Biden loyalist and senior Democratic Rep. Jim Clyburn was on air Wednesday insisting that talk of rising inflation is “disinformation” when an anchor broke in to say the Labor Department had announced that it shot up to 3.5% in March, year over year — a 0.3 percentage-point jump from February and more than economists expected.
That made three straight months of prices rising faster than the month before; annualize that three-month span and you get a 4.6% inflation rate, with a clear risk that the acceleration will continue.
That also means the Federal Reserve won’t start reducing interest rates, which sent the Dow plunging 512 points.
Other signs are grim: Commodity prices are up 15%; the Producer Price Index (which strongly forecasts consumer inflation) began soaring in February.
All while President Biden and his fellow liars on the left pretend inflation is easing.
“We’re better situated than we were when we took office, where inflation was skyrocketing,” Biden fibbed Wednesday.
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Uh, no: Inflation was just 1.4% in January 2021, less than half March’s rate.
And it soared to a 41-year high, at 9.1%, under Biden in 2022.
Plus, as Jim Bovard noted for The Post, if the feds still calculated inflation as they did in the 1970s and included things like mortgage rates, that 9.1% would’ve been 18%.
Prices today are a depressing 19% higher than when President Donald Trump left office. Steak’s up 26%, eggs 103%.
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And, oops, Thursday brought news that the PPI rose 2.1% in March, the largest year-over-year jump since April 2023.
Again, it’s all bad news for interest rates as well.
Biden’s been delusional on that, too: “I’ll bet you those rates come down,” he said last month; on Wednesday he admitted any cuts will likely be delayed.
Delayed? Last Friday, Michelle Bowman of the Fed board gave notice that instead of cutting rates, the board may raise them.
And JPMorgan Chase boss Jamie Dimon says they could surge to beyond 8% — fueled by “huge fiscal spending” and monstrous US debt.
Hum: Biden on Monday announced his plan to send the debt soaring tens of billions more, with another huge taxpayer student-debt bailout.
The president’s ginormous “American Rescue Plan” spending blowout kicked off Bidenflation (and the Fed’s soaring interest rate hikes to fight it), but Joe can’t stop himself.
Yet his trillions in outlays lead to “unsustainable” debt, as Citadel CEO Ken Griffin put it recently.
Griffin blasted Biden’s handling of the economy, arguing that the red ink will have “dire consequences,” socking “future generations.”
Dimon also sees the prez’s cancellation of liquefied natural gas projects as yet more economic folly from Biden: “The export of LNG is a great economic boon,” he stressed.
And “the trillions needed each year for the green economy” (which isn’t needed, but merely a Democratic obsession) are also inflationary, he warned.
Americans get it: Per CNN, a whopping 55% feel Biden’s policies have worsened economic conditions, while just 26% say they improved them.
They shouldn’t expect things to get better, either, until there’s a change in the White House.
Source link: https://nypost.com/2024/04/11/opinion/inflation-refuses-to-quit-despite-what-joe-biden-claims/