Biden's Inflation Remains High as New Banking Crisis Hits U.S.

March 14, 2023
World Net Daily

This story was originally published by the WND News Center.

Inflation under Joe Biden's economic policies continues to run high, with the latest report out this week revealing just a slight slip lower as February prices were 6% higher than a year ago, down from 6.4% in January.

Biden instituted a series of moves against America's energy industry and others as soon as he became president, and inflation, which had been running in the 2% range, exploded.

Last summer it reached highs of 8.6% and 9.1%, costing American families thousands of dollars more just to pay the same bills they'd paid a month or a year earlier.

Now the Guardian reported prices "slowed" in February but the inflation rate remained at 6%.

"Between January and February, prices rose 0.4% as prices increased in sectors including housing and food," the report confirmed.

Meanwhile, the economy was facing a new threat from a crisis in the banking industry, under Biden's leadership.

Several banks have failed for reasons likely linked to the nation's interest rates, which the Federal Reserve has been surging in its attempt to rein in that inflation.

The report said, "The housing sector is seeing the stickiest price increases, contributing to over 70% of the overall inflation increase. Housing prices rose 0.8% between January and February and 8.1% over last year. The food industry also saw high price increases, reaching 10.2% inflation over the last year, though monthly increases have been slowly falling and once soaring egg prices have started to fall."

Federal Reserve chairman Jerome Powell recently told Congress the nation has a "long way" to go to reduce inflation, suggesting even more interest rate increases for American consumers.

The report noted, "Just a day later, [Silicon Valley Bank] announced that it needed to raise capital after selling securities at a loss, triggering a textbook-case bank run where the bank’s customers, many of who are venture capitalists, started rapidly withdrawing deposits. Financial regulators shut down the bank and took control of its deposits on Friday."

The Guardian pointedly noted, "Inflation figures have largely been the main calculus in the Fed’s decision to increase interest rates, but SVB’s collapse asks a big question of the Fed: how far is it willing to go to tame inflation?"

A report from MSN noted inflation under Biden's agenda "remained uncomfortably high in February."

And ABC reported that inflation still "is posing a challenge for the Federal Reserve."

It said, "Inflation pressures remain entrenched in much of the economy. Rents, grocery prices, and the cost of hotels, restaurants, and airplane flights have all been surging as more Americans seek housing and spend money on traveling, dining out, and attending entertainment events."

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