US caught in 'inflationary spiral' as Americans lose out on thousands in disposable income

Recent polls suggest Americans aren’t swayed by the president’s plan to win back the economy despite data suggesting the US economy is strong after it grew over the last five quarters.

Speaking to GB News in a wide-ranging interview about the state of the US, Bob Cordaro, host of the Bob Cordaro Show on WILK Newsradio, warned many Americans had never seen anything like the current fiscal situation.

When asked about Biden’s economic policies and whether individuals were concerned about personal finances, Cordaro said: “I hope that they're seeing the cause and effect.

“There's an obvious correlation. People see that Biden's in office and he's enacted a certain group of policies, among them incredible spending, growth, extending and adding a ton of new regulation, and then a war on the growth of American energy, and I mean in all facets of American energy.

“All of these things have combined to create an inflationary spiral that a majority of the population has never experienced.

“We haven't seen anything like it since the early 80s.

“Have they determined that it's directly caused by Biden's policies? A number of people are still deflecting on that issue.

“I will tell you this, I've been telling them on the radio that they certainly have had a direct cause and impact and it's demonstrable.”

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Inflation has soared under Biden with the latest figures suggesting it has grown to 5 per cent since 2021.

Despite this, unemployment rates have almost halved.

Also speaking to GB News, Dr Arthur B. Laffer warned that Biden had “manipulated in the opposite direction” all five of the major pillars of prosperity.

American energy production has also taken a hit with Biden putting dampeners on drilling and pipelines with many critics claiming the US is not living up to its energy potential.

Prohibiting new oil and gas projects has caused energy costs to skyrocket with Biden continuing to pledge to cut down further on fossil fuel production.

Cordaro continued to add that Biden has eliminated Americans’ disposable income as the cost of energy has soared.

“Everything requires energy to produce. Everything requires energy to transport. And so many products are energy dependent and as people go to heat their homes last winter in particular they got severe sticker shock.

“So not only had them been pounded the gas station with doubled gas prices when it's not necessary because we can produce our own.

“Not only have they seen that, but all of their utilities, water, sewer, natural gas, and electricity have exploded 40-50 per cent.

“You take an area that depends upon - and its main base of population is working and middle class - If somebody's making $50,000 a year, Joe Biden has cost them $11,000 a year.

“That's a staggering proportion and it eliminates their disposable income. You could take that right across America, where we now have the highest credit card indebtedness that we have ever had as people try to maintain their lifestyles, hoping for something better to happen.

“And the Biden administration will say, well, inflation is moderating.

“Well, that doesn't count what I already spent. And the moderating inflation rate is on top of the inflation you've already caused.

“So it's a true problem for people here. I guess it's my job because we've got left-wing newspapers that are in that.

“That's where most people get their news. Local television news doesn't really cover politics.

“So I guess it's my job and maybe my radio station's job to let people know this is a direct cause and effect situation so that they get it and vote against their tradition to get him [Biden] out of there.”