The economy is a key concern for voters, according to polls. Voters worry that the US may soon enter a recession.
Now Joe Biden’s been handed one report that could kick him out of office.
According to the government’s September inflation report, prices have been rising faster than expected by economists.
Contrary to expectations, prices increased by 0.4 percent from August.
The producer price index, a measure of prices that U.S. businesses get for the goods and services they produce, increased 0.4% for the month, compared with the Dow Jones estimate for a 0.2% gain. On a 12-month basis, PPI rose 8.5%, which was a slight deceleration from the 8.7% in August.
Excluding food, energy, and trade services, the index increased 0.4% for the month and 5.6% from a year ago, the latter matching the August increase.
The inflation report, in the opinion of Jim Cramer of CNBC, was a total failure that portended worse economic hardship.
“It was just plain bad. There’s absolutely nothing to say about it other than it was bad. A lot of people were hoping this number’s going to be good, maybe accepting that tomorrow’s going to be bad,” Cramer said.
“The only thing that’s actually even remotely positive about it is that there’s nothing that’s really shocking to the upside, it’s just kind of as bad as it’s been.”
There is simply nothing positive about this place, Cramer continued.
To combat inflation, the covert Federal Reserve is expected to keep raising interest rates.
The Fed’s constant interest rate increases to combat Joe Biden’s inflation threaten to throw an already-recessionary economy into a full-blown depression as the economy has already experienced two straight quarters of shrinkage.
And Joe Biden is responsible for this situation with inflation.
Joe Biden directed Congress to pass new socialist spending measures totaling trillions of dollars.
Even former Obama economic adviser Lawrence Summers, who warned that the $1.9 trillion Blue-state rescue measure would lead to extremely high inflation, was disregarded by Democrats.
Inflation quickly rose to its highest level in 40 years as Biden and the Democrats moved forward at full speed.
As prices rose, Biden exacerbated the situation by insisting that Democrats pass trillions more in socialist spending that would increase inflation.
All Americans are currently bearing the cost of Biden’s error, which has the potential to cause the economy to completely collapse.
Stay tuned to Prudent Politics.