Americans Fear Inflation is Coming
According to a report by Paul Bedard of the Washington Examiner, 88% of Americans believe that inflation is not “transitory” like certain economic technocrats are saying, and will continue to rise.
The Biden-Harris administration has tried to downplay this trend, but new data show that inflation is growing and then some. According to projections from the Statista Research Department, inflation is projected to grow by 2.5% through 2024 and is then expected to taper off by 2026. At the moment, inflation stands at around 5.4%.
People are feeling it in their wallets as they are paying 45% more for gas, 44% more for fuel oil, 5.6% more for milk, and 8.4% more for bacon.
Skynova, an online invoicing firm, provided the Washington Examiner a survey that indicated how 61% of Americans believe that inflation will have a negative impact on the American economy and the brunt of it will be borne by middle-class families, the young, and the elderly.
In the Skynova survey, 88% of the respondents believe that inflation is an important political issue that must be addressed.This survey comes at a time when congressional Democrats are proposing gargantuan spending bills on “infrastructure” and a whole assortment of pet projects to satisfy their constituencies. Certain estimates show that Democrats’ spending proposals come to roughly $6 trillion.
“Most respondents were familiar with the concept of inflation, and based on their knowledge, the majority expected price levels to rise in the short term. Compared to other societal issues like politics, inflation was agreed to be a relatively important topic to consider in all cases,” the survey’s analysis revealed.
Indeed, the US government’s easy money policies and addiction to big spending is putting it on the path to economic collapse. Economists like Thomas Sowell have warned for years about the economic illiteracy of the ruling class.
Sadly, most politicians have ignored Sowell’s admonitions about big spending, and as a result, the American people will have to pay a steep price for their elected officials’ economic recklessness.