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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.
More related stories:
- 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.
Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
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