International Online Special Report: Data released by the U.S. Department of Labor on July 13 showed that the U.S. Consumer Price Index (CPI) in June increased by 9.1% year-on-year, suffering the worst inflation in 40 years. Overseas media and scholars generally believe that the current economic situation in the United States is "very bad" and expressed concern about the negative impact it may have on the world economy. Overseas netizens have also commented on social media platforms, criticizing the US government for its poor management and shirking responsibility, which is "too disappointing."
Screenshot of the report of the New York Post
State of the New York Post 7 reported on July 17 that Fox News conducted a survey of 1,001 registered voters between July 10 and 13. The poll shows that as much as 93% of the people are "concerned" about the current inflation level. They are pessimistic about the inflation rate of 9.1%, with as many as 67% of them feeling "extremely" pessimistic. When asked about expectations for the future economy, 52% predict that things will be worse next year.
report pointed out that the proportion of data that expresses "disapproval" of US President Biden's work hit a record high in the survey. In many aspects such as inflation, economy, immigration, guns and energy, Biden's work has received 73%, 68%, 61%, 59%, and 57% respectively.
Polls also found that 75% of the population believe inflation has caused them financial difficulties in the past six months. 52% changed their travel plans because of gasoline prices, and 70% reduced other spending to buy daily necessities.
Fox News website report screenshot
Fox News website reported on the 417th that Scott Martin, chief investment officer of Kingsview Wealth Management, was invited to comment and respond to the above investigation made by Fox News. He said inflation hit a 40-year high, indicating that the U.S. economy is "very bad."
article emphasizes that many people accuse the US government of the current economic difficulties, and more than half of voters believe that the government has made the economy so bad. Even more voters believe that it is the Biden administration, not Russia or oil companies, that causes the surge in oil prices.
report pointed out that Martin predicts that as economic data and inflation data continue to deteriorate, the Biden administration's approval rating in the polls will continue to decline.
Screenshot of the article on the US Capitol Hill website
The US Capitol Hill website html published an article titled "Why is the inflation information of the Biden administration out of touch with the American people" on the 415th, criticizing the Biden administration for deliberately downplaying the importance of the latest inflation data.
article pointed out that Biden acknowledged in an official statement that inflation is still "unacceptable", but then downplayed the importance of the latest data, saying it was "outdated." Derek Tang, co-founder of Monetary Policy Analytics, a monetary policy analysis agency, said in an interview that "Biden's response to the inflation report is a bit numb", and emphasized that Biden's claim that "reported data is outdated" is "not acceptable to the public."
Experts warn that information released by the Biden administration may be invalid for most Americans. Neil Bradley, chief policy officer of the U.S. Chamber of Commerce, criticized the White House for not solving practical problems, "We are facing huge inflationary pressures and we need policy makers to play a role on the supply side, but that has not happened."
Rachel Snyderman, senior deputy director of economic policy at Bipartisan Policy Center, believes inflationary pressures will continue for months, and "voters want to see leadership take the initiative rather than passive response."
screenshot of the British Guardian website article
British Guardian 7 on July 16th criticized the selfish behavior of the United States for causing the world to fall into an economic recession. The article said that as the Federal Reserve raises interest rates, debt denominated in US dollars has become an unbearable burden for countries around the world.
article stressed that later in July, U.S. interest rates are expected to rise for the second time this year, which will disrupt the global economic recovery process. The US decision to deal with high inflation with higher (dollar) borrowing costs is selfish and will have a serious impact on the UK and countries around the world.
article pointed out that the exchange rate of the US dollar against six major currencies rose to a 20-year high in July. Over the past few days, the euro has fallen below par. The pound has fallen more than 10% this year and is depreciating every week. The yen fell to its lowest level since 1998, and the Bank of Japan faced huge pressure.
article analyzes that governments that borrow US dollars will suffer a double blow. Not only do they need to raise domestic interest rates to reduce the impact of rising import prices, they will also face a significant increase in interest rates on the dollar they borrow. When these additional costs overlap with the tourism losses caused by the COVID-19 pandemic, emerging markets and many developing countries will go bankrupt. Sri Lanka is bankrupt and there may be more after that.
article ended with the statement that there is no sign that the United States will change its direction. The Fed knows that inflation originated from insufficient supply of (commodity) and that only the government can solve the problem, but it doesn't seem that it will prevent it from pushing the U.S. economy to recession with other countries.
Screenshot of Spanish Leslieutenant report
Spanish Leicester released a report titled "U.S. inflation is out of control and set a new record of 9.1%" on July 13, pointing out that the year-on-year increase in US CPI in June exceeded experts' previous forecasts, and the areas where price increases are widespread.
reported that the United States has quickly tightened its monetary policy to curb inflation. The latest inflation data may make the Federal Reserve's interest rate hikes stronger, exacerbating market concerns about US economic growth. In addition, the International Monetary Fund lowered its growth expectations for the U.S. economy and warned that rising inflation poses a "systemic risk" to both the U.S. and the world economy. The report stressed that although U.S. officials said inflation will be alleviated, the situation may not be optimistic.
Overseas netizens have also expressed their concerns about the current economic situation in the United States through social media platforms and their disappointment and dissatisfaction with the failed economic management measures of the US government.
American conservative writer and activist Brigitte Gabriel commented on Facebook that "Bidenflation" is collecting taxes on everyone.
Great Depression Version 2.0?
is scared of the recession that is approaching step by step…We are recession.
I'm wondering if there is anything bad? That is the current situation of inflation and the US economy.
Has anyone noticed that although the things are more expensive, the quality of the product has declined?
How should I support my family, drive to work, pay for utilities and electricity bills and save money? I was able to live two years ago, but now we can only make a living with difficulty.
I don't understand why when the price we saw in the retail area doubled, the statement said inflation only increased by a few percentage points per month.
What you invest is what you get. When you don't read the policy, vote lightly…this is what you get. So, bear this result and be smarter next time.
Is there any chance to become the president of the United States? To get the American people out of inflation and stupid government officials.
is so disappointing. The president's policies have created crazy inflation, and he doesn't care. (Ma Jiaxin, Wang Luping, Huang Rong)
Source: China Central Radio and Television International Online
