Build Back Better is Dead: Inflation Still on the Rise

0
198

The fastest rate of change in prices suppliers charged businesses and customers was 9.6%. According to the Labor Department, core PPI (which excludes food- and energy costs) jumped 7.7% in November. This was a record.

These price increases won’t appear on shelves until a few months so it’s possible that we could see double-digit price rises by springtime in the Midwest.

According to the Wall Street Journal, inflation has risen due to higher energy prices, increased wholesale food and transportation costs.

Even the Federal Reserve Board has given up on the notion that inflation is “transitory”.

Peter Schiff, an economist, points out that the Biden administration’s narrative about inflation — that it was caused by greedy businessmen who took advantage of the pandemic in order to gouge customers — is a kind of collapse when you look at the PPI.

Biden’s administration will repeat the same mantra for months: high inflation is temporary, to be expected, and not the administration’s responsibility. The American people don’t think so and can recognize a snow job as soon as they hear it.

Senator Joe Manchin (D.W.Va.), will have something to consider when considering how to vote for Biden’s Build Back Better bill. Manchin stated that the bill requires major changes before he would support it. However, he may not be the only one who is willing to compromise with him.

Build Back Better is dead.