Inflation is getting worse, yet the best President Joe Biden can do is to claim that the answer is passing his vast social-spending bill to dump more cash on the country — the very same spending he started pushing in January, before prices started soaring.
“For anyone who, like me, is concerned about costs facing American families, passing [the Build Back Better Act] is the most immediate and direct step we can take to deliver,” he said Friday.
Never mind that the Congressional Budget Office finds that Build Back plan would add $367 billion in unfunded spending, worsening inflation — and more than $3 trillion if the new programs become permanent.
America’s inflation rate already has hit its highest level in nearly 40 years. On Friday, the Labor Department said the consumer price index rose 0.8 percent last month after surging 0.9 percent in October, pushing annual inflation to 6.8 percent in November, the highest since June 1982 and significantly above October’s 6.2 percent. What’s Biden after, the highest rate in US history?
And it’s not getting better, even without the added damage if Build Back passes. Fed Chairman Jerome Powell this month told Congress, “Factors pushing inflation upward will linger well into next year.” At least.
A full 45 percent of Americans, per Gallup, are experiencing financial hardship thanks to Bidenflation. Yet the White House’s only prescription is more of the multitrillion-dollar “medicine” that’s produced this mess. Nor is Team Biden willing to let go of its war on US energy producers, which has gasoline and home-heating costs leading the inflationary spiral.
How hot must inflation burn before this administration stops feeding the flames?