Bidenflation Lives!
Biden loyalist and senior Democratic Rep. Jim Clyburn was on-air Wednesday insisting talk of rising inflation is “disinformation” when an anchor broke in to say it shot up to 3.5% in March, year over year — a bigger jump than February’s and more than economists expected.
That made three straight months of prices rising faster than the month before, with a clear risk the acceleration will continue.
That also means the Federal Reserve won’t start reducing interest rates, which sent the Dow plunging 512 points.
Other signs are grim: Commodity prices are up 15%; the Producer Price Index (which strongly forecasts consumer inflation) has been rising, too.
All while President Biden and his fellow liars on the left pretend inflation is easing. “We’re better situated than we were when we took office, where inflation was skyrocketing,” Biden fibbed Wednesday.
Uh, no: Inflation was just 1.4% in January 2021, less than half March’s rate. And it soared to a 41-year high, at 9.1%, in 2022.
Prices today are a depressing 19% higher than when President Donald Trump left office. Steak’s up 26%. Eggs, 103%.
Thursday brought news the PPI rose 2.1% in March, the largest jump since April 2023.
Biden’s been delusional on interest rates, too: “I’ll bet you those rates come down,” he said last month; on Wednesday he admitted any cuts will likely be delayed.
Delayed? Last Friday, Michelle Bowman of the Fed board gave notice that instead of cutting rates, the board may raise them.
And JPMorgan Chase boss Jamie Dimon has warned rates could surge above 8% — fueled by “huge fiscal spending” and monster US debt.
Hmm: Biden on Monday announced his plan to send the debt soaring tens of billions more, with another huge taxpayer studentdebt bailout.
The prez’s “American Rescue Plan” spending blowout kicked off Bidenflation (and the Fed’s soaring interest-rate hikes to fight it), but Joe can’t stop himself.
Americans get it: Per CNN, a whopping 55% feel Biden has worsened economic conditions, while just 26% say he’s improved them. Don’t expect real improvement ’til there’s a change in the White House.