On May 10th, President Joe Biden delivered a speech on inflation in an effort to get ahead of the expected bad news the next day concerning the Consumer Price Index (CPI). The president said that fighting inflation was now his “top domestic priority” even though it was not that long ago when he dismissed the steep price increases Americans were experiencing as merely “transitory.”
President Biden is calling inflation “a real tough problem to solve.” Too bad that the president has no clue on how to solve the “real tough problem” that he had a big hand in creating.
President Biden’s speech was long on passing the buck to others and short on offering real solutions. The president refused to accept any responsibility for the inflation that began surging early in his term.
Instead of following the advice from the sign on President Harry Truman's desk in his White House office, "The Buck Stops Here," Biden took to heart President Truman’s quip: “If you can't convince them, confuse them.” Indeed, President Biden tried to spin his own disastrous economic policies into something positive. He shamelessly boasted, “I think our policies help, not hurt.”
At a Democratic National Committee fundraiser on May 11th, Biden said that “until we got elected and we changed presidents, I think people started to lose faith in the capacity of the American government to deliver — to deliver, to make life better for people.”
The American people are not fooled. A majority has lost faith in President Biden’s capacity to perform his job and make life better for the American people. About two-thirds of Americans disapprove of the way President Biden is handling the economy, according to a poll reported by CNN earlier this month.
Sure enough, the latest CPI inflation news was bad. The Bureau of Labor Statistics (BLS) announced on May 11th an overall CPI increase of 8.3 percent from April 2021 through April 2022. This was slightly smaller than the 8.5 percent increase for the 12-month period ending in March 2022, but still a very alarming number for everyday Americans trying to make ends meet. This latest annual CPI increase is nearly six times the annual increase of just 1.4 percent when President Biden took office.
The core CPI index (excluding food and energy) rose 6.2 percent over the 12 months between April 2021 and April 2022, with the month-to-month core CPI increase doubling between March and April 2022 versus between February and March.
On May 12th, BLS announced more bad inflation news. The Producer Price Index for final demand rose 11 percent for the 12 months ended in April 2022. For the 12 months ended in April, the Producer Price Index for final demand less foods, energy, and trade services rose 6.9 percent.
Sellers’ production cost increases will usually end up being pushed through to retailers and ultimately to consumers, which will further fuel the surging inflation that the American people are experiencing every day.
In short, the Bidenflation continues to destroy Americans’ purchasing power. And Americans will still be dealing with unaffordable prices for a long time, even if year-to-year CPI increases begin to slow gradually in comparison to the months starting in April 2021 when Bidenflation began to take hold.Read the rest from Joseph Klein HERE
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