Biden’s inflation leaves families Building Back Broke

While Team Biden would have you believe that economic problems like inflation are “high class problems,” everyday Americans are acutely aware that it’s, actually, a very real problem for them.

Gallup poll reports that 45 percent of Americans say recent price increases have caused their families financial difficulty; 35 percent call the pain “moderate” while 10 percent find it “severe.”

Naturally, lower-income families are more likely to feel the burn: 71 percent of those in households making less than $40,000 a year say that recent price hikes have caused their family financial hardship, vs. 47 percent in middle-income families and 29 percent in upper-income homes.

Yet the pain isn’t going away anytime soon. Both Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen admit that it’s time to retire the term “transitory” to describe inflation. Powell told Congress, “Factors pushing inflation upward will linger well into next year.” At least.

Economists surveyed by the National Association for Business Economics, meanwhile, predict that prices will rise 6 percent year-on-year in the fourth quarter. And that inflation will continue above 2 percent for the next three years.

President Joe Biden can forget Build Back Better — he’s all about Build Back Broke.