New PPI Number Shoots Down the Biden Team Excuses on Inflation – Opinion

We saw Wednesday’s jump in the consumer price index to June at 1.3 percent and 9.1 percent respectively, marking a record annual growth of more than 40% over 40 years.

The reaction of the Biden team was to try to spin the number as already “out-of-date,” because gas prices had come down a little. The White House Press Secretary Karine Jean-Pierre followed this strategy, as did NEC Director Brian Deese. This high number was in stark contrast to Ron Klain, White House Chief Of Staff, who predicted last year that we’d be at 2.1 by 2022.

But now the producer price index is out, and it’s jumped to 11.3 percent, at 1.1 percent, higher than the 0.8 estimate.

Fox Business’ Stuart Varney spoke about how bad it was, with his guest, market watcher David Nicholas.

Nicholas stated that this was a sign of things to come. In other words, the claims of the Biden team — that the CPI numbers were outdated — were bunk. This number indicates that the administration’s assessment is wrong, yet again. Nicholas pointed out that wage growth rose by half an percent month-over month but the CPI increased more than 1.1 percentage, which means the real wage increase was still lower. Also, he explained that wages were down by 4 percent annually. Biden lies about it constantly, saying that real wages have risen.

Peter Schiff, economist, observed that these PPI costs will likely be passed onto consumers in the near future. “Meanwhile, weekly unemployment claims shot up again, hitting 244K, the highest level since Nov. of 2021,” he noted.

Biden has been fond of trying to attack President Donald Trump by claiming that there were “long lines” for food during Trump’s term.

During the pandemic, however, the economy was temporarily shut down. It was not his fault for economic policies. Meanwhile, there are long lines now at food banks around the country, according to the AP, and that’s all on Joe Biden due to his horrible policies.

The PPI shows that relief may not come soon, unfortunately.

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