(ConservativeHub.com) – It is incredibly difficult to ignore the rising price tags on everything these days. But, many Americans may not be aware of just how serious this problem has become.
In an announcement on February 10, the US Department of Labor revealed the inflation in prices between January 2021 and January 2022 was 7.5%. This number represents the greatest one-year increase in prices since February 1982. Everyone is beginning to see the effects, and Democrats may end up seeing an impact at the polls in November.
U.S. inflation records biggest increase in 40 years as prices skyrocket https://t.co/cyZntNrJoT
— Newsweek (@Newsweek) February 10, 2022
Some argue that the Biden administration’s first year has already damaged Democratic prospects in this November’s midterms. From the botched military withdrawal from Afghanistan to the crisis at the southern border, Biden has had more than his fair share of losses, and it’s showing in poor approval ratings. Inflation is just one more failure to add to the list.
While the US is in much better financial shape than some other countries, Americans are not immune to the impact of rising prices. Cost of living is already a struggle in many places, and with everything costing more, it may lead to more people facing financial issues.
There was a 0.6% inflation increase in January, and experts expect the situation to begin impacting unemployment. Inflation is also pushing the Federal Reserve to increase interest rates, making borrowing more expensive. All of this is bad news for Americans, which could mean it’s time for the country to start finding solutions.
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