released<\/a> the Consumer Price Index Tuesday, which showed consumer prices rose 0.4% in February, totaling up a 6% increase over the previous 12 months.<\/p>\n\n\n\n\u201cCore CPI came in hot: 0.5% for the month as opposed to the (still hot) 0.4% expected,\u201d Jason Furman, an economist and Harvard Professor, wrote on Twitter. \u201cCore CPI higher for the month than the three months than the six months.\u201d<\/p>\n\n\n\n
\u201cCore CPI came in at a 5.6% annual rate for the month of February,\u201d he added. \u201cIn the 25 years before COVID the single highest monthly print (out of 300 prints) was a 4.6% annual rate.\u201d<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cThe 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),\u201d Furman said. \u201cWhich is to say, it does not mean anything about the underlying inflation trend or outlook.\u201d<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cJust last week, Biden put forward a $6.8 trillion budget that\u2019s even more full of reckless taxes and spending than his last terrible proposal,\u201d said Sen. Rick Scott, R-Fla. \u201cCredit card debt is up and savings are down as families struggle to make ends meet. For our poorest families, like mine growing up, Biden\u2019s 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\u2019t end until he ends his addiction to reckless government spending.\u201d<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cFamilies have lost two months of pay to inflation,\u201d said House Ways and Means Committee Chairman Jason Smith, R-Mo. \u201cYet 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\u2019 welfare for the wealthy agenda.\u201d<\/p>\n\n\n\n
Federal debt spending fuels inflation because money-printing helps the government sustain its debt spending but also increases inflation.<\/p>\n\n\n\n
\u201cPresident Biden\u2019s reckless spending and far-left priorities have created an inflation disaster,\u201d Sen. John Barrasso, R-Wyo, said after the pricing data was released. \u201cAmericans 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.\u201d<\/p>\n\n\n\n
Source: https:\/\/thepoliticalinsider.com\/biden-takes-fire-after-inflation-increases-again\/?utm_source=home-headline-stories<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"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. \u201cCore CPI came in hot: 0.5% for the month as opposed to the (still hot) 0.4% expected,\u201d Jason Furman, an economist and Harvard Professor, wrote on Twitter. \u201cCore CPI higher […]<\/p>\n","protected":false},"author":83,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1974","post","type-post","status-publish","format-standard","hentry","category-economy"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/posts\/1974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/users\/83"}],"replies":[{"embeddable":true,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1974"}],"version-history":[{"count":1,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/posts\/1974\/revisions"}],"predecessor-version":[{"id":1975,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=\/wp\/v2\/posts\/1974\/revisions\/1975"}],"wp:attachment":[{"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nakedpolitics.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}