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President Joe Biden, his administration and the Fed have been constantly assuring America that the record-breaking inflation is under control. The Bank of America (BofA) doesn’t think so.
“The inflation genie is out of the bottle,” the bank wrote in a research note last week, emphasizing that it could be a long time before it “goes back inside the bottle” and everything comes back to normal.
BofA’s team of analysts headed by Athanasios Vamvakidis found that in cases of inflation above five percent in advanced economies from the 1980s to 2000s, it took 10 years on average to bring inflation back down to two percent. “The consensus still expects G10 inflation to drop to two percent by 2024, but we are concerned it could take longer,” the analysts wrote.
They further said that central banks around the world are actually “not in full control” of inflation, pointing out that policy tightening has its limits.
“Inflation in advanced economies today is much higher than five percent and has not even peaked yet in most cases,” they noted. “We should not necessarily expect that inflation will be back to the two percent target in only a couple of years.”
The analysts said it could take more policy tightening and they did not give an exact timeline for when they believed the country’s inflation could be truly manageable. The team, however, presented two possible scenarios: a positive “soft landing” for the economy if interest rates go down, or a negative “hard landing” if they continue to increase and the Fed is forced to continue to hike interest rates.
While their baseline is leaning toward the positive scenario, the analysts believe that the risks for the negative scenario could not be ignored. They await the rest of the year’s inflation data to help them predict which scenario would unfold.
As of August, inflation was down slightly by 0.2 percent from July’s reading of 8.5 percent, pushing the Fed to implement the third consecutive interest rate hike of 75 basis points last week.
“We do not necessarily expect that it will take a decade to bring inflation down to the two percent target in advanced economies,” the analysts stated in the note. “However, the historic evidence on inflation calls for caution.”
Inflation exhausts the average American family’s budget
In the meantime, American families would have to expend from their own pockets an extra $11,600 this year, according to new estimates by personal finance firm NerdWallet. (Related: Inflation under Biden, Democrats costing Americans more than $11,000 a year per household.)
The estimates were based on inflation and annual spending data from the Bureau of Labor Statistics. The company analysts said they studied how spending would compare this year to 2020 when the Wuhan coronavirus (COVID-19) pandemic began.
If Americans would want to follow the same standard of living they did in 2020, they would need to spend the said extra amount. According to the analysts, 2020 was the “last full year when inflation was relatively stable” at 1.23 percent.
“In all of 2020, American households spent $61,300, on average. This number includes everything we spend our money on housing, food, entertainment, clothing, transportation and everything else,” they wrote.
The analysts added that in 2022, it stands to reach $72,900 if consumers want to maintain the same standard of living.
Visit Inflation.news for more news related to the highest inflation recorded in the U.S. in four decades.
Watch this video that explains how the government – not corporations – is causing inflation.
This video is from the InfoWars channel on Brighteon.com.
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- Inflation forces Americans to rely on credit cards for daily expenses.
- Glenn Beck: COVID-19 pandemic is over, inflation has hardly risen – in Biden’s mind.
- Fox News reporter interrupts Biden’s Inflation Reduction Act speech to give live REALITY CHECK.
- Pain in the pocketbook: Inflation worsened in August as grocery prices continue to skyrocket in Biden’s economy.
Most “Conservative” News Outlets Are on the Big Tech Teat
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), an Instagram profile (never made one), or a TikTok (no thanks, CCP). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would make the bold move. Today, only a handful of other major conservative news outlets have broken free from the Big Tech teat. Of course, we need help.
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Some of our content is spread across multiple sites. Other pieces of content are unique. We write most of what we post but we also draw from those willing to allow us to share their quality articles, videos, and podcasts. We collect the best content from fellow conservative sites that give us permission to republish them. We’re not ego-driven; I’d much rather post a properly attributed story written by experts like Dr. Joseph Mercola or Natural News than rewrite it like so many outlets like to do. We’re not here to take credit. We’re here to spread the truth.
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We know we could make a lot more money if we sold out like so many “conservative” publications out there. You won’t find Google ads on our site for a reason. Yes, they’re lucrative, but I don’t like getting paid by minions of Satan (I don’t like Google very much if you couldn’t tell).
Time is short. As the world spirals towards The Great Reset, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going. Our promise is this: We will never sell out America. If that means we’re going to struggle for a while or even indefinitely, so be it. Integrity first. Truth first. America first.
Thank you and God Bless,