{"id":1464084,"date":"2022-05-04T15:44:37","date_gmt":"2022-05-04T19:44:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1464084"},"modified":"2022-05-04T15:44:40","modified_gmt":"2022-05-04T19:44:40","slug":"economics-professor-issues-warning-about-skyrocketing-food-gas-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economics-professor-issues-warning-about-skyrocketing-food-gas-prices\/","title":{"rendered":"Economics Professor Issues Warning About Skyrocketing Food, Gas Prices"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feconomics-professor-issues-warning-about-skyrocketing-food-gas-prices%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1464084&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/05\/BidenJ.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>An economics professor warned on Wednesday that the skyrocketing costs for food and gas that Americans have experienced during the Biden administration would likely continue with no end in sight.<\/p>\n<p>The warning from Brian Brenberg, executive vice president; associate professor of Business and Economics at The King\u2019s College, comes as the Federal Reserve raised interest rates by a half-percentage point on Wednesday afternoon, the largest increase in more than two decades.<\/p>\n<p>\u201cFood prices are at record highs: Corn, soybeans, wheat, other key input products still at record highs. Fuel still hanging at a very high level. Those two things are going to drive inflation here,\u201d Brenberg <a href=\"https:\/\/www.foxbusiness.com\/economy\/gas-food-prices-inflation-no-end-in-sight-near-recession-brian-brenberg\">said<\/a>.\u00a0\u201cI don\u2019t see a big end in sight for that.\u201d<\/p>\n<p>\u201cInflation\u2019s a bad problem, recession is a bad problem as well,\u201d Brenberg continued. \u201cThis administration and the Fed backed themselves into a corner where we\u2019re facing one or the other right now.\u201d<\/p>\n<p>Brenberg noted that a slowing down of the U.S. economy would result in less money in people\u2019s pockets, which will lead to businesses not investing as much and not hiring as much, \u201cwhich means now you\u2019re talking about a jobs problem.\u201d<\/p>\n<p>\u201cThe inflation started to kick in in a big way last April. So now you\u2019ve got inflation on top of inflation. Even if that rate comes down a little bit, it\u2019s built on previous inflation, which means people are still feeling massive price hikes,\u201d he added.\u00a0\u201cWhether you\u2019re talking about food, whether you\u2019re talking about fuel, we\u2019re talking about housing, whatever the area, people are getting nailed by this, and they feel it intensely,\u201d he said. \u201cIt\u2019s not just that it\u2019s a little bit of a problem for them, they\u2019re saying, \u2018This is a serious problem for me.&#8217;\u201d<\/p>\n<p>The Fed\u2019s increase of interest rates is intended to combat the inflation that Americans are experiencing under Democrat President Joe Biden\u2019s presidency.<\/p>\n<p>After starting to raise interest rates earlier this spring, the Fed\u2019s latest move \u201cwill accelerate the impact on American wallets from gradual to more sudden,\u201d The Wall Street Journal <a href=\"https:\/\/www.wsj.com\/articles\/what-the-feds-interest-rate-increase-means-for-you-11651687657\">reported<\/a>.<\/p>\n<p>The move will push mortgage rates higher and likely increase the annual percentage rate on credit cards. However, the report added that the rate hike \u201ccould mean good things for savers long saddled with minuscule rates of return on savings accounts and certificates of deposit.\u201d<\/p>\n<p><strong>Related:<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An economics professor warned on Wednesday that the skyrocketing costs for food and gas that Americans have experienced during the Biden administration would likely continue with no end in sight.The<\/p>\n","protected":false},"author":102,"featured_media":1481613,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1464084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1464084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/102"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1464084"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1464084\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1481613"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1464084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1464084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1464084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}