Reports: Biden’s policies to produce massive inflation

TOPSHOT - US President Joe Biden sits in the Oval Office as he signs a series of orders at the White House in Washington, DC, after being sworn in at the US Capitol on January 20, 2021. - US President Joe Biden signed a raft of executive orders to launch his administration, including a decision to rejoin the Paris climate accord. The orders were aimed at reversing decisions by his predecessor, reversing the process of leaving the World Health Organization, ending the ban on entries from mostly Muslim-majority countries, bolstering environmental protections and strengthening the fight against Covid-19. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)

TOPSHOT – Joe Biden sat in the Oval Office as he signed a series of orders at the White House in Washington, DC on January 20, 2021. (Photo by JIM WATSON/AFP via Getty Images)

OAN Newsroom
UPDATED 7:40 PM PT – Monday, February 8, 2021

Economists are warning that Joe Biden’s policies may cause double-digit inflation, unseen since the late 1970s.

“Unfortunately, the Biden administration may be about to repeat the same mistakes as Jimmy Carter, only this time it will be far worse,” Kevin Freeman, financial terrorism expert at the Center for Security Policy said. “In the four years of Jimmy Carter, the annual inflation rate rose from 5.7 percent before he took office, to 13.5 percent when he left.”

Economists said Biden’s crackdown on U.S. oil production would drive up gas prices at the pump and hurt U.S. consumers, while benefiting Iran and Russia. They also warned Biden’s $1.9 trillion stimulus plan would devalue the U.S. dollar, making consumer prices higher.

“President Trump slashed regulation, but Biden promises to increase it,” Freeman stated. “So a 30 percent increase in regulation, which is something we can expect, would add 2 percent to the inflation rate just by itself.”

However, Biden Cabinet officials are downplaying such warnings as they seek near-term political gain from money handouts at the expense of taxpayers.

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