Record US Inflation rate and the prohibitive cost of living

Rising costs in the US have pushed American citizens to the edge with soaring inflation and the government's inability so far to control the situation.

According to the labor department, the annual inflation rate rose to 8.6% in May shattering any hope Americans might have had for relief from the skyrocketing inflation.

With inflation hitting the highest rates since 1981 the rising cost of living has been squeezing households and putting pressure on policymakers to bring the situation under control.

In response the US central bank has been steadily raising interest rates since March, however, the conflict between Russia and Ukraine which has driven up the price of oil and commodities such as wheat and barley as it disrupts exports from both of the two countries has made tackling the problem more difficult.

US Inflation Surge

Inflation in the US has resumed its rapid rise by hitting a new 40 year high in May.

Polls show the majority of Americans see inflation as the most serious problem facing the country.

Consumer sentiment has plunged and US President Joe Biden's approval ratings have sunk while Republicans criticize him over the issue.

The US government, inexplicably, seems to be more concerned about the conflict in Ukraine where it has so far given away billions of dollars in weaponry.

US inflation hit new 40-year high of 8.6 percent in May

The costs of gas, food and other necessities in the US jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.

This definitely hurts the US economy and Americans; the Biden administration's decision not to push for negotiations between Ukraine and Russia is, to many of us, inexplicable.

It's irrational and certainly causing enormous carnage and tragedy in that region and, in addition, it's hurting the United States. You know, the average American, when we go to the gas pump in California. I'm paying well over $6 per gallon. This is extremely difficult for many American families.

So the Biden administration, I think, has been very unwise and damaging in the policies that have been pushed by Secretary of State Blinken and by Victoria Nuland, both of whom are basically neoconservatives.

Alison Weir, If Americans Knew

The price of gasoline in the US has also reached a record high averaging more than $5 a gallon for the first time.

Gas prices in US doubled under Biden administration

The gasoline prices have hit another all-time high in the United States, as President Joe Biden continues his war on American energy, amid the conflict in Ukraine. 

Meanwhile, Biden's attempts at lowering prices involving a record release of oil from US Strategic reserves, waivers on rules for producing gasoline, and the application of pressure on major OPEC countries to boost output, have so far proven to be ineffective.

Certainly the Biden administration should have foreseen these extremely damaging and disturbing consequences.

I think that perhaps their policies are driven by, somehow, perhaps they think that seeming war like will help them at the elections coming up very soon; the midterm elections in November.

I like to give illustration, because Biden's approval rate is extremely low right now. So they're clearly taking actions that they hope will bolster the results of the election in favour of [the] Democrats.

Alison Weir, If Americans Knew

Tariffs on Chinese goods hurting American firms, workers: US lawmakers

US tariffs on Chinese goods are hurting American firms and workers, more than 140 members of Congress have said in a letter to US Trade Representative Katherine Tai.

Saudi Arabia and several other OPEC countries have rebuffed requests by the US to boost oil production, which has led to US lawmakers seeking alternatives to the oil cartel to solve US fuel and energy problems.

The US Senate has passed a bill called the "No Oil Producing and Exporting Cartels" act of 2021, NOPEC.

The bill, aside from creating complications for oil companies, is intended to protect consumers and businesses from spikes in the cost of petroleum, however, analysts warn that implementing it could have some dangerous unintended consequences.

Many are concerned that the move could further harm US energy companies since OPEC members produce oil much more cheaply than US Companies.

Average price for a gallon of gas tops $5 for the first time in history

The US national average price of gas hit $5 for a gallon of regular for the first time in history as inflation continues going up in the United States.

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