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Consumer Price Index Sees Highest Increases Since 2008, 1982

What says the Biden administration? It’s standard go-to practice of ‘deny, deny, deny.’




As if the past year wasn’t bad enough, consumer prices have seen the largest yearly jump since 2008. The Consumer Price Index (CPI) “which tracks the cost of a variety of consumer goods as well as housing and energy prices, has risen 4.2 percent from a year ago” reports National Review.

Not only did it rise significantly, but even more depressing, it is considerably higher than the estimated 3.6 percent. Therefore, “it is the largest yearly increase since September 2008.” We all remember what happened in 2008.

There’s yet another level of disappointment. National Review writes, “even controlling for food and energy prices, the CPI was up three percent, higher than the estimated 2.3 percent.” Additionally, “the 0.9 percent CPI increase from March, again controlling for food and energy prices, is the highest since April 1982.”

Not depressed yet? Wait, there’s more. “This data comports with Americans’ everyday experiences” such as, for example, “on Tuesday, the average price of a gallon of gas rose to $2.99, the highest figure since November 2014.”

What says the Biden administration? It’s standard go-to practice of ‘deny, deny, deny.’ The Biden administration contends the risk of inflation is nearly nonexistent. In an interview with NBC’s Meet the Press May 2nd, Treasury Secretary Janet Yellen said firmly, “I don’t believe that inflation will be an issue.”

Just a few days later Yellen defended her claims and added in a White House briefing “I really doubt that we’re going to see an inflationary cycle.” White House Press Secretary Jen Psaki gave one of her standard unhelpful empty comments saying the White House takes “the possibility of inflation quite seriously.” Prove it.

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  1. WillyB

    May 13, 2021 at 9:41 am

    This should not be news to anyone. Economics 101. $6 Trillion in new money added to the economy with nothing in return–no goods or services provided. All that does is put more money chasing the same goods. There is no was that won’t cause inflation. Meanwhile, the Fed keeps interest artificially low, in order to keep the stock market up–essentially the stock market is also experiencing inflation.

    Now the Fed is stuck. Interest rates at rock bottom. Raise rates to fight inflation and the market suffers. Remember the 1970’s. Ten years and the CPI was up 100% and the DJIA up 3.5%. It’s coming, and the Democrats knew it would happen…it was Democrat spending in the 1960’s that caused the inflation of the 1970’s!

  2. Frank

    May 13, 2021 at 10:24 am

    It’s unbelievable that our geriatric president can’t understand economics 101. An embarrassment to the world.

    • Barry

      May 14, 2021 at 12:41 am

      Just get the keystone going again. There are MANY businesses and jobs related to the pipeline. That would be a start.

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Biden’s Fed Chairman: Solving Inflation ‘Highly Likely To Involve Some Pain’ For Americans



On Wednesday, Federal Reserve Chairman Jerome Powell said that solving the inflation crisis is “highly likely” to cause pain to Americans but that it would be less painful than not addressing inflation.

During the European Central Bank forum, host Francine Laqua asked Powell, “If you’re speaking out to the American people to try and help them understand how long it will take for, you know, monetary policy to go back to something that resembles normalcy … what would you tell them?

“I would say that we fully understand and appreciate … the pain people are going through dealing with higher inflation, that we have the tools to address that and the resolve to use them, and that we are committed to and will succeed in getting inflation down to two percent,” he responded.

“The process is likely, highly likely to involve some pain, but the worst pain would be from failing to address this high inflation and allowing it to become persistent,” Powell added.

Powell’s comments come as inflation has reached the highest rate in more than 40 years with prices rising 8.6% from May 2021 to May 2022, according to a new report from the Bureau of Labor Statistics.

In order to bring down inflation, the Federal Reserve increased the interest rate by 0.75% earlier this month – the highest increase since 1994 – and warned of additional increases in the interest rate in the future.

“The three-quarter-point hike brings the federal funds rate to between 1.5% and 1.75%. The federal funds rate dictates what it costs for banks to borrow money from each other. And, generally, higher interest rates mean it’s more expensive for consumers to get a mortgage, obtain a loan to buy a vehicle and to carry a balance on a credit card,” NBC News reported. “The expected effect of these changes is that consumers will spend less and the heightened demand for goods — one of the drivers of inflation — will slow down.”

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Biden’s Fed Chairman: ‘We Now Understand Better How Little We Understand About Inflation’



Joe Biden

On Wednesday, Federal Reserve Chairman Jerome Powell defended the Biden administration’s failure to predict the current inflation crisis, saying that the record high inflation levels helped the Biden administration “understand how little we understand about inflation.”

During the European Central Bank forum, host Francine Laqua asked panelists, “Hindsight is a beautiful thing, I know…but going forward…how do we need to look at inflation differently? So, for example, in the U.S. — the stimulus. Did we circulate the impact this would have on inflation?”

“I think we now understand better how little we understand about inflation,” Powell responded.

“That’s not very reassuring,” the host noted.

“No, honestly, this was unpredicted. I was looking at the time of our June meeting one year ago, of the 35 people who filed with a survey of professional forecasters, 34 of them had inflation below four percent for the last year. And of course, it was way above four percent,” Powell said.

It should be noted that many economists outside of the Biden administration did predict the inflation crisis. Larry Summers, who served as Treasury Secretary under the Obama administration, warned in May 2021 that President Biden’s $1.9 trillion American Rescue Plan would greatly increase inflation rates. Summers said that the bill had “very substantial risks on the inflation side.”

Additionally, in June 2021 Larry Summers told PBS’s “Firing Line with Margaret Hoover” that the Biden administration’s policies had driven inflation.

“If you looked at how the economy was coming into this year, we had total wages and salaries coming to people were 20 or 30 billion dollars a month lower because many of them had to be home because of COVID and the economy was slowed,” Summers said. “But we put in a stimulus that was putting into the economy more than 200 billion dollars a month. And so when you take a hole and you overfill it, you’re likely to have problems.”

“And I think we know that inflation’s like a lot of other things, it’s a lot easier to prevent than it is to cure,” Summers continued. “And I think the credibility of policymakers, including those at the Fed, is much easier to preserve than it is to restore.”

He later added, “The main risk is that our economy’s going to overheat. And then once it overheats, it’s going to be hard to put out the fire without doing a lot of damage and causing a lot of problems. And so I’d like to see us shift towards a policy concern.”

Powell’s admission that the Biden administration does not understand inflation comes just weeks after Treasury Secretary Janet Yellen similarly said that she didn’t “fully understand” how inflation occurred and admitted that she was “wrong” about inflation when she said in 2021 that it was just a “small risk.”

“Well, look, I think I was wrong then about the path that inflation would take,” Yellen said. “As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t — at the time didn’t fully understand. But we recognize that now.”

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