Democrat President Joe Biden has lived up to his economic-sabotaging abilities yet again as new numbers released Friday detail the record inflation rates – while Biden is set to issue a $6 trillion budget for fiscal 2022.
“Prices are climbing at the fastest pace since 2008, a key index released on Friday showed, an increase that is sure to keep inflation central to economic and political debates,” the New York Times reported.
“The Bureau of Economic Analysis’ personal consumption expenditure inflation measure climbed 3.6 percent in April from the prior year — the strongest reading in 13 years and more than the 3.5 percent gain that economists in a Bloomberg survey had expected,” the Times continued. “The core price index, which strip out volatile food and fuel prices, rose 3.1 percent in the year through April — the fastest pace since 1992. Prices rose 0.7 percent compared with the prior month, the biggest increase in two decades.”
The measure of inflation most watched by the Fed surges to the highest since 1992. U.S. personal consumption expenditure core price index: pic.twitter.com/jrM4U86JCl
— Lisa Abramowicz (@lisaabramowicz1) May 28, 2021
Biden is apparently attempting to emulate the hyperinflation of Brazil, where high national debt and high taxes led to drastically reduced production and hyperinflation. While President Biden continuously increases the national debt through unnecessary government spending, in his economy people are also being paid to stay home and not produce; so, the overall money supply is being increased while overall production is being suppressed – predictably resulting in ever-increasing prices.
Biden is set to unveil his $6 trillion dollar budget on Friday, which would increase debt relatively to GDP to the highest levels ever.
“If adopted, the plan would put the US annual budget deficit at $1.3 trillion per year for the next decade, according to the report, with the budget scaling up to $8.2 trillion by 2031,” the New York Post reported. “The government would spend approximately one-quarter of US economic output over the next decade and by 2024 could see the highest-ever national debt as a proportion of the economy.”
