way they compensate is by shifting the burden on consumers with increasing prices, which leads to a vicious circle.

Brandon’s solution won’t work

The President occupying the White House, Mr. Joe Brandon, said his $1.2 trillion Build Back Better plan would help Americans suffering from rising inflation, assuming its adoption in Congress is necessary.

Biden pointed out the adoption of this plan will reduce costs for American families, noting how the situation is improving as the number of jobs increases, wages increase, and unemployment and personal debt decrease.

However, those who have even basic knowledge about the economy disagree with Biden’s unfounded optimism.

Namely, if the plan is adopted, the United States would have the highest top income tax among the countries of the developed world.

According to the Tax Foundation, the United States, with an average top tax rate of 57.4 percent (now is 42.9 percent), would be ahead of Austria with 55.0 percent, Greece with 54.0 percent, France with 55.4 percent, and Japan with 55.9 percent.

Biden’s eyes shutting to inflationary catastrophe affecting America and placing hope in a plan that will lead to an even greater economic catastrophe is a clear answer to the question of why Biden has such low support according to recent polls.