President Joe Biden and his senior advisers meet with U.S. Senator Joe Manchin (D-W.Va.), Thursday, October 7, 2021, in Counselor to the President Steve Ricchetti’s West Wing office. (Official White House Photo by Cameron Smith)

Biden’s Economy Breaks Another Record

Joe Biden’s economy has broken yet another bad record, The Daily Caller reports.

The Consumer Price Index (CPI) jumped  8.6% in the past year, the largest 12-month increase since 1981.

It has been four decades since we have witnessed an economy like this, but the Biden admin thinks they can trick Americans into believing every thing is not only fine, but the best ever.

The overall rise of 8.6% is higher than the 8.3% initially predicted by analysts, the New York Post reported.

The climbing cost of living has been blamed for President Joe Biden’s sinking approval ratings. CNN senior data reporter Harry Enten said in early May that the American people should blame Biden for his “awful” economic polling numbers after the outlet found that 77% of Americans believe current economic conditions are bad.

Heightened spending of pandemic savings, a lack of goods and pressures in the service sector contributed to soaring rates of inflation, according to The New York Times. Gas prices remain the largest cause for concern as they have fueled the soaring cost of food and health care, the New York Post noted.

Analysts have suggested that the cost of a barrel will approach or surpass $140 this summer. The more that gas rises above the current $5 a gallon average, the greater the risk of recession, CNBC noted.

World Bank CEO David Malpass said it is difficult to see a scenario where a recession can be avoided.

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