Newsweek: Biden, who declared 300 days ago about temporary inflation, lost the war with it
President of the U.S.A Joe Biden in July 2021, he stated that inflation growth is temporary and has already reached a maximum, then the situation will improve. After 300 days, it is already clear that the politician lost the war with price increases. These words to him remembered Newsweek columnist Darra Roach.
At that time, inflation was 5.4 percent, and it was primarily associated with an unprecedented program of assistance to the economy, carried out against the backdrop of the COVID-19 pandemic and numerous restrictions.
In April, however, prices rose by 8.3 percent, the highest level in 40 years. As Roach notes, practice has shown that Biden’s words were too optimistic, and the return of inflation to its usual course is being postponed.
The material also contains the words of the chapter Federal Reserve System (FRS) USA Jerome Powell, who stressed that the regulator cannot guarantee that the situation will be brought under control due to a large number of factors that are beyond its control. This includes geopolitical tensions in the world.
Biden himself also pointed outthat a new round of inflation is primarily due to events in the world, in particular, the actions of the Russian army in Ukraine and the reaction of Western countries to them. Against this background, gasoline prices in the United States at the end of last week rose to a record $4.45 per gallon (74.5 rubles per liter), which is slightly less than one and a half times higher than in Russia.