President Biden faces major backlash over highest US inflation rates in 30 years

WASHINGTON DC

A wave of social media criticism has followed a shock 6.2 per cent leap in US inflation levels last month with President Joe Biden’s economic policies now facing tough challenge  On his part, Biden acknowledged that shoppers were paying too much for everyday goods, vowing to tackle inflation “head on” after government data showed it had reached a 30-year peak last month.
The sharp spike in the consumer price index (CPI) reported by the Labour Department surprised economists and the White House alike, and came as Biden headed to Baltimore to promote the US$1.2 trillion infrastructure overhaul he argues can turn the tide. Twitter users sharply criticized Biden for the notable rise in the cost of essential products such as meat, fish and poultry which have skyrocketed in the last few months.
Food, fuel, health, education and transport have all been impacted, InvestSMART Chief Market Strategist Evan Lucas said. He added fuel had risen 30 per cent in the last five months alone in the US while the price of meat, fish and poultry had increased by 14-15 per cent in the last two months.
The price of petrol jumped by almost 50 per cent year-on-year according to the American Automobile Association while the cost of buying a used car rose by 25 per cent. Many Twitter users also doubled down on Biden’s $1.75 trillion social safety net and climate policy proposal describing the Build Back Better package as “socialist” and “ludicrous”.
Wall Street and the ASX, a digital marketing platform, also tumbled in response to the US consumer price index shooting up in the fastest increase seen since 1990. Social media anger directed at Joe Biden and the Democrats has been backed in by the US President’s poor approval ratings which have been wallowing for months.
An AP poll released last week found just 35 per cent of Americans believed the economy was doing well which is down from December when the unemployment rate was far higher. CNN also published a poll this week which showed over one third of Americans thought the economy was the most pressing issue in the US. The poll also found 52 per cent of Americans disapproved of Mr Biden’s performance as US President. Democrat Senator Joe Manchin addressed the crisis on Twitter saying, “the threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse.”






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