Despite the rosy face Democrats keep desperately trying to put on Biden’s disastrous economy, new reports find that inflation is still a crisis for Americans.
Imagine that. “Unexpectedly.”
Not everyone sees a rosy picture, though. Jamie Dimon, the CEO of JPMorgan Chase, had a stark warning for the U.S. economy in his annual letter to investors this week.
Dimon warned that the U.S. economy is still not doing well with troubles fueled by multiple wars around the world, China’s economy is crashing, and all of this will fuel “higher energy and food prices, inflation rates and volatile markets.”
So, no, Joe Biden, your economy isn’t going like gangbusters.
“It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus,” Dimon said. “There is also a growing need for increased spending as we continue transitioning to a greener economy, restructuring global supply chains, boosting military expenditure and battling rising healthcare costs. This may lead to stickier inflation and higher rates than markets expect. Furthermore, there are downside risks to watch.”
Dimon also warned that long term trends show that nothing is going to get better any time soon the way things are going.
He also said that in the short term inflation rates will be going upward, not down.
Meanwhile, CNBC reported that the consumer price index is still showing bad signs for the nation.
The consumer price index accelerated at a faster-than-expected pace in March, pushing inflation higher and likely dashing hopes that the Federal Reserve will be able to cut interest rates anytime soon.
The CPI, a broad measure of goods and services costs across the economy, rose 0.4% for the month, putting the 12-month inflation rate at 3.5%, or 0.3 percentage point higher than in February, the Labor Department’s Bureau of Labor Statistics reported Wednesday. Economists surveyed by Dow Jones had been looking for a 0.3% gain and a 3.4% year-over-year level.
Excluding volatile food and energy components, the core CPI also accelerated 0.4% on a monthly basis while rising 3.8% from a year ago, compared with respective estimates for 0.3% and 3.7%.
Prices are soaring all over the place.
Gasoline, for instance, is now up more than 50 percent since Trump left office.
Per Newsmax:
Gasoline prices in the United States have soared to a six-month high, reaching an average of $3.60 per gallon, marking a more than 50% increase since President Joe Biden took office, Breitbart reported.
Over the past month alone, pump prices have surged by more than 20 cents a gallon, leaving consumers feeling the pinch. The current average price is over $1 higher than when former President Donald Trump left office, at $2.38 per gallon.
Joe Biden is truly a wrecking ball.
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