The heat is on and Joe Biden is making a desperate effort to save his career.
It turns out, the only thing worse than Biden trying to break America might just be his efforts to pick up the pieces.
And he just proved there’s no end to the ways he can hurt Americans’ pocketbooks.
Thanks to a print-and-burn approach to fiscal policy, inflation has reached record levels—the worst in more than 40 years.
It looks like Joe Biden got into office and immediately decided to lay claim to Jimmy Carter’s title as “worst President ever.”
But, as Carter himself learned, that’s a recipe for a short stint in the White House.
Biden is trying to get away with endless spending sprees and economy-destroying environmental policies while slamming American families with the economic toll from his decisions.
The Biden-era Federal Reserve has been frantically focused on hiking interest rates to stave off a catastrophic economic collapse even as Wall Street veterans claim there’s a 50/50 chance we’ll sink into a recession.
Now former Home Depot CEO Bob Nardelli has warned that a massive rate-hike approach to “cool” inflation is about to have a “devastating impact” on Americans.
“I would tell the consumer, make sure that you’re building up cash reserves,” Nardelli said during an interview on America Reports. “Build up a supply of non-perishables in your home. Make sure that you’re prepared for sustainable inflationary periods.”
Over the past year, shoppers have been shell shocked by extreme inflation and shrinkflation.
“Every time you go to the store, what you’re going to see is they’re trying to avoid sticker shock,” Nardelli said. “So you’re paying $5 or something for a consumable item. The fact is you may have 10, 20, 30% less in that bag or in that can. So that’s really the inflationary number that doesn’t always get accurately reported in the 8.6%.”
Biden’s handlers have been trying to pitch the pocketbook pain as a healthy transition to a “green energy economy.”
But the truth is something closer to a transition to a third-world lifestyle as leftists pick apart the most prosperous country in the world by implementing one atrocious policy after the next.
“What really scared me to death is when I heard the president’s administration say there’s really nothing we can do to affect this period and the situation that we’re in today,” Nardelli said. “That is just an unconscionable response to the demands and the issues we’re facing.”
Without fixing the underlying weaknesses Biden has created in the economy, the interest rate increases are only going to force more of borrowers’ payments to go to interest rates.
Meanwhile, Joe Biden has basically guaranteed to keep spending every penny of taxpayer money he can get his hands on, so borrowers will be lucky if they can pay those house payments at all as the nation’s economy slips off the cliff it’s been teetering on and into a full-blown recession.
Political Animal News will keep you up-to-date on any new developments in this ongoing story.