Either despite or because of Joe Biden‘s best efforts, inflation has increased yet again. It’s now at 8.3%, the highest it has been in nearly 40 years.
The Dow Jones predicted that inflation would increase to 8.1% in April, so the real numbers have increased even beyond expectations. In basic terms, inflation refers to the value of a dollar. The cheaper the dollar, the more dollars are needed to buy basic necessities like food and gas.
And we all know what has happened to gas lately. Reports say that the average price for a gallon of gas in America is nearly $4.43, which is up nearly 50% from a year ago. Per CNBC, auto and home prices have also increased significantly because of inflation.
To curtail some of the effects of inflation, the Federal Reserve has increased interest rates twice in the last year, to little avail. Reserve officials anticipate further interest rate hikes as well.
Here’s what OutKick founder Clay Travis had to say about Biden’s lack of a plan: