The latest federal inflation data released by the US Bureau of Labor Statistics has shown that consumer prices rose 0.4% in February, resulting in a 6% increase over the previous 12 months. The Consumer Price Index has come under scrutiny from critics who pointed out that the annual inflation rate declined in this latest data, but experts have warned that this does not mean the US is out of the woods yet.

“Core CPI came in hot: 0.5% for the month as opposed to the (still hot) 0.4% expected. Core CPI higher for the month than the three months than the six months,” tweeted Jason Furman, an economist and Harvard Professor. “Core CPI came in at a 5.6% annual rate for the month of February. In the 25 years before COVID the single highest monthly print (out of 300 prints) was a 4.6% annual rate.”

Critics have piled up on President Joe Biden after the release of this data, particularly as Biden had just days ago released a federal budget that would have the national debt surpass $50 trillion within a decade. 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.

“Families have lost two months of pay to inflation,” said House Ways and Means Committee Chairman Jason Smith, R-Mo. “Yet 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’ welfare for the wealthy agenda.”

Federal debt spending fuels inflation because money-printing helps the government sustain its debt spending but also increases inflation. Experts warn that the Biden administration needs to address the issue of inflation before it gets out of hand.

“President Biden’s reckless spending and far-left priorities have created an inflation disaster,” said Sen. John Barrasso, R-Wyo, after the pricing data was released. “Americans 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.”

David M. Higgins II, Publisher/EditorEditor-in-Chief

David M. Higgins II is an award-winning journalist passionate about uncovering the truth and telling compelling stories. Born in Baltimore and raised in Southern Maryland, he has lived in several East...

Leave a comment

Leave a Reply