by Ace
Let’s quote CNN to see how they’re coping.
Stubbornly high US inflation grew stronger than expected in March
Surging gas prices and sky-high mortgages and rent sent inflation rising more than expected in March, adding to Americans’ prolonged and painful battle with high costs. That could force the Federal Reserve to keep its punishing rates higher for longer.
Yup. As I’ve mentioned, the Fed wants to save Biden by cutting rates in time for the election, thus flooding more newly-printed dollars into the economy, but they can’t as long as inflation keeps coming in “hotter than expected.”
Just in time for the election, too.
The previous interest rate hikes imposed by the Fed were just not big enough to stop the inflationary tide of Biden’s drunken-sailor spending spree.
US consumer prices picked up again last month, vaulting to a 3.5% increase for the 12 months ended in March, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics.That’s up considerably from February’s 3.2% rate and marks the highest annual gain in the past six months. Friday’s report further highlights that the path to lower inflation remains extremely bumpy — and continue to be a drag on Americans’ hard-earned finances — and that any loosening of monetary policy might not happen soon.
The DOW fell 500 points on the unexpected-as-usual news. Sexton quotes Noted Lunatic Dwarf Paul Krugman insisting there is no inflation, there is just the partisan fantasy that inflation is real and painful.
But even the New York Times is dour about the news:
The unexpected re-acceleration in price growth across the economy is at least a temporary setback for President Biden, who has been banking on cooling inflation to lift his re-election prospects…Wall Street analysts saw Wednesday’s surprise pickup in the inflation rate as a sign that the Fed could leave rates on hold for months longer than expected. That could mean no cuts before the November election, a campaign where Mr. Biden’s Republican opponent, former President Donald J. Trump, has slammed Mr. Biden for both rapid price increases and high borrowing costs.
Below, Black Conservative Perspective runs tape from an MSNBC focus group of swing state voters (in WI, MI, and PA), who call Biden’s inflation “devastating” and that they feel “gaslit” by claims that Biden has fixed inflation.
Wow, to find a worse rate than the current 3.5% increase (over and above all the other accumulated increases), they have to go all the way back to… 6 months ago. Let’s see… who was President* then?
All Democrats know how to do is tax, spend and print more money. They have no idea how doing things that allows the economy to expand actually brings in MORE revenue that punitive taxation. But, Democrats DO love to take things away from people (though they have a bit of a problem paying their own taxes), so they prefer just raising taxes, time after time after time until there is no more revenue.
It always comes as a “surprise,” tho, doesn’t it.
At some point they will learn reality doesn’t match their propaganda.
bidenomics has failed joe. The word from the WH to democrats is do not use the phrase “bidenomics”. Gee, I wonder why…
So is this still Putin’s price hike or corporate profits too high? The inflation reduction act wanted to know.
It’s neither. Prices are lower and the economy is better. Haven’t you heard?