This top economist just exposed the bombshell facts about the real impact Bidenflation has had on working class Americans

Photo by Gage Skidmore, CC BY-SA 2.0, via Flickr, https://creativecommons.org/licenses/by-sa/2.0/

The moment Joe Biden took office he promised to transform the American economy.

Conservatives warned that his policies would skyrocket the cost of living.

And now this top economist just exposed the bombshell facts about the real impact Bidenflation has had on working class Americans.

It’s been one year since Biden promised his “Inflation Reduction Act” would provide relief

Inflation has been making life unbearable for millions of working class Americans since President Joe Biden took office.

In August of last year, he signed the so-called “Inflation Reduction Act” (IRA) into law, which promised to rein in inflation, and deliver much needed relief from skyrocketing prices.

At that time, Biden said that the signing of the bill offered “proof that the soul of America is vibrant,” and proved the promise of the nation was “real.”

He also cautioned “it will take more time… to bring inflation down,” adding that’s why they needed to sign the IRA.

Conservatives warned that the legislation was a trojan horse, and would make little to no difference to consumer prices. 

In July, that was proven right after the Consumer Price Index (CPI) came in at 3.2%, showing inflation still has an outsized impact on everyday necessities, like energy and groceries.

Now, the chief economist at Moody’s Analytics, Mark Zandi, has explained the real consequence of inflation.

Inflation is raging on and that’s crushing American families

Moody’s is a prominent financial services company dedicated to servicing investors around the world.

That’s why people should take it seriously when their chief economist talks about anything related to consumer economics and its impact.

Zandi is warning Americans not to get too comfortable as inflation starts to slow down – and he reminded everyone that inflation isn’t just a year-over-year problem.

While it’s true that the CPI is slightly down from its peak of 9.1% in June 2022, the impacts are still compounding annually.

He said the real cost of inflation can’t be seen in percentage points but rather in dollars.

“The high inflation of the past two-plus years has done lots of economic damage… the typical household spent $202 more in July than they did a year ago… and they spent $709 more than they did two years ago,” Zandi said.

Approaching the anniversary of the IRA, even Biden was forced to make a major admission.

Republicans slam “Bidenomics” while the President rethinks a major decision

The Wisconsin Republican Party was quick to respond to Zandi’s reported comments on the current state of the economy.

“Bidenomics is costing the average family over $700 more per month!” they declared on Facebook.

Coincidentally, Joe Biden decided this week that he was having regrets on the naming of the Inflation Reduction Act.

He said that he wished that he had called it something else “because it has less to do with reducing inflation than… providing alternatives that generate economic growth.”

Republicans saw this as an admission that they correctly assessed the bill’s lack of solutions to skyrocketing prices.

Rep. Andy Biggs (R-AZ) proudly stated that “Republicans were right all along” in a post on X.

US Political Daily will keep you updated on any developments to this ongoing story.