(Joshua Paladino, Headline USA) Bloomberg Economics estimated that the rapid rise in inflation will cost the average American household $5,000 more this year, National File reported.
The 7.5 percent annual inflation rate has no end in sight as the Biden administration accelerates an economic war against Russia and China, continues to print money to pay for interest on the national debt, and spends trilions on ever-expanding omnibus bills.
The inflation rate comes from massive deficit spending and money-printing under former President Donald Trump and President Joe Biden, as well as Biden’s response to the Russo-Ukrainian War and his anti-energy policies.
Bloomberg economists Andrew Husby and Anna Wong wrote that “excess savings built up over the pandemic and increases in wages” could “cushion” the financial strain from inflation in the short term.
“But accelerated depletion of savings will increase the urgency for those staying on the sidelines to join the labor force, and the resulting increase in labor supply will likely dampen wage growth,” they wrote.
Bloomberg’s inflation estimates rely on the Consumer Price Index, which gauges inflation by tracking price rises in a “basket of goods.”
Low-income households see higher inflation rates than wealthy Americans because they spend a greater percentage of their income on essentials, like food, energy, and shelter, which have risen in cost more quickly than luxury goods, like electronics.
The Department of Agriculture predicted a 5-percent rise in food costs, even as average Americans see the price of meat and dairy jumping more than 20 percent, the Epoch Times reported.
Few people in the article’s comments bought the USDA’s low inflation estimate.
“A 5 dozen box of eggs went from $6.00 to $9.50 In less than a year,” one reader wrote in a comment. “Meat went up 25%. These people are lying and most citizens know that.”
Biden admitted that Americans would see rising food costs and food shortages due to his economic war against Russia.
“It’s going to be real,” said Biden at a press conference. “The price of the sanctions is not just imposed upon Russia, it’s imposed upon an awful lot of countries as well, including European countries, [and] in our country as well.”
