Will Inflation Ever Recover Under the Biden Administration?

Will Inflation Ever Recover Under the Biden Administration?

(USNewsMag.com) – The COVID-19 pandemic has caused a lot of problems and rising inflation is one of them. Worker shortages, housing shortages, the Federal Reserve about to increase interest rates, supply chain issues, and the government propping up the economy with trillions of dollars of aid have all contributed to the rising inflation. Fox News’ Sean Hannity recently discussed the ongoing problem and whether it’s going to slow down in the next three years.

On Wednesday, January 26, Hannity discussed rising oil prices. The cost per barrel is expected to hit $150 soon as OPEC refuses to increase production. During the first year of the pandemic, oil prices bottomed out at $0 per barrel causing OPEC nations to take a financial hit. As demand slowly increased, these nations have refused to increase supply to keep up which has led to inflated oil prices. President Joe Biden has asked the alliance to meaningfully increase production, but not surprisingly, they won’t cooperate.

Hannity believes the president actually wants the price to rise because then he can push his green energy agenda to drastically lower carbon emissions. In the meantime, oil prices and the cost of other necessary goods and services will likely continue to soar for Americans. Hannity said he wondered if inflation would get better under Biden.

There’s a saying: what goes up, must come down. It’s true with inflation, as well. Eventually, inflation will come down, but it’s going to depend on how the government responds. Biden needs to get the worker and trucker shortage under control to help move the supply of basic goods and necessities. Additionally, the Federal Reserve will need to increase interest rates to slow down the economy and the resulting inflation. Unfortunately, higher interest rates will impact housing prices and Americans’ ability to buy homes.

Will inflation slow down during the Biden administration? The answer is: maybe.

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