As the CPI hits its highest record in 30 years, the United States faces more inflation dilemmas – Economics Bitcoin News
As the Consumer Price Index (CPI) data this week rose 6.2% from a year ago, US inflation continues to soar. Americans are worried because the Fed has expanded the money supply and lowered the benchmark interest rate as never before, while US politicians are using money that the government does not have to create a multi-trillion dollar package. News of higher-than-usual inflation on Wednesday caused the stock market to fall. US President Joe Biden said that the White House is prioritizing “reducing prices.”
Inflation: “The predictable outcome of reckless government policy”
Inflation in the United States is heating up. After the media and Fed officials continue to say that inflation will be “temporary” in the past 12 months, this is clearly not the case. Data from the US Bureau of Labor Statistics’ Consumer Price Index (CPI) shows that the country’s inflation rate is the highest since the 1990s.
CPI is a basket of products. Since November 1990, the purchasing power of the American people for these products has never fallen so much. In addition, after the Bureau of Labor Statistics removed potentially volatile energy and food prices, the index still rose 4.6%. The index of the elimination factor is the highest level since August 1991.
-Tuur Demeester (@TuurDemeester) November 10, 2021
At the same time, the latest CPI data allows everyone to talk and discuss topics such as government spending, the Federal Reserve, and the U.S. supply chain rupture.
“Inflation reached 6.2%-offsetting the salary increase for those lucky enough to even have a good job-parents worry about the price of their children’s milk (when the shelves are not empty),” whistleblower and privacy activist Edward Si Norden Comment After the CPI data is released.
“Inflation is a huge tax increase on Americans and the foreseeable result of the government’s reckless policies: huge spending bills, trillions of dollars created out of thin air by the Fed, and wrong intervention plans exacerbated labor and supply shortages,” the former US president Representative Justin Amash wrote on Wednesday.
The White House will give priority to “reducing prices”
Although Americans are struggling to cope with the highest inflation record in 30 years, US President Joe Biden said that inflation is “worrying.”
Today’s report shows that inflation has increased from last month. Reversing this trend is a top priority.
My infrastructure bill will reduce costs by reducing bottlenecks, and I urge Congress to pass my “Rebuild Better Act”-which will ease inflationary pressures.
President Biden (@POTUS) November 10, 2021
Biden also said that the government’s focus is to get people back to work, “reducing prices” and “ensure that our stores have sufficient inventory.” Biden made the above statement during a speech at the Port of Baltimore on Wednesday, and the President of the United States further stated:
Everything from a gallon of gasoline to a loaf of bread is more expensive. The worrying thing is that even if wages are rising.
The politician continues to sell his Newly passed infrastructure bill, To be signed on Monday. Biden talked about some terms that he claims will help ease the problems that the supply chain has dealt with in the past two years. “[We] US$17 billion will be invested in modernizing our ports-we will reduce congestion,” Biden told the audience.
What do you think of this week’s discussion of CPI data and rising inflation? Please tell us your thoughts on this topic in the comments section below.
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