I want you to celebrate my high inflation

American President Joe Biden risks a disconnect with the Americans. He is playing down inflation readings, which have sown discontent in his handling of the US Economy and unsettled the Federal Reserve, which his team believes is crucial to controlling prices. The unexpected rise in inflation has dramatically impacted the political landscape and its implications for the Biden plan. Americans have become more concerned about inflation than ever before, and President Biden doesn't seem to pay much attention to the issue. This is why President Biden's economic performance is declining in approval and threatens his presidency.

In June of 2022, the US's annual inflation rate rose to 9.1%, the highest since November of 1981, from 8.6% in May and above expectations of 8.8%. Petroleum costs increased 41.6 percent, the most since April 1980, driven by gasoline (59.9 percent), fuel oil (98.5 percent), electricity (13.7 percent), and natural gas (38.4 percent). Food expenses increased 10.4% over the past year, the most since February 1981, with food at home increasing by 12.2% since April 1979. Shelter (5.6 percent, the most since February 1991), household furnishings and operations (9.5%), new cars and trucks (11.4%), and used cars and trucks (1.7%). Airline fares (34.1%) all experienced significant price increases as well. Over May, core CPI excluding food and energy rose 5.9%, somewhat below expectations of 6%.

According to CNN, CBS/YouGov survey showed that 58% of Americans are dissatisfied with Joe Biden and the Democratic Party. 65% of respondents also think the Democratic Party is not focusing on the issues that matter the most to them. 7 in 10 Americans believe that the government is not doing enough to reduce the rising cost of goods and services. Against this backdrop, it is not surprising that only 38% of voters approve of how the president handles the economy, and 30% approve of his handling the rising cost of living.

Biden and congressional Democrats now want another 4 trillion dollars to fund their "Build Back Broke" plan. This plan threatens to push the economy into hyperinflation, a historic event that would end most citizens' retirements. The impact of inflation would devastate most retirees and near-retirees. The spending spree would further devalue the currency and increase taxes, and social programs, all adding to the inflation problem and worsening the supply-chain issue, creating labor shortages that contribute to the price increases.

According to Job Creators Network, Biden's administration also approved an illegal employer mandate for vaccines earlier in the month. This will increase inflationary pressure by forcing many unvaccinated Americans to work. Job Creators Network filed a lawsuit against the Biden administration to stop this anti-small business executive overreach.

The Federal Reserve has now switched to an inflation-fighting mode. In June, the Fed increased its target rate by 75 base points. This is the largest single-meeting increase since 1994. In two weeks, it is expected that the Fed will increase its target rate by 75 basis points at its July meeting. Futures markets indicated a strong likelihood that the Fed would raise rates by 75 basis points in September after the June CPI report.