The Biden administration has worked very hard to convince you that you are not suffering. Don’t bother with that open border, or the billions going to Ukraine, or the crime that is infesting your community. NO, you are doing just fine. Stop asking!
But the numbers don’t lie. And it looks like things are much worse than even official data is telling us.
Biden has tried to take a victory lap over the fact that inflation is no longer at 9%. But a former Obama adviser and Harvard professor is bursting his bubble. Not only is inflation continuing to hurt Americans’ pocketbooks. But there are “hidden” factors that reveal the economy is much worse than the White House is letting on.
From Breitbart:
Harvard Professor, economist, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers stated that “the cost of money,” something that isn’t included in cost of living measurements “has gone way up with higher interest rates.” And that’s a good explanation for why people are dissatisfied with the economy.He added, “I’m saying the price of everything, even if grocery prices used to be going up 10% and now they’re going up 5%, they’re still going up from a level that’s too high. The second point is that interest costs, which are very important to people as their monthly payment on their house or their monthly payment on their credit card, don’t show up in the Consumer Price Index, they’re not counted as part of the cost of living. And once you take account of interest rates, you get much more of a sense of why people are not feeling so great about the economy right now.”
Former Treasury Secretary Larry Summers revealed that the economy is much worse than what the Consumer Price Index is reveal. Biden and his aides have tried to dance around minor dips in inflation. But Summers admits that prices are still going up—from a level that was already “too high.”
Not only that, but some reports do not factor in interest rates. High car and credit card payments, thanks to the Feds, are eating away at Americans’ paychecks. That is the “cost of money” that is not being talked about by the White House or media.
Prices continue to soar, as business look for ways to nickel and dime Americans. This isn’t because of “greed” but because of Biden’s failed policies that are hurting everything and everyone. Restaurant chains are closing locations and laying off thousands. People are struggling to put gas in their cars. The signs of pain are all around us. Yet Biden is too cruel to admit it or do anything.
Key Takeaways:
- Former Obama adviser Larry Summers exposed the economy is doing worse than Biden claims.
- The “cost of money” keeps going up, but that isn’t factored in the traditional price index.
- Prices continue to go up from an already high point and interest rates are hammering Americans.
Source: Breitbart
