Inflation continues to decline in America per recent economic data.
1. Consumer Price Index was flat in May. NO inflation in May!
2. Wholesale Price Index was down .2% in May. In essence Deflation in May!
From a high of 9.1% two years ago, inflation has been significantly reduced to 3.3% (year to date). In May, there was NO inflation. The goal is an inflation rate of 2% over a one-year time frame. We are getting close to achieving it. Realize America has the lowest inflation rate and strongest economy of most if not all developed nations of the world.
Understand the main causes for inflation.
1. The profound effects of COVID on every aspect of society including the economy and inflation and the disruption in the supply chain.
2. Corporate Greed. Clearly, the private sector continue to raise prices beyond justification. No rationale for raising prices despite record profits, record stock market and record level executive pay!
3. The Climate Change Crisis continues to increase the cost of living in America via the extreme weather events that are happening with more intensity and frequency. Floods, droughts and catastrophic damage puts a higher cost for food products, infrastructure and the price of property insurance for homes and businesses. $92 billion in loses last year in USA via extreme weather events. Expect yearly increases at much higher levels!
There is absolutely no reason to blame President Biden for inflation. He is as much the victim of inflation as the public. He inherited the monumental task of dealing with COVID and a collapsing economy. He inherited the Russian/Ukraine war. He has to address Climate Change while the Republican Party obstructs his initiatives. He inherited the radicalization of the GOP that continues to undermine our government, our economy and the trust in our Democracy.
The working class has a leader to address their deep economic concerns and that is President Biden and the Democratic Party. But he is limited in his actions as long as the GOP control the US Supreme Court, The House of Representatives and 23 statehouses across America. Vote in more Democrats. Vote for every Democrat on the ballot to realize any future benefit for the working class.