During the 2020 elections, many financial analysts were sounding the alarm of what a Joe Biden Presidency would do to the economy.
The Biden campaign’s talking points included raising taxes, continuing the expanded unemployment payments, implementing the Green New Deal via massive spending, and the continuation of the various COVID lockdowns.
Well after nine months, their concerns are coming to fruition.
On Wednesday Federal Reserve Chairman Jerome Powell said he still expects inflation to ease eventually, but now expects high inflation to run into 2022. This spring Powell had declared high inflation would be transitory, which many Fed watchers understood to mean lasting just a few months.
“It’s also frustrating to see the bottlenecks and supply chain problems not getting better — in fact at the margins apparently getting a little bit worse,” he added. “We see that continuing into next year probably, and holding up inflation longer than we had thought.”
Inflation unexpectedly accelerated in August, as shortages of a wide range of consumer goods and services drove up prices.
The numbers are not good with even the leftist, Biden protecting the NY Times, having to report them too.
“Prices climb at fastest pace in 30 years as supply chain snarls linger.”
The Federal Reserve’s preferred inflation gauge accelerated in August, keeping the pressure on economic policymakers who are watching warily as supply chain issues and commodity costs threaten to keep price gains elevated for longer than they had expected.
The Personal Consumption Expenditures index continued to climb at its fastest pace since 1991, rising by 4.3 percent in the year through August. That beat out the prior month’s reading of 4.2 percent.
Breitbart also broke down the data
Energy prices increased 24.9 percent from the depressed levels of a year ago. Food prices jumped 2.8 percent.
Core PCE prices, excluding food and energy, rose 3.6 percent compared with a year ago. That is also the fastest pace since 1991.
Core prices rose three-tenths of a point from July, matching the previous month’s gain and above the consensus forecast for two-tenths.
Inflation picked up for both goods and services.
The index for goods rose 5.5 percent compared with a year ago, up from 5.3 percent in July. Durable goods prices jumped seven percent, up from 6.9 percent in the prior month.
Prior to May and June of this year, inflation in durable goods has not run this hot since 1981. Nondurables rose 4.6 percent, up from 4.4 percent.
The disastrous Biden economy in driving up costs, which ends up as a national tax on all purchases and fixed costs.
For those who can least afford gasoline at $5 per gallon and who will have to pay the huge heating costs this winter, there is one person they can collectively point their finger at, Marxist Joe Biden.
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