The Biden Administration has kept pretty quiet about the President’s hidden inflation taxes and the ever-increasing prices in gas, food, and miscellaneous items. President Biden’s deputy press secretary Karine Jean-Pierre was even confronted about the current inflation, to which she was seen scrambling through her press folder on answering the tough questions. She went on to say that they are dealing with a “historic evolving pandemic” that is impacting the economy.
Treasury Secretary Janet Yellen shared on CNN’s State of The Union that the U.S hasn’t experienced these levels of inflation in a “long time” but that they’ll be working through it over the next year. She pointed out Biden’s bipartisan infrastructure bill and the massive social spending package, even though host Jake Tapper notes that it could be “pouring gas on the inflation fire.” Other critics have also pointed to Biden’s “Build Back Better” agenda for the increasing costs hitting Americans across the country.
Yellen went on to say that the inflation rate will “remain high into next year” but that she expects them to improve by the middle to the end of next year.
This is different from what former President Barack Obama’s treasury secretary Larry Summers had to say about inflation. He shared that he has been alarmed for a long time now, but that he is “more alarmed now.” He said they are in “more danger” than they’ve ever been with losing control of inflation in the U.S. Yellen, however, pointed out that Summers is wrong and she believes they haven’t lost control yet.
But now, left-leaning Twitter CEO Jack Dorsey has even warned people about “hyperinflation” and how it will change life as we know it. He said it is “happening now” and that it’s going to hit the U.S real soon.
“Hyperinflation is going to change everything. It’s happening. It will happen in the US soon, and so the world,” Dorsey tweeted.
According to Investopedia, ‘hyperinflation’ is a term used to describe rapid, out-of-control general price increases in an economy while ‘inflation’ is a measured pace of rising prices for goods and services. The site notes that ‘hyperinflation,’ which is rapidly rising inflation, typically measures more than 50% per month, which is becoming a concern for business owners and policymakers.
Even Federal Reserve Chairman Jerome Powell admits that the inflation is “likely to last longer than previously expected.” He said the Fed will soon pull back on “extraordinary measures” they provided the economy, with critics noting that the “help” actually stoked the inflation run. Some say that the stimulus checks also helped trigger ‘hyperinflation.’
More Democrat figures and leaders are coming out to talk about their concerns with the rising prices. Residents in blue states are already seeing the price increases, with a mass amount of people moving out of New York and California over the “cost of living.” The price tags are a warning – but the Biden administration refuses to acknowledge it.