Inflation Revised Higher On Eve of Trump-Biden Debate

[mystery-ak]

Inflation Revised Higher On Eve of Trump-Biden Debate

John Carney27 Jun 20248
1:18

President Joe Biden got some bad news on the eve of the first presidential election: the government’s estimate of inflation in the first quarter of the year was revised higher.

The Bureau of Economic Analysis said that the personal consumption expenditure price index rose at an annual pace of 3.4 percent in the first three months of the year, far faster than the 1.8 percent recorded at the end of last year and up from the 3.3 percent estimated in the prior report issued in May.

The personal consumption expenditure (PCE) price index is used by the Fed as the yardstick for its two percent inflation target. The upward revision indicates that the surge of inflation as 2024 began was even worse than previously thought.

Core PCE prices, which exclude food and energy prices, rose by 3.7 percent, according to the new estimate. The previous estimate had core prices up by 3.6 percent. In the fourth quarter, core prices were up at a two percent annual rate.

The new inflation estimates were released Thursday as part of the government’s third estimate of economic growth in the first quarter.

https://www.breitbart.com/economy/2024/06/27/inflation-revised-higher-on-eve-of-trump-biden-debate/

[LMAO]

Meanwhile, well  south of the border

Analysis
Javier Milei took office as President on 10 December 2023, with a commitment to transform Argentina. And he has taken it seriously. Among the transformations that his government proposes is, first and foremost, eliminating the fiscal deficit –primarily through reducing public spending– and stopping the financing of the treasury by printing Central Bank money, with the aim of eradicating inflation.

If we look at the raw numbers (and ignore the quality of the fiscal adjustment), Milei has delivered. After closing the year 2023 with a deficit of the non-financial public sector (NFPS) of 4.4% of GDP, in the first quarter of 2024 the NFPS recorded a fiscal surplus, the first Argentina has seen since 2008.

https://www.realinstitutoelcano.org/en/analyses/from-mileis-zero-fiscal-deficit-towards-a-stabilisation-plan-to-eradicate-inflation-why-now/


Keep this article in mind when we are told here that nobody can really cut spending because it’ll make Democrats upset. Of course it’ll make Democrats upset. But so what?

 Leadership isn’t a popularity contest

In this country, we have such inspiring economic ideas being touted like  “no tax on tips” and emptying out the oil reserves to give a temporary relief on gas prices

[DB]

Leadership isn’t a popularity contest.

One of the big reasons why populism doesn't work. Trump is a populist who is not driven by sound economic principles.

[LMAO]

One of the big reasons why populism doesn't work. Trump is a populist who is not driven by sound economic principles.

MAGA-ism is Socialism lite

[DefiantMassRINO]

Biden's policies are inflationary.  As long as he is President, inflation will be a problem.