Friday, September 29, 2023
HomeOpinionsBidenomics continues to fuel rising inflation once again

Bidenomics continues to fuel rising inflation once again

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.

Joe BidenSource link

I'm TruthUSA, the author behind TruthUSA News Hub located at With our One Story at a Time," my aim is to provide you with unbiased and comprehensive news coverage. I dive deep into the latest happenings in the US and global events, and bring you objective stories sourced from reputable sources. My goal is to keep you informed and enlightened, ensuring you have access to the truth. Stay tuned to TruthUSA News Hub to discover the reality behind the headlines and gain a well-rounded perspective on the world.
- Advertisment -

Most Popular

Recent Comments