Staff Reports
Yet another sad confirmation that inflation is still running rampant in the country. The Personal Consumption Expenditures (PCE) price index for July reveals that prices continue to climb, debunking President Joe Biden’s delusional claims that inflation is “down.” Sorry, Mr. President, but the numbers don’t lie.
According to the latest report, headline PCE inflation increased by a staggering 3.3 percent year-over-year, while core PCE inflation, which excludes the volatile food and energy prices, rose by a whopping 4.2 percent. These numbers show that price increases are heading in the wrong, more expensive direction. It’s like the economy is on a never-ending roller coaster of price hikes.
Despite Biden Claiming 'All Is Well,' We Just Got Really Bad Economic News https://t.co/CrFcYgzqs1
— Dr. Kenneth Warner (@wrestlerkw7) September 1, 2023
In case you needed more evidence, let’s break it down further. Compared to the previous release, headline and core PCE inflation increased by 3.0 percent and 4.1 percent, respectively. That’s no small increase, folks. It’s a clear sign that prices are skyrocketing, making everyday items harder to afford for hardworking Americans.
Even the Bureau of Economic Analysis confirmed this alarming trend. In July, the PCE price index increased by 0.2 percent from the preceding month. Prices for goods dropped by 0.3 percent, but services, on the other hand, increased by 0.4 percent. Is it too much to ask for prices to go down across the board? Apparently, yes.
And let’s not forget the heavy burden this inflation is placing on the housing market. Interest rates have been hiked to levels unseen since the 2008 financial crisis, effectively crippling the housing market. Buyers can’t afford to buy, sellers can’t afford to sell, and new homeowners are stuck with high-rate mortgages, drowning in debt. Thanks, Bidenflation.
Job Creators Network President and CEO, Alfredo Ortiz, rightly pointed out that rising inflation is squeezing American living standards and making it even harder for small businesses to stay afloat. The PCE, which is the Federal Reserve’s preferred inflation gauge, remains more than 50% higher than the Fed’s target rate of just 2.0 percent. That’s a huge red flag, folks.
Unfortunately, this means that the Federal Reserve will likely raise interest rates again. If you thought borrowing costs were high already, just wait. Small businesses and everyday Americans will face the wrath of runaway prices and even higher borrowing costs. Thanks a lot, Bidenflation. Keep up the good work, Mr. President.
