U.S. inflation continues to roar higher as this week’s data from the consumer price index (CPI) jumped 6.2% from a year ago. Americans are concerned as the Federal Reserve has expanded the monetary supply like at no other time in history, suppressed the benchmark interest rate, and U.S. politicians are creating multi-trillion-dollar packages with money the government doesn’t have. The news of hotter than usual inflation caused stock markets to fall on Wednesday, and U.S. president Joe Biden said the White House is prioritizing “getting prices down.”
Inflation: ‘The Predictable Outcome of Reckless Government Policies’
Inflation in the U.S. is running hot and after the media and Federal Reserve officials continued to say inflation would be “transitory” for the last 12 months, it clearly is not. Data from the U.S. Bureau of Labor Statistics’ consumer price index (CPI) indicates inflation is the highest it’s been in the country since the 1990s.
CPI represents a group of products. Since November 1990, the American population has not experienced a decline in their purchasing power. The index rose 4.6% even after the Bureau of Labor Statistics took out energy and food value, both of which are volatile. It is now at 4.6%, the maximum since August 1991.
Consumer price inflation, using pre-1980 methods is currently around 15%. https://t.co/G6FplxKyCD pic.twitter.com/wFtm7Gt5yt
— Tuur Demeester (@TuurDemeester) November 10, 2021
The latest CPI data is generating conversation and discussion about topics such as government spending, Federal Reserve and broken supply chains in the United States.
“Inflation hits 6.2%—wiping out the raises of those lucky enough to even have a good job—parents are worried about the price of milk for their kids (when the shelves aren’t empty),” the whistleblower and privacy activist Edward Snowden remarkedThe CPI data were published.
“Inflation is a huge tax increase on Americans and the predictable outcome of reckless government policies: massive spending bills, trillions of dollars created out of thin air by the Federal Reserve, and labor and supply shortages exacerbated by misguided interventionist schemes,” former United States representative Justin Amash wroteThis Wednesday
White House Will Prioritize ‘Getting Prices Down’
While Americans are grappling with the highest inflation records in 30 years, U.S. president Joe Biden says the inflation is “worrisome.”
Today’s report shows an increase over last month on inflation. This trend must be reversed.
My Infrastructure bill will bring down costs by reducing bottlenecks and I urge Congress to pass my Build Back Better Act — which will ease inflationary pressures.
— President Biden (@POTUS) November 10, 2021
Biden also said the administration is focused on getting people back to work, “getting prices down,” and “making sure our stores are fully stocked.” Biden made the statements during a speech at the Port of Baltimore on Wednesday and the U.S. president further said:
Everything, including a gallon or two of gasoline and a loaf of bread, is more expensive. And it’s worrisome, even though wages are going up.
Biden continued selling his recently passed infrastructure bill which was signed Monday. Biden spoke about several provisions that will, he claimed, help alleviate the problems the supply chain has been dealing with over the past two years. “[We] are going to modernize our ports with $17 billion dollars in investment — We’re going to reduce congestion,” Biden told the audience.
Let us know your thoughts on the CPI numbers this week, and about rising inflation. Please comment below to let us know your thoughts on this topic.
Credits for the imageShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or allegedly cause any kind of damage.