"A real shock" .. America is experiencing inflation for the first time in 50 years

American journalist and analyst, Stuart Varney, told "Fox Business" that inflation in the United States is a "real shock" that most Americans have not experienced in 50 years.

And journalist Varney added to Fox Business Channel that consumer prices in the country rose by 8.5%: "It's a real shock. If you're under 50, you've never seen anything like this."

According to him, the political justifications of President Joe Biden in this regard do not reveal the real reasons behind what is happening.

He continued, "The root causes are ... the Federal Reserve printed money in huge quantities ... the approval of Congress on massive spending on the pandemic ... and the deliberate reduction of oil and gas production in America, and this put an end to our energy independence."

At the same time, according to Varney, the current US administration has no opportunity to seriously influence the situation.

So, the White House is still planning to spend big, which won't work, "This is an economic problem. We're in danger of recession. Not good, right before the election! I don't get tired of repeating, it reminds me of the 1970s, when there was a sharp rise In inflation the last time. Then it all ended in a severe recession.. That was then, but what about now?"

It is noteworthy that by the end of March, according to the US Department of Labor, the prices of consumer goods rose by 8.5% on an annual basis.

From 7.9% in February, the growth was the highest since December 1981. 

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