When he signed the “American Rescue Plan” into law in March 2021, President Joe Biden bragged about how it would put “$1,400 checks into the pockets of millions of Americans; help to keep folks in their homes; help to put food on the table.” A family of four was in line to get $5,600, he said.
What he didn’t tell the public was that the rampant inflation his “rescue” plan would unleash would cost Americans more than the $1,400 Biden was handing out. Much more.
Biden’s $2 trillion “rescue” came after the Trump administration had already rushed through two massive COVID relief bills and at a time when the economy was already roaring back from the COVID lockdowns. Which is why many economists, including liberal economists like Larry Summers, warned that Biden’s “rescue” would spark runaway inflation.
Venezuela's inflation hit 686.4% in 2021 - central bank
CARACAS, Jan 8 (Reuters) - Venezuela's annual inflation rate hit 686.4% in 2021, demonstrating a deceleration of consumer price growth versus the previous year when inflation was 2,959.8%, the country's central bank said on Saturday.
Monthly inflation in December rose 7.6% and, since September, the inflation rate has remained in the single digits.
The deceleration in prices follows government measures which include the restriction of credit and lower spending in bolivars to maintain the stability of the exchange rate.
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