Inflation rises as Biden continues to brag about his spending
Thursday’s horrific inflation numbers belie President Joe Biden’s absurd line that the country is seeing « progress. »
« Inflation over the past three months, » he said, « has averaged 2%, at an annualized rate. » except nobody already crunches the numbers that way. And regardless, the consumer price index rose more (and more than expected) in September than in August, registering an increase of 8.2% compared to last September. Fuel oil is up 58.1%; bread, 16.2%; milk, almost 16%.
Much worse, heart The CPI (which excludes energy and food and is a more stable measure of trend) hit a four decades record: 6.6%.
Moreover, the inflation news from producers the day before was also bleak: PPI too rose more than expected, to 8.5%. And PPI tells you where CPI is heading – namely high, high, high.
In short, the pressure caused by the nonsense and Continue spending still crushes the average American. “Name me a president in recent history who did as much as I did in the first two years,” he just boasted to Jake Tapper, as his accomplishments (in addition to opening borders and its debacle in Afghanistan) boils down to keeping the federal tap gushing from its earliest days in office with ever-increasing corporate welfare spending, green mess and other freebies.
And the Congressional Budget Office says its student debt cancellation program (if it happens) will increase the deficit by another $500 billion and more down the line.
In short, it is throwing gasoline on the fire of inflation, even as the Federal Reserve attempts to smother it with steep interest rate hikes.
Having already shut down the housing market and beaten the stock market, the Fed is practically announcing that it will hold it until work the market freezes too – and we’re back in the recession Biden & Co. keeps telling us we don’t have to worry.
And when we land hard — as it now seems almost inevitable — Biden is sure to blame everyone but the real culprit: his economy-destroying donations and his smug refusal to acknowledge reality.