Biden’s Bad News For The Middle Class

Things could soon get much worse.

Currently, inflation is the highest it has been in the last 40 years. Now, the high possibility of a war breaking out in Europe between Ukraine and Russia could send inflation soaring to an even higher level.

According to Fox News, the Ukraine-Russia conflict could easily send the price of oil to above $100 a barrel, RSM chief economist Joe Brusuelas believes.

What’s even worse is that foreign policy experts believe a war in Europe could cause oil prices to climb as much as 20% to $120 per barrel. This would result in consumer prices in America going as high as 10% on an annual basis.

“The potential for a broader energy shock to the global and U.S. economies should Russia invade Ukraine has added to a combustible mix of factors that is causing inflation to accelerate in the United States and abroad,” Brusuelas explained. “That risk carries with it the potential to slow down growth.”