Despite the Biden administration’s best efforts to stoke up national rage over abortion, the reality is that the vast majority of Americans, including women, are far more concerned over spiraling inflation.
These fears are likely to mount in light of the release of the direst economic data to date: Inflation spike 9.1 percent in June, which is even higher than economists’ already astronomical predictions of 8.8 percent.
The 9.1 percent rate marks the highest level of inflation since November 1981, marking another 40-year high.
The spike in inflation also entails a 1.3 percent rise in the consumer price index (CPI), an addition to the 1.0 percent increase in May.
The CPI has rapidly advanced across virtually all categories, with the most significant including fuel and food prices. Fuel prices directly impact the price of food as transportation costs increase.
As a result, pressure has mounted on the Federal Reserve to reduce prices, as the target inflation rate is 2 percent, or nearly one-fifth of the current inflation rate.
Jobs are allegedly still being created in spite of inflationary pressures, with 372,000 new job openings reported in June.
According to federal agencies, two jobs are available for every one job seeker.
However, large companies have indicated a trend towards cooling hiring expectations in light of inflationary pressures.
For instance, Facebook CEO Mark Zuckerberg announced plans to slash engineer hires by 30 percent, and he strongly insinuated that the company might commence layoffs.
Other large companies are grappling with rapidly advancing costs, especially in light of global conflict with no end in sight.
Numerous bankers are warning about the likelihood of an impending recession, with several arguing that it could begin early next year.
Consequently, the economy will serve as a critical factor in determining voter behavior in the widely anticipated midterm elections, especially since the current administration offers limited solutions, aside from perpetual spending.
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