Inflation doesn’t seem as “temporary” as the White House claimed it was in July 2021
President Joe Biden claimed that inflation would be a “temporary” roadblock one year ago, but it seems to be far from temporary. Regardless of his claim, outside economists were ringing alarm bells last summer, signaling that record-high inflation was right around the corner for the American public.
Regardless of the cause - which is of contention among many, depending mostly on political party lines - the Biden Administration has taken a turn from these claims of temporary inflationary pain. A recent CNBC survey shows that households making between $30,000 and $100,000 believe they are now not making end’s meet. A whopping 77% of those in that income bracket are bracing for a recession by the end of the year.
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