Inflation hits 20% under Biden, pushing small businesses to brink

Inflation in the United States has soared to 20 percent under President Biden’s administration, leading to a significant decline in the dollar’s value and a resurgence of the consumer price index.

This, coupled with stagnant GDP growth, indicates the economy is heading towards stagflation.

The impact of historic inflation includes declining living standards and a severe cost-of-living crisis, with grocery prices rising by nearly one-third and gas by 50 percent.

Despite this, President Biden appears disconnected from the reality of everyday financial struggles, attributing the inflation to increased spending power among consumers.

However, data shows that it now costs the average American family $12,000 more to maintain their previous living standards, The Hill reported.

read more: https://thehill.com/opinion/4663651-inflation-hits-20-percent-under-biden-pushing-small-businesses-to-the-brink/

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