By Daniel Stefanski |
The state of the United States economy continues to concern experts and Americans alike.
Earlier this week, the latest Consumer Price Index (CPI) from the Bureau of Labor Statistics noted that the American economy had experienced a 3.2% increase in inflation over the past year.
EJ Antoni, a public finance economist for the Heritage Foundation, reacted to the revelation, saying, “October was the fourth consecutive month of inflation outpacing monthly earnings growth. For 27 of the last 31 months, prices have risen faster than annual earnings. This decline in real earnings coupled with elevated borrowing costs from today’s higher interest rates have cost a typical American family the equivalent of about $7,400 in annual income under the Biden administration.”
A recent poll from Global Strategy Group, which was conducted for the Financial Times and the University of Michigan’s Ross School of Business, showed that 61% of respondents disapproved of the way Biden was handling the economy, while 55% believed that they are worse off since the start of his presidency. The largest concern of the group appeared to be with price increases to food (74%), and 75% believed that rising prices would pose the most significant threat to the American economy over the next six months.
The White House broadcasted a different perspective to the most recent report from the Bureau, stating that the numbers show “more progress bringing inflation down, with annual inflation now down by 65% from the peak.”
President Biden added, “Inflation has come down while the unemployment rate has been below 4% for 21 months in a row—the longest stretch in more than 50 years—while wages, wealth, and the share of working-age Americans with jobs are all higher now than before the pandemic.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
