A few months ago, when prices began to spike throughout the U.S. economy, Americans were told not to worry, it was just a temporary blip.
On several occasions, President Biden and high-ranking officials in his administration claimed the current bout of inflation was “transitory” and would subside sooner rather than later.
Yet, as the months tick by, inflation is getting worse, not better.
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In October, the rate of inflation, as measured by the consumer price index, reached a 30-year high of 6.2 percent.
Unfortunately, the rate of inflation is likely to remain on an upward trend, based on current fiscal and past monetary policies.
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