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.

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.”

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.

Tags in this story

Biden Administration, Buckling supply chain, Central bank, Consumer debt, consumer, Consumer Price Index, Consumer price index inflation, economics, Edward Snowden, Empty shelf, U.S. Federal Reserve, Food inflation, Gas expansion, Gasoline prices, Government spending, inflation, Inflation crisis, Inflationary pressure, Joe Biden, Justin Amash, Federal Reserve Bank of New York, Purchasing power, supply chain, Federal Reserve, temporary

Image Source: Shutterstock, Pixabay, Wikimedia Commons

Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. The company or the author shall not bear direct or indirect responsibility for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.

Source link