Americans continue to suffer as these Joe Biden policies had inflation soaring

Jan 17, 2024

It’s no secret that the American economy is swirling the toilet bowl.

And it seems every day there is more bad news about skyrocketing prices of consumer goods.

That’s why Americans continue to suffer as these Joe Biden policies had inflation soaring.

Inflation was up again in December according to the latest Bureau of Labor Statistics (BLS) just released.

Finishing the year above the projected inflation rate

The consumer price index (CPI), a measure of the prices of everyday goods, increased 3.4% in December and 0.3%, compared to 3.1% year-over-year in November.

The increase was above the expected increase of 3.2% according to the BLS. 

The core consumer price index, which excludes the even higher priced categories of energy and food, remained high as well.

It increased 3.9% year-over-year in October, and 4.0% in November.  

“It was unseasonably warm in December, which boosted gasoline prices enough to send the monthly headline number up a bit,” Peter Earle, economist at the American Institute for Economic Research, told the Daily Caller News Foundation (DCNF). “Disinflation is continuing, but the last percent or two down to the Fed’s target range are going to be tougher to nail down.”

The price of housing contributed the most to the monthly increase, with prices rising by 0.5% for the month and 6.2% for the year.

Meanwhile prices for energy rose 0.4% for the month, reversing the trend of declining energy prices. 

Prices for motor vehicle insurance continued to increase as well, rising 1.5% in December following an increase of 1% in November, according to the BLS. 

The cost for food also rose yet again.

Shocking – the Fed was wrong again

The current rate of inflation is far above the Fed’s target rate of 2%, which it wants to achieve through its use of its federal funds rate.

The Fed has set it in a range of between 5.25% and 5.50%, the highest point in 22 years. 

This action is in response to soaring inflation under President Joe Biden – an inflation rate which peaked at 9.1% in June 2022. 

“Right now, the Fed is projecting three rate cuts in 2024, while futures are suggesting five or six,” Earle told the DCNF. “I think that as long as the general price level keeps falling, the Fed will stick to its 75 [basis point] cutting plan. But if we get clearer signs of a slowdown in the late spring and early summer, we may indeed see four or five cuts this year.”

Regardless of all the statistics, Fed economic jargon and attempts to explain away Americans’ pain, the fact remains that Americans are suffering, and it’s all because of Joe Biden’s failed policies.

Hot Take Politics will keep you up-to-date on any developments to this ongoing story. 

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