I need to admit, Joe Biden has a horribly deceptive nickname “Center Class Joe.” Between Biden’s horrible vitality insurance policies and Pelosi’s/Schumer’s spending binges, the US center class and low wage staff have suffered mightely with the inflation tax. Throw in Jerome Powell and The Federal Reserve’s manic cash printing and the American center class has an issue.
US inflation peaked at 9.1% year-over-year (YoY), however has declined to a nonetheless painful 7.1% YoY as The Fed removes it aggressive financial stimulus. However to deal with persistent US inflation, customers have needed to dip into financial savings and use extra bank cards. As a consequence, private financial savings plunged -64.8% YoY whereas shopper credit score rose 7.9% YoY.
The opposite tax on the center class and low-wage staff is the 21 straight months of destructive REAL weekly earnings progress.
On the housing entrance, REAL house costs are rising at 1.5% YoY whereas REAL weekly wage progress continues to be NEGATIVE at -3.13% YoY.
Make no mistake, inflation attributable to The Fed and Federal governments spending is a tax on the center class and low wage staff.
Biden, Pelosi, Schumer and Powell are the 4 Horseman of the Inflation Apocalypse.
