Government Watch / Politics

CBO Shows Bidenflation Surges Over Forecasts as Experts Sound Alarms

Experts

Economic experts are catching up with what cash-strapped families have known for months: Bidenflation isn’t as transitory as the White House claims.

In fact, the inflation in June skyrocketed past the Congressional Budget Office’s expectations by nearly 3 percentage points.

Here’s what some experts are saying:

Larry Summers, Former Democrat Treasury Secretary: With Higher Deficit, More Cause for Concern Now Than in 1966

“I think most factors point to more cause for concern now than in 1966 when inflation accelerated 3-4 pts in 4 years. Then, the deficit was in range of 3 percent. Now the deficit is in the range of 15 percent. …

“Then, there was no saving overhang, no housing price boom and no major asset price inflation. Now, all three are present to an almost unprecedented degree.

“Then, because of the labor force and productivity growth, supply potential was growing at 3.5 percent. Now it’s less than 2…

“Then the argument was that measured inflation would not accelerate too much from 2 percent. Now it is that inflation will substantially decelerate from 5 percent.”

Axios: Inflation That Can’t Be Ignored

“The White House was counting on fleeting inflation. Now, it’s starting to look like it could last.

“Many of the biggest gains were for goods and services we need as we go back into the world: Plane tickets, hotels, restaurants and cars all jumped.”

Fox Business: Fed ‘binge’ created inflation ‘whirlwind’: Steve Forbes

“Steve Forbes, the chairman an editor-in-chief of Forbes Media, argued that the Federal Reserve’s policies have led to long-lasting inflation and more government spending will only make it worse on FOX Business’ ‘Varney & Co.’

‘Inflation’s here for a while. We’re getting the whirlwind of what was done last year and the year before.

‘Even before COVID, the Fed was printing too much money. They went on a binge last year, perhaps for understandable reasons, but they overdid it.’”

NYT: Inflation jumped 5.4% in June, the biggest rise since 2008

“Policymakers expect inflation will fade as the economy gets through a volatile pandemic reopening period, but how quickly that will happen is unclear.

“Prices have climbed faster than officials at the Fed had predicted earlier this year, certain measures of consumer inflation expectations have risen — something that could make inflation a self-fulfilling prophecy if it becomes more extreme — and some officials at the central bank are increasingly wary.”

WSJ: Inflation Accelerates Again in June as Economic Recovery Continues

“Many economists now expect higher inflation to stick around while slowly easing. Those surveyed by the Journal in July estimate on average that annual inflation, measured by the CPI, will ease to 4.1% in December.”

Reprinted with Permission from - US Committee on Ways and Means by - J.P Freire, Jessica Henrichs, & Leo Lutz

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Kashoub
2 months ago

A huge 3.6% wage increase is Bidened (not Trumped) by even4.2% inflation. Which will probably be 5%

JOHN
2 months ago

President Puss for Brains has declares social and economic war on We The People.
His plan is that HIGHER prices is MORE Tax Revenue.
What next? I am willing to bet that there is something to do with OUR currency? A small step to the LEFT by way of printing and releasing NEW Currency designs and pictures of WOKE Communist leaders… the declaring all current currency VOID and not redeemable. The Russians did it, Germany did it more than once. China several times too. FDR made private ownership of gold coins and bullion illegal in1933. In 1964 LBJ removed the Silver standard! Wilson had Federal Reserve Notes issued…. all of this BY DEMOCRATS!

CaRepub
2 months ago

I’ve decided to post the same comment on every article here on AMAC because I believe it is the best way to reach as many true patriots and proud American citizens that I can.
It is evident that Joe Biden seems to think we’re in a Civil War in this country. He’s made that clear in several of his idiotic speeches. In fact, he and the Democrats have been firing volley after volley with their loud obnoxious voices. In this battle of words, it is time for we who are proud to be Americans to fire back.
I would like to see everyone who is proud to be an American to start (for those that don’t already) displaying the stars and stripes in front of their residence every day. Can you imagine the beauty of entire American blocks draped with the American flag even when it isn’t a holiday? And if you don’t have a flag, may I make the suggestion that you purchase one from any veterans group which can be found online. Yes, I know you could buy one from a local store or a discount store, but I think it’s better to honor those that have stood on guard for us and our symbol of freedom since the revolutionary war. And honestly, I believe it would have a deeper meaning for each of us knowing that our show of patriotism extends beyond just us.
I would also hope that everyone who reads this and who feels that patriotic pride also displays a flag symbol on their mode of transportation. And it’s time that we start showing solidarity, so when we see someone standing in the yard with a flag or we see a vehicle on the road displaying the American flag that we give them a big thumbs up and a wave just to let them know that we too believe in patriotism, the American way of life and the kinship of being a proud American. Listen, you can call me a lot of things, a lot of names, but the one I never want to be accused of is being ashamed of being an American.
It’s time we the great silent majority, quit being the silent majority. For far too long we have allowed those who want to tear down the very structure of our country to do all the noise making. It’s time we start fighting back, visually and loudly. And it’s high time that those that we have elected include their voices,loud and strong every day, about the stupidity that is this current administration and the lackeys throughout the country who want to tear down America.
Unfortunately, I don’t know who or how the process would work, but maybe somebody who reads this will. I would love to see a bumper sticker that every proud American could put on their bumper that would simply read “Let Joe know, I am a proud American“ Festooned at each end with a bright American flag. Perhaps someone will grab this ball and run with it. Maybe AMAC?
Every war begins someplace, and every war requires patriots to do their duty. And if this is the beginning of Joe’s “Civil War“ then it’s time he find out what he’s up against. Let our voices be loud, and strong, and unified in declaring our pride of being American and standing up for American principles. Fight Back!

Connie
2 months ago
Reply to  CaRepub

Great post! Excellent suggestions!

RJ Rich
2 months ago
Reply to  CaRepub

You are absolutely right; we need to speak up against every Marxist Socialist movement! It is totally Treason for anyone who is wanting to overthrow our government, constitution, etc. And all elected who are speaking against our government, constitution and want to move towards any form of Socialist, Marxist government should be removed from office and tried for Treason as well as breaking the Oath they swore to protect our government, freedom, etc..

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