President Joe Biden ignored a question from a reporter about rising prices in the U.S. and simply walked away.
The 46th President spoke at a press conference Wednesday and was asked by a reporter, “should Americans be worried about inflation, sir?” Biden turned and walked away.
Americans have experienced an increase in gas prices since March when the Organization of the Petroleum Exporting Countries’ and their allies’ announced a decrease in oil production, according to The New York Times (NYT).
Saudi Arabia announced it would decrease its oil production by one million barrels a day — the equivalent of about 1 percent of world supply — to about 8.1 million barrels a day, the NYT reported. Saudi Arabia was originally producing 11 million barrels of oil a day, according to the report.
Rising prices across the country have fueled worries of potential inflation in the future. The increases, partially fueled by non-existent interest rates and record government spending, could lead to inflation that the U.S. has not seen in decades, experts say.
Peter Schiff, the chief economist and global strategist of Euro Pacific Capital, told the Daily Caller News Foundation (DCNF), “People are going to be paying higher insurance, they’re going to be paying higher property taxes, local tax, utility rates are going to go way up.”
“The 100% cause of inflation is the government … It’s when the government spends money that it doesn’t collect in taxes and then the Federal Reserve monetizes the resulting deficits by printing money,” he said.
Henry Olsen, a senior fellow at the Ethics and Public Policy Center and a columnist at The Washington Post, also told the DCNF, “in the short term, consumers can expect to see rising prices across the board.”
“I expect in the next few months people will be getting sticker shocked in virtually all aspects of their life.”
*story by The Daily Caller
