Score one for President Joe Biden
We’ve slowly watched inflation become a non-issue as the House GOP took power – with nearly every Republican candidate reneging on their concern with inflation in favor of idiotic saber-rattling and partisan investigations. While the media’s top stories were inflation and gas prices for much of last summer, both continue to fall – and December was the sixth consecutive month in which we saw inflation drop. As this progresses, we’re likely to see a drop in interest rates continue throughout the new year, as well as falling gas prices lower rates of inflation even further.
Republicans may want to try and take credit for the thriving economy, but it’s been doing that while many of them were running – and each month provides a clear picture that they had nothing to do with the drop in prices. Right now, we’re seeing the sharpest drop in inflation since before the COVID pandemic hit back in 2020 – with a full drop of 0.1% between November and December. The Fed is expected to only raise rates by a quarter point in February and not by much higher for the rest of the year. Despite the economic emergency and recession Republicans were hoping for, things have recovered despite their strong opposition to it all the way.
James Sullivan is the assistant editor of Brain World Magazine and an advocate of science-based policy making