Posted on 09/01/2023 10:51:51 AM PDT by Diana in Wisconsin
Inflation accelerated in July: The Federal Reserve’s preferred measure, the Personal Consumption Expenditures price index, rose 3.3% over one year earlier, up from June’s 3%.
That’s still below the peak of 7% last summer — but heading back up in the wrong direction.
Some claim it’s just a fluke. In fact, it’s most likely thanks to President Joe Biden’s new spending spree — care of the woefully misnamed “Inflation Reduction Act” kicking in — and means a whole new round of rising prices.
That law, as we noted at the time, actually increased federal spending, and the deficit, in the near-term.
It’s now widely acknowledged that the ginormous spending in Biden’s first big Democrats-only law, the “American Recovery Act” (also ill-named), triggered the inflationary spiral that began in early 2021.
So no surprise that another spending spree is again pushing inflation up.
As of July, 61% of US adults said they were living paycheck-to-paycheck, up from 59% last year.ZUMAPRESS.com More: Since the IRA passed, we’ve learned that its supposed $271 billion in green subsidies (over a decade) actually will add up to three or four times as much, with Goldman Sachs estimating it over $1 trillion.
(Not to mention the fact that financial institutions get three times as much from the subsidies as any other sector.)
(Excerpt) Read more at msn.com ...
And now comes a sign that inflation isn’t even under control; Joe’s claims to have beaten it are as hollow as his months-long insistence back in 2021 that it was merely “transitory.”
He doesn’t know what he’s talking about — and when he does, it’s a lie.
Sorry! New York POST Op Ed.
At least Jimmy was a nice guy.
Bidenomics is the new word for Communist.
Build Back Better means destroying first.
We’re still in the Destruction Phase.
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