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April 13, 2022

Inflation Numbers Even Worse Than Expected

By T. Thompson In Finance, Latest News with Comments Off on Inflation Numbers Even Worse Than Expected

The Labor Department released their latest monthly data on the consumer price index, showing that inflation is increasing at its fastest pace since 1981 — 8.5% over the past year.

The Biden administration had anticipated a staggering report, with White House press secretary Jen Psaki preemptively pointing the finger at Russian President Vladimir Putin. But several lawmakers point the finger directly at President Joe Biden.

“If the Biden administration truly wants to find the cause of record high inflation, all they have to do is look in the mirror. These dramatic, record-setting increases in inflation weren’t caused by Vladimir Putin, but by the bad choices of President Biden and the Democrats who control Congress,” said Sen. Lindsey Graham (S.C.), the Budget Committee’s top Republican.

Additionally, Graham said that “if you want inflation to go down, Americans will have to change leadership.”

“Inflation is at a 40-year high of 8.5% due to federal policies of borrowing & printing money at unfathomable levels & bad energy policy, which is hurting Floridians,” Florida Gov. Ron DeSantis (R) tweeted.

“Biden could unleash domestic energy production to provide relief. Instead, he is content watching people suffer.”

Sen. Joe Manchin (D-W.VA.) assigned blame to the Biden administration and the Federal Reserve.

“Federal Reserve and the [Biden] Administration failed to act fast enough, and today’s data is a snapshot in time of the consequences being felt across the country,” he said in a statement.


Source:

U.S. inflation jumped 8.5 percent in past year, highest since 1981

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