Americans who want an answer to when rising gas prices might come back down from the record-high numbers will not like what one economist had to say about it well.
Moody’s Analytics Chief Economist Mark Zandi gave it to us straight and said that we should not expect prices to drop anytime soon as gas has risen 17 cents nationwide from last week. It’s breaking records across the country.
“I do think the pandemic will fade, and I think the worst of the fallout of the Russian invasion of Ukraine on our economy is behind us. But it’s not going to get back to what anybody would consider to be normal, very quickly,” Zandi told CBS News.
Zandi highlighted that Americans are spending about $100 a month more on gas now than they did last year and it is having some serious long-term effects on the economy. The high gas prices have caused costs to rise for any goods that have to be shipped, including food at the grocery store and families are saving less for education, retirement, or to buy a home.
Biden has reacted to this news by saying that inflation is his number one priority without naming any ideas on how to combat it or taking responsibility for causing the situation.
Americans are starting to notice and be concerned about a lack of a plan or response.
A recent Fox News Poll showed Biden receiving his lowest rating on addressing inflation. Only 28% of Americans approve of how he is handling inflation compared to 67% disapproving of his actions making it a 39-point deficit on the issue.
Earlier the Next News covered that the Democrats want to spend even more money despite the record inflation. Read more here.
Do you think Biden’s policies will help tackle inflation?