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Posted On: 05/31/2022 10:42:32 PM
Post# of 126672
As inflation accelerates, Biden has no idea what to do
Core inflation, which excludes food and energy, accelerated in April, rising 0.6 percent from the previous month, while the March increase was 0.3 percent. That is bad news. In addition, the headline print on 12-month price hikes was 8.3 percent, worse than the consensus expectation of 8.1 percent.
The only life raft for President Biden? That 8.3 percent year-over-year boost is modestly lower than the 8.5 percent inflation recorded for March.
The friendly media clung to that bit of flotsam for dear life. Inflation “slowed in April”, as USA Today reported, asking: “Will it bring a bit of relief to price-weary shoppers?”
No, it’s doubtful that people paying almost 11 percent more for groceries, 44 percent more for gasoline, 80 percent more for fuel oil and 23 percent more for a used car than they did a year ago will be comforted to know that it could have been worse.
No matter. The good news is: Joe Biden has a plan for curing inflation.
That sounds promising, until you remember the president also promised he had a plan to shut down COVID-19. That one didn’t pan out so well.
Biden laid out his plan in a much-promoted address and a White House statement the day before the inflation release, probably aware that the sizzling report would cause more headaches. In his speech he told Americans that, “I’m taking inflation very seriously and it’s my top domestic priority.”
https://thehill.com/opinion/finance/3484919-a...hat-to-do/
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Vote Biden For The Good Life >2024 > Once Is Not Enough
Core inflation, which excludes food and energy, accelerated in April, rising 0.6 percent from the previous month, while the March increase was 0.3 percent. That is bad news. In addition, the headline print on 12-month price hikes was 8.3 percent, worse than the consensus expectation of 8.1 percent.
The only life raft for President Biden? That 8.3 percent year-over-year boost is modestly lower than the 8.5 percent inflation recorded for March.
The friendly media clung to that bit of flotsam for dear life. Inflation “slowed in April”, as USA Today reported, asking: “Will it bring a bit of relief to price-weary shoppers?”
No, it’s doubtful that people paying almost 11 percent more for groceries, 44 percent more for gasoline, 80 percent more for fuel oil and 23 percent more for a used car than they did a year ago will be comforted to know that it could have been worse.
No matter. The good news is: Joe Biden has a plan for curing inflation.
That sounds promising, until you remember the president also promised he had a plan to shut down COVID-19. That one didn’t pan out so well.
Biden laid out his plan in a much-promoted address and a White House statement the day before the inflation release, probably aware that the sizzling report would cause more headaches. In his speech he told Americans that, “I’m taking inflation very seriously and it’s my top domestic priority.”
https://thehill.com/opinion/finance/3484919-a...hat-to-do/
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Vote Biden For The Good Life >2024 > Once Is Not Enough
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