Inflation Hits Record High Levels Again Under Biden

Biden Ice Cream

In May, President Biden’s policies pushed the rate of inflation to break records set the previous month, reaching the highest level since 2008 and again performing worse than economists predicted.

The New York Times reported, “The Consumer Price Index surged 5 percent in May from a year earlier, the Labor Department said on Thursday. Economists had expected an increase of 4.7 percent. Prices rose 0.6 percent from April to May, and an index that excludes volatile food and energy costs rose 3.8 percent from a year earlier, the briskest pace since 1992.”

The 13-year record broken in May was last broken in April, with rates doubling the highest projection made in a Bloomberg survey of economists.

Top Democrat economist Larry Summers told PBS’s “Firing Line with Margaret Hoover” last week that the Biden administration’s “stimulus” bills have driven the inflation.

“If you looked at how the economy was coming into this year, we had total wages and salaries coming to people were 20 or 30 billion dollars a month lower because many of them had to be home because of COVID and the economy was slowed,” Summers said. “But we put in a stimulus that was putting into the economy more than 200 billion dollars a month. And so when you take a hole and you overfill it, you’re likely to have problems.”

“And I think we know that inflation’s like a lot of other things, it’s a lot easier to prevent than it is to cure,” Summers continued. “And I think the credibility of policymakers, including those at the Fed, is much easier to preserve than it is to restore.”

He later added, “The main risk is that our economy’s going to overheat. And then once it overheats, it’s going to be hard to put out the fire without doing a lot of damage and causing a lot of problems. And so I’d like to see us shift towards a policy concern.”

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