‘Biden has made Americans poorer’: Inflation rises in March, prices up nearly 20% under POTUS

The stock market plummeted after inflation rose to 3.5% in March while prices hammered Americans at home, jumping almost 20% under President Biden’s disastrous economic policies.

“Stocks dropped and government-bond yields rose after the latest inflation reading came in hotter than Wall Street expected,” the Wall Street Journal reported on Wednesday. “The consumer-price index rose 0.4% in March and 3.5% on an annual basis. Economists had expected 0.3% and 3.4%. Core CPI, which removes the volatile food and energy categories, was up 0.4% from February, topping an expected 0.3%.”

That caused the S&P 500, Nasdaq Composite, and Dow industrials to all fall by more than 1%. The Dow was off over 500 points. Even leftists are now claiming inflation is here to stay under Biden whose economic policies have devastated Americans’ finances.

This is all despite the White House touting imaginary declines in inflation and an equally fantastical labor market under Bidenomics.

The Fed’s pipedream of cutting interest rates this year appears to be going up in smoke. There is uncertainty about when or if the Fed will begin trimming interest rates.

“There is no improvement here. We’re moving in the wrong direction,” Greg McBride, chief financial analyst at Bankrate, stated according to the Washington Examiner. “The usual trouble spots persist — shelter, motor vehicle insurance, maintenance, and repairs, services costs. Add electricity to that list, up 0.9% in March and 5% over the past year.”

“Investors, as of Wednesday after the inflation report, were pricing in a probability of just over 20% that the Fed will end up cutting interest rates by the time its June meeting has concluded, according to CME Group’s FedWatch tool, which calculates the probability using futures contract prices for rates in the short-term market targeted by the Fed. That is a big change from the day before when the odds were over 56%,” the Washington Examiner pointed out.

Americans don’t need to hear the numbers. They are living with just how bad inflation is and are struggling to make it.

“Both housing costs and some energy costs pushed the CPI index higher last month. Shelter costs rose 0.4% over the month and 5.7% over the year. Shelter and gasoline prices contributed over half of the monthly increase in overall inflation,” the media outlet reported.

“The energy index rose 1.1% over the month as all of its component indexes increased. Energy prices are now up more than 2% from this time last year. That marks the first 12-month rise in that index since February 2023,” the Washington Examiner added.

Inflation allegedly hit a high note of 9% in June 2022 and ever since then the powers-that-be claim it has been coming down… until recently that is. Regardless of the claims, Americans tell a different story when it comes to groceries, housing, gasoline, energy, and other expenses. It feels like the prices have done nothing but skyrocket.

Many conservatives contend that the inflation is due to President Biden’s stimulus spending and his green agenda. It’s perceived that Biden has made Americans much poorer than before he came into office. Bad news for him since it’s an election year.

“The average rate on a 30-year fixed-rate mortgage, for example, has risen from under 3% when Biden was inaugurated to 7.11% in the most recent reading provided by Mortgage News Daily. As a result, the typical payment on a new mortgage rose to $2,721 in March, according to the real estate company Redfin, double what it was as recently as mid-2020,” the Washington Examiner explained.

None of what happened today in the markets even phased Biden, who rushed to spin his economic fairy tale.

“Today’s report shows inflation has fallen more than 60% from its peak, but we have more to do to lower costs for hardworking families. Prices are still too high for housing and groceries, even as prices for key household items like milk and eggs are lower than a year ago,” he said in a statement Wednesday morning.

Americans know the reality out there and all eyes are on the president over it.

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