(HorizonPost.com) – During the second quarter of 2021, signs of intensifying inflation — increasing prices and declining purchasing value — reached levels not seen in 13 years in America. Consumer prices in June rose 5.4% over the same month in 2020, raising fears that the country may be entering a period of extended increases.
The Blame Game
A National Tracking Poll conducted July 23-26 by Morning Consult/POLITICO covered a range of topics, including opinions on who or what bears responsibility for the increased prices. A group of nearly 2000 registered voters responded to the question, “To what extent do you think [the Biden administration’s policies are] responsible for the increasing inflation in the U.S. economy?”
Overall, nearly 6 in 10 (59%) answered very/somewhat responsible, while only 13% held President Joe Biden completely blameless. As might be expected, younger/Liberal/Democrat respondents were less critical of the president.
However, Senator Tom Cotton (R-AR) agreed with the majority and laid much of the responsibility at the president’s and the Democrats’ feet during a July 30 appearance on Fox News Channel’s The Ingraham Angle. The Senator said that the increase in inflation comes in part from Biden and the Democrats spending more money than the country has, continuing to overpay unemployment insurance and applying various mandates to keep the country’s economy from opening up.
Two Different Forecasts
In remarks made on Monday, July 26, President Biden was more inclined to say inflation is just a side-effect of emerging from the pandemic and claimed that “there is nobody suggesting there is unchecked inflation on the way — no serious economist.” Treasury Secretary Janet Yellen must not be a “serious economist” when one considers her July 15 comments when she said, “We will have several more months of rapid inflation,” during an interview on CNBC.
The Joker in the Deck
Still, no one can predict the effect the coronavirus Delta variant could have on the economy with any certainty. States and cities are beginning to mandate masks be worn indoors, even for the fully vaccinated.
Some foreign nations are starting full or partial lockdowns in response to this strain of the virus, and if this becomes necessary in the United States, then all bets are off. President Biden has ordered mandatory vaccinations for government workers, adding to the nation’s unease.
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