Inflation in the United States has soared to 20 percent under President Biden’s administration, leading to a significant decline in the dollar’s value and a resurgence of the consumer price index.

This, coupled with stagnant GDP growth, indicates the economy is heading towards stagflation.

The impact of historic inflation includes declining living standards and a severe cost-of-living crisis, with grocery prices rising by nearly one-third and gas by 50 percent.

Despite this, President Biden appears disconnected from the reality of everyday financial struggles, attributing the inflation to increased spending power among consumers.

However, data shows that it now costs the average American family $12,000 more to maintain their previous living standards, The Hill reported.

Attempts by Biden to shift blame onto inherited high inflation are debunked by statistics showing a low inflation rate at the beginning of his term.

Small businesses, in particular, are severely affected, with reduced customer frequency due to inflated prices and compounded economic challenges from a credit crunch and rising crime rates.

The Biden administration’s regulatory and tax policies further burden small businesses, with impending tax hikes threatening their survival.

Written by B.C. Begley