Joe Biden’s career is about to run off a cliff.
His approval rating is tanking and the economy is collapsing.
And now, Biden just got one piece of devastating news that could make him a lame duck for good.
Joe Biden’s tenure in office has been one of the most disappointing periods of America’s economic history.
Not only has the economy continued to suffer from the government lockdowns and restrictions stemming from Covid, but the Federal Reserve’s decision to print over 4 trillion dollars over the last 24 months has triggered one of the largest inflationary periods America has ever seen.
Making matters worse, Biden continues to push for trillions of dollars in additional spending on wasteful government programs using money the American people simply don’t have.
And now, the consequences of those actions are beginning to come back to haunt Biden.
CNN Business reports, “Americans are feeling worse about the state of the economy again and it’s all because of rampant inflation. Even as the pace of consumer price hikes moderated some in April, inflation remains near a 40-year high and is putting many US household budgets in a vice.
Consumer sentiment dropped by 9.4% between April and May, according to preliminary survey data released by the University of Michigan on Friday. That reversed the short-lived gain seen in April when sentiment was helped by a moderation in gas prices, which had been rising in response to the war in Ukraine.”
The news sounds horrible for the US economy, but things are actually even worse than they appear.
Not only is GPD shrinking, which usually signals the beginning of a recession, but inflation is not falling despite the Fed beginning to take action to try and bring it under control. In fact, inflation is still climbing and is now well over 10% from where it was at back in March 2020.
Complicating matters even more, gas prices across the entire country are now well over $4.
In fact, a recent report from Fox News revealed that prices at the pump are now higher than ever before.
“The average price for a gallon of gasoline in the U.S. rose to a record Sunday morning to $4.47, according to the latest numbers from AAA. The price on Saturday was $4.452. Some states with higher-than-average prices include California at $5.92 a gallon, and Hawaii at $5.32,” adds Fox.
Some energy analysts are even predicting an average price of over $4.50 a gallon before the summer ends.
“The Biden administration canceled one of the most high-profile oil and gas lease sales pending before the Department of the Interior, as Americans face record-high prices at the pump, according to AAA,” adds Fox News.
The fact that even corporate establishment media outlets like CNN are admitting that the situation is bad and getting worse is a testament to how poorly Biden has handled things.
Even some of his strongest supporters are beginning to turn on him.