Political News & Social Views

Tag: Economy

White House gets boxed in on inflation

President Biden is boxed in by high inflation, leaving him with few options to take the heat off on an issue that is hurting his party politically.

Biden has limited control over inflation beyond proposing policies and investments that could take months, if not years, to make an impact.

Inflation rises to new 40-year high in key gauge watched by Fed

Inflation rose to a 6.6% annual rate in March in the personal consumption expenditures price index, the metric favored by the Federal Reserve, the Bureau of Economic Analysis reported Friday.

That is 0.3 percentage points higher than in the previous month and the fastest pace of inflation since January 1982.

Biden’s Deficit Spin

In recent speeches, President Joe Biden has been misleadingly taking credit for cutting federal deficits by historic amounts, though most of the reduction in deficits is the result of expiring emergency pandemic spending. Deficits fell between fiscal year 2020 and 2021 far less than initially projected after Biden added to them with more emergency pandemic and infrastructure spending.

And the deficits under Biden and beyond are projected to remain historically high compared with pre-pandemic levels.

Biden’s Blame Game Will Raise Oil Prices

Instead of taking steps to boost U.S. oil and gas production amid skyrocketing prices and the war in Ukraine, President Biden is standing by his green-energy goals and blaming fossil-fuel companies for the consequences. This will make today’s energy problems even worse.

Democrats Have Gasoline Price Amnesia

House Democrats must have political amnesia—or hope Americans do. On Wednesday they’re holding another political struggle session to lash oil and gas CEOs for surging gasoline prices. But only last autumn they were demanding that these same companies produce less oil to reduce the global supply of crude.