Joe Biden doesn’t appear too concerned about how everyday Americans are suffering under what he calls the best economy in the world. Bidenomics has failed to rejuvenate the economy to any level that helps millions of people living paycheck to paycheck.
Despite what Joe in the ivory tower says, costs rose again across the board in the economy. The pain in the budget for Americans extended to price increases at the grocery story, restaurants, gas pumps, car insurance, and mortgage rates.
People are hurting and Biden keeps yelling at them that he has done everything right to fix the economic problem. The reality is that the federal government just reported how badly Bidenomics has failed and how the president’s policies are hurting Americans.
From the Washington Examiner:
Inflation rose to 3.5% for the year ending in March, the Bureau of Labor Statistics reported Wednesday in an update to the consumer price index.The rise in headline inflation is more than expected and an unwelcome development for the Federal Reserve, which has been aiming to move toward cutting interest rates in the coming months. It’s also bad news for President Joe Biden. The White House has been emphasizing recent declines in inflation, alongside the robust labor market, as “Bidenomics” in action.
On a month-to-month basis, inflation rose 0.4%, more than expected.
“There is no improvement here. We’re moving in the wrong direction,” said Greg McBride, chief financial analyst at Bankrate. “The usual trouble spots persist — shelter, motor vehicle insurance, maintenance, and repairs, services costs. Add electricity to that list, up 0.9% in March and 5% over the past year.”
The federal government tries to remove volatile metrics to minimize the totality of inflation. This latest report put a spotlight on a problem the Federal Reserve (Fed) hasn’t been able to contain by raising interest rates over the last two years.
Annual inflation peaked at almost 9% in June 2022. Inflation has dropped but price growth is still well above the Fed’s targeted 2% level.
“Core inflation,” which excludes volatile food and energy prices, remained at 3.8% for the year ending in February. Core inflation is watched more closely by the Fed.
Housing and key energy costs pushed the CPI index higher last month. Shelter costs rose 0.4% for the month and 5.7% compared to the same time period last year. Shelter and gasoline prices contributed more than half of the monthly increase in overall inflation.
This latest inflation report affected financial markets. Expectations now are that the Fed is less likely to cut interest rates by its June meeting and is likely to push any trimming until sometime this fall.
Key Takeaways:
- Biden is headed for an election disaster in November if “it’s the economy” holds true.
- The latest inflation figures from the federal government showed more pain for Americans.
- Costs for essential needs rose faster than anticipated and voters don’t like Bidenomics.
Source: Washington Examiner
