Biden catches fire after inflation rises again

By Casey Harper (The Center Square)

The latest federal inflation data shows consumer prices rose again in February, prompting criticism of President Joe Biden and his spending agenda.

The US Bureau of Labor Statistics released the consumer price index on Tuesday, which showed consumer prices rose 0.4% in February, totaling a 6% increase over the previous 12 months.

“Core CPI came in strong: 0.5% for the month, versus the (still hot) 0.4% expected,” Jason Furman, an economist and Harvard professor, wrote on Twitter. “Core CPI higher for the month than the three months than the six months.”

“Core CPI reached an annual rate of 5.6% for the month of February,” he added. “In the 25 years before COVID, the highest monthly impression (out of 300 impressions) was 4.6% per year.”

Critics have pointed out that the annual inflation rate has come down in the latest data, but Furman suggested that doesn’t yet mean the United States is off the hook.

“The fact that 12-month inflation fell simply means that inflation in February 2023 (which entered the calculation) was lower than inflation in February 2022 (which dropped out),” Furman said. “That is to say, it means nothing about the underlying inflation trend or outlook.”

Related: Survey: Inflation worries Americans about covering expenses after job loss

Criticism is mounting against President Joe Biden after the data comes out, particularly because Biden released a federal budget just days ago that would see the national debt top $50 trillion within a decade. .

“Last week, Biden introduced a $6.8 trillion budget that is even more replete with taxes and reckless spending than his last terrible proposal,” said Sen. Rick Scott, R-Fla. “Credit card debt is up and savings are down as families struggle to make ends meet. For our poorest families, like mine growing up, Biden’s high prices make even the most basic necessities unaffordable.The President must WAKE UP and realize that the pain he is causing working Americans will not end until he ends his addiction to reckless government spending.

The White House has pointed out that its budget will reduce deficits by $3 trillion over the next decade. Even with these reductions, the debt is expected to continue to rise. The federal government is expected to spend more money on interest payments on the national debt than on national defense over the next decade.

“Families have lost two months’ pay to inflation,” said House Ways and Means Committee Chairman Jason Smith, R-Mo. “Yet the president is embracing new rounds of fiscal and economic calamities, including an additional $4.7 trillion in tax hikes on families, farmers and job creators to fund the welfare of Democrats. for the program of the rich.”

Related: Record number of Americans say they are financially worse off under Biden – most in nearly 4 decades

Federal debt spending fuels inflation because printing money helps the government maintain debt spending, but also increases inflation.

“President Biden’s reckless spending and far-left priorities have created an inflationary catastrophe,” Sen. John Barrasso, R-Wyo, said after the price data was released. “Americans are dipping into their savings just to pay for gas and groceries. Yet President Biden doubled down on his dire policies with his latest budget request. His sweeping tax and spending wish list attacks the American energy, wastes taxpayers’ money and raises taxes on ordinary Americans.

Syndicated with permission from The central square.