The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on April 16, 2023, 02:41:10 pm
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Bidenflation Rises To 14.8%, Hurting Americans
Americans' struggle with high prices continues in 2023.
tippinsights Editorial Board
April 14, 2023 . 10:48 AM
This week in a press conference, Treasury Secretary Janet Yellen stated that the U.S. economy is doing exceptionally well. "As I mentioned, the United States is doing extremely well economically, with inflation coming down in a strong labor market, and Europe is doing better than was feared at our last meeting."
Contrast this to what real Americans think. In a recent IBD/TIPP Poll, over one-half (55%) believe the economy is in a recession, and another 56% (57% in March) think the economy is not improving.
We welcome any good news.
We always take Yellen's pronouncements with a pinch of salt. Recall that in mid-2021, she double-teamed with Fed Chairman Powell, leading us to believe that U.S. inflation was "transitory," defying commonsense. Even backbenchers knew inflation was taking a stronghold, which peaked at 9.1%.
Based on our experience, we thought it was appropriate to call her "Janet Yellen – The Modern Nero." Despite her impressive academic resume, she lacks direct business experience. She can't relate to the struggles of most Americans. As a team player, she plays a vital role on Biden's economic team as the go-to person for selling Pollyanna's ideas to the American public. But she is not very convincing.
The Consumer Price Index (CPI) released by the government on Wednesday showed a 5.0% year-over-year increase in prices from March 2022 to March 2023, edging down from a rate of 6.0% in February and 6.4% in January. The CPI has declined steadily from a 40-year high of 9.1% in June to 5.0% in March.
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https://tippinsights.com/bidenflation-rises-to-14-8-hurting-americans/