(The Center Square)
The latest federal inflation data shows consumer prices rose again in February, sparking criticism of President Joe Biden and his spending agenda.
The U.S. Bureau of Labor Statistics released the Consumer Price Index Tuesday, which showed consumer prices rose 0.4% in February, totaling up a 6% increase over the previous 12 months.
“Core CPI came in hot: 0.5% for the month as opposed to 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 came in at a 5.6% annual rate for the month of February,” he added. “In the 25 years before COVID the single highest monthly print (out of 300 prints) was a 4.6% annual rate.”
Critics pointed out that the annual inflation rate declined in this latest data, but Furman suggested that does not mean the U.S. is out of the woods yet.
“The fact that 12-month inflation fell simply means that inflation in Feb 2023 (which entered the calculation) was lower than inflation in Feb 2022 (which dropped out),” Furman said. “Which is to say, it does not mean anything about the underlying inflation trend or outlook.”
Related: Poll: Inflation Has Americans Worried About Covering Expenses After Job Loss
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Critics are piling up on President Joe Biden after the data was released, in particular, because Biden just days ago released a federal budget that would have the national debt surpass $50 trillion within a decade.
“Just last week, Biden put forward a $6.8 trillion budget that’s even more full of reckless taxes and 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 needs to WAKE UP and realize that the pain he is causing for hardworking Americans won’t end until he ends his addiction to reckless government spending.”
The White House has pointed out that its budget cuts deficits by $3 trillion over the next decade. Even with those cuts, the debt is projected to continue to rise. The federal government is projected to spend more money on interest payments on the national debt than on national defense over the next decade.
“Families have lost two months of pay to inflation,” said House Ways and Means Committee Chairman Jason Smith, R-Mo. “Yet the President is embracing further rounds of fiscal and economic calamity including an additional $4.7 trillion in tax increases on families, farmers, and job creators to fund the Democrats’ welfare for the wealthy agenda.”
Related: A Record Number of Americans Say They’re Worse Off Financially Under Biden – Most in Nearly 4 Decades
Federal debt spending fuels inflation because money-printing helps the government sustain its debt spending but also increases inflation.
“President Biden’s reckless spending and far-left priorities have created an inflation disaster,” Sen. John Barrasso, R-Wyo, said after the pricing data was released. “Americans are dipping into their savings just to pay for gas and groceries. Yet, President Biden doubled down on his disastrous policies with his latest budget request. His radical, tax-and-spend wish list attacks American energy, wastes taxpayer dollars, and raises taxes on everyday Americans.”
Syndicated with permission from The Center Square.
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Biden is just following the orders of Obama and Susan Rice. General Mi Li is their enforcer and we all know his white rage comes from him wearing his wife’s thong on backwards, soon his cajones will be twisted off. Biden is dick-less because Jill owns the cajones in that marriage. I hear the poor b*tch may have testicular cancer… LOL
Whopper Biden again poured more gas on the inflation fire by denying taxpayers would not have to bail out the failed banks…..He forgot the government may print money but supply no product and that government exist by a consensus of the governed(you and me)….the House controls the purse strings, Whopper has no legal means to increase the debt with FDIC overload unless a bill introduced is approved by the House…..Lying and misappropriation plus high crimes and misdemeanors by disobeying the law is a specialty of Whopper Joe and his Crime Family…If he is incarcerated for acts of treason, crimes and abuse of office, he is a prime witness to bring down the special interests that are so big on socialized global government….Student government loan anyone?
But, but, but. Only a few weeks ago Kamala told us, since energy costs are down, inflation is down, grocery costs are down, the costs of living are down, thanks to the Democrats and this administration, we should all take a family vacation. She wouldn’t lie Would she?
Is anyone surprised?
Just doesn’t seem to matter how bad it gets for the citizens, they just go without and tune into the democrat party’s propaganda media to listen how strong the economy is? It is just plain weird to me how people can no longer think for themselves!
Everytime Joe opens his mouth, it’s a lie. The man is a clueless monkey on a string
Biden has caused this mess, destroyed our economy and is an embarrassment!
We cannot afford groceries, gasoline, rent or daycare. We are in grave danger.
Joe the moron Biden is nothing but a stooge to the CCP. THIS IDIOT IS DOING EVERYTHING HE CAN TO TURN THE US INTO A COMMUNIST COUNTRY JUST LIKE CHINA WANTS HIM TO! He’s the most corrupt POS of a president ever!! This jackass hasn’t had to pay for anything in the last 5 decades he’s been living off of the American taxpayers! He should be tried for all of his treasonous actions and then hung once found guilty!!