Last month the producer price index notched its steepest year-on-year jump in more than a decade.
The clock is ticking to write and vote on the $3.5 trillion ($5 trillion in actuality) liberal tax and spending spree. With each passing day, however, Democrat infighting worsens. Progressives and “moderates” are in open combat in the House, as committee markups highlight the large policy fractions within the party.
In July, a key inflation indicator reached a 30-year high, previewing a record-high level for producer prices in August.
In true Democrat fashion, Joe Biden isn’t letting the inflation crisis go to waste. In fact, he’s using it to push his radical anti-business agenda.
"This is not a vision for recovering stronger from this pandemic, it’s an attempt to use a global crisis to put government in control of almost every aspect of our lives.”
"Over the past 18 months, we’ve spent more than $5 trillion responding to the coronavirus pandemic. Now Democrat congressional leaders propose to pass the largest single spending bill in history with no regard to rising inflation, crippling debt, or the inevitability of future crises."
“Blackouts, unaffordable electricity bills, tax hikes, entire American industries and jobs destroyed, no hope to cure diseases, long lines of the sick begging the government for lifesaving treatments, and weak American defenses against our adversaries like China and Russia."
"his bill is about power and control. It is about solidifying union bosses’ stranglehold on workers, upending individual's rights in favor of government control, stifling innovation, and stealing money from blue-collar workers to pay for white-collar educations. Democrats aren’t Building Back Better, they’re Building Back Bankrupt."
“The PPI is often seen as a leading indicator of what is to come, and today’s high reading indicates inflation is much higher than the Fed’s longtime target inflation rate of about 2 percent. High inflation is bad news for the near future."
8.3% is the highest such inflation number ever recorded since the metric began...this beats the previous record of 7.8% set last month. It’s clear that, unlike what President Biden says, the rise in inflation is absolutely not transitory.