Zero Hedge: Former Fox Business anchor Trish Regan spoke with former investment manager turned White House advisor turned Newsmax host Steve Cortes on her podcast called “American Consequences” about the Federal Reserve decimating the American middle class.
Before Regan spoke with Cortes, she provided readers with a backdrop of the word “transitory” and how The Fed ignores soaring prices of goods and services.
“And he who earns wages,
Earns wages to put into a bag with holes.” Haggai 6:1
Heck, it’s a brilliant strategy by the Fed because if six months from now prices are still increasing, Chair Jerome Powell will merely say inflation remains transitory. Still, in reality, it’s not and becoming more persistent…
Regan asked a very important question during in the intro of the podcast: How long can the middle class handle surging stagflation: soaring gasoline and supermarket prices and barely any real wage growth (on top of new virus restrictions).
She said the 11-14% food price increases at the supermarket are beginning to dent consumer sentiment, adding that middle-class wages adjusted for inflation aren’t going as far as they used to. Many folks are living a different life than they were in pre-COVID times, and they’re becoming furious that the American dream is collapsing in front of their eyes.
Regan adds a confluence of bad events, such as inflation, souring consumer sentiment, and the Afghanistan withdrawal debacle is damaging people’s perception of the Biden administration. Read More