On Friday, Florida Governor Ron DeSantis called inflation “an invisible tax on the American people.”

The governor made his remarks during a press conference in Naples, Florida.

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DeSantis on inflation: ‘It’s basically an invisible tax on the American people’

DeSantis’ comments in part seemed to be a response to coordinator of the Florida legislature’s Office of Economic and Demographic Research, Amy Baker, who recently told lawmakers that high inflation is transitory.

“Whenever you flood that much money into the economy, it always has some perverse effects with it, but that would be transitory, too,” Baker told the Florida legislature. “I believe within the year we should see it come back to some more normal, stable level.”

DeSantis disagrees.

“This inflation is real,” DeSantis said on Friday. “This inflation is upending a lot of things.”

“They said it was just going to be transitory, the governor added. “It’s not transitory. It’s real.”

DeSantis makes his remarks not only after Baker’s testimony, but during a time in the American economy where year-over-year inflation in the United States has risen 5.4 percent, which is nearly a 13 year high. 

“You look at how much things have gone up year-over-year — these are stiff increases, and it’s basically an invisible tax on the American people,” DeSantis said.

Inflation is indeed real right now.

The Associated Press reported on Wednesday, “Another jump in consumer prices in September sent inflation up 5.4% from where it was a year ago, matching the largest increase since 2008 as tangled global supply lines continue to create havoc.”

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Federal Reserve officials have claimed inflation is merely transitory

“U.S. consumer prices rose 0.4% in September from August as the costs of new cars, food, gas, and restaurant meals all jumped,” AP noted.

The AP also observed repeated promises from the Fed that these price increases would just be “transitory.”

“The ongoing price gains raise pressure on the Federal Reserve, whose officials have repeatedly said the increases will be transitory, and on President Joe Biden, who is facing an economy of slowing job gains and higher inflation. Biden has been accused by Republicans for spurring inflation with his $1.9 trillion rescue package enacted in March of this year,” AP reported.

Investors aren’t buying Federal Reserve’s stance

US futures fell sharply on Monday. Experts point to investor concerns about inflation and a slowdown in China’s economy last quarter.

You might recall that last week White House Press Secretary Jen Psaki said inflation has fallen by 50% in recent months in the face of Labor Department numbers show consumer prices have risen 5.4% compared to September 2020.

Psaki’s comments were in defense of a tweet by Biden’s chief of staff Ron Klain.

While some may not want us talking about inflation, the topic is expected dominate trading rooms today.

 

 

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