Multiple polls show inflation is the top issue driving down Joe Biden’s approval ratings.
Biden needs his administration “on message” about it now more than ever.
So Joe Biden nearly fainted when he heard what Federal Reserve Chairman Jerome Powell admitted about rising inflation.
For the past several months, Joe Biden and Jerome Powell have continuously promised the American people that rising prices would be “transitory.”
However, despite their promises, inflation never reached the Federal Reserve’s baseline of two percent.
Instead, inflation rose 6.2 percent in October, the largest jump in 30 years.
And during a recent Senate Banking Committee hearing, Jerome Powell was forced to admit that inflation was here to stay and that it was time to retire “transitory” from the public dialogue.
“So I think the word ‘transitory’ has different meanings to different people. To many it carries a sense of ‘short-lived.’ We tend to use it to mean that it won’t leave a permanent mark in the form of higher inflation,” Powell told Senators. “I think it’s probably a good time to retire and try to explain more clearly what we mean.”
Of course, the Federal Reserve printing new money and dumping it into the economy to finance trillions of dollars in new welfare spending was always going to devalue the dollar.
Chairman Powell and Joe Biden would have to be ignorant of basic economics to believe otherwise.
But either way, runaway inflation under the Biden administration is souring the American people’s view on the economy, which most political experts agree is always the top issue in every election.
And Chairman Powell coming out and saying that inflation is here to stay is yet another political setback that Democrats can’t afford.
Political Animal News will keep you up-to-date on any new developments in this ongoing story.
