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Consumer price index up, White House says it’s a ‘high class problem’

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InflationFinal 336372560

The Consumer Price Index for September showed a 0.4% increase. Even then, CPI adjusted that increase for the season. Without the adjustment, prices have gone up 5.4%.

Together, the food and shelter indexes made up for more than half of the increase. First, the index for food rose 0.9%. Then, the index for food at home increasing 1.2%.

Former Chairman of Council of Economic Advisers Jason Furman tried to brush the latest inflation report under the rug Wednesday. “Most of the economic problems we’re facing (inflation, supply chains, etc.) are high class problems,” Furman tweeted. “We wouldn’t have had them if the unemployment rate was still 10 percent. We would instead have had a much worse problem.” Furman served under the Obama administration.

https://twitter.com/jasonfurman/status/1448442874828410881

Then, White House Chief of Staff shared Furman’s tweet. In response, podcast host Ben Shapiro pointed out the holes in that logic. “According to this administration, we must choose between massive inflation, shipping bottlenecks, and huge numbers of Americans dropping out of the workforce…or 10% unemployment,” Shapiro tweeted. “Good midterm messaging there.”

https://twitter.com/benshapiro/status/1448636487076093952

Since last September, the price index went up by 5.4%. Meanwhile, in the 12 months since August, it jumped by 5.3%.

You can follow Jenny Goldsberry on Twitter @jennyjournalism.

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Economy

Biden spends $1.65 trillion taxpayer dollars while vacationing in St. Croix

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Joe Biden

While vacationing in the island of St. Croix for the holidays, President Joe Biden on Thursday signed into law the massive $1.65 omnibus spending package.

The whopping 4,155 pages was supported by only nine House Republicans and 13 Senate Republicans. Majority of criticism from the GOP includes concerns that the bill was rushed and crammed with wasteful spending by a lame-duck Democratic-dominated Congress. The recourse will punish American families by adding to the national debt and exacerbate inflation.

“Today, I signed the bipartisan omnibus bill, ending a year of historic progress. It’ll invest in medical research, safety, veteran health care, disaster recovery, VAWA funding — and gets crucial assistance to Ukraine,” Biden tweeted. “Looking forward to more in 2023.”

Senate minority leader Mitch McConnell “praised the bill on the grounds that it represents a real decrease in discretionary spending. He presented it as a positive that nondefense spending jumped by only 5.5 percent, from $730 billion to $772.5 billion, amid an inflation rate of 7.1 percent” writes National Review.

“The bipartisan government-funding bill that Senators Shelby and Leahy have finished negotiating does exactly the opposite of what the Biden administration first proposed,” he said. “This bill provides a substantial real-dollar increase to the defense baseline . . . and a substantial real-dollar cut to the non-defense, non-veterans baseline,” McConnell insisted as negotiations were wrapping up.

House minority leader Kevin McCarthy, however, stated his strong disapproval of the bill before it even advanced. Affirming a letter from 13 House Republicans, McCarthy demanded the bill is reckless, irresponsible, and a “purposeful refusal to secure and defend our borders.”

For example, it failed to incorporate protections for Title 42, the pandemic policy that allows illegal immigrants to be expelled on a public-health basis, which currently hangs in the balance at the Supreme Court.

National Review adds, “The funding in the bill, which averted a federal government shutdown before the new year, includes an allocation of $45 billion in defense assistance to Ukraine. Some Republican priorities, such as Electoral Count Act reform and a bigger military budget, were nested in with Democratic appropriations, such as increased funding for Medicaid and food stamps.”

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