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Inflation Surges to Four-Decade High

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An inflation surge has once again created a four-decade high. The Bureau of Labor Statistics reported Thursday that the Consumer Price Index released the cost of average household of goods increased over 7.9% over the last 12-month period ending in February.

Increases in the prices of gasoline, housing, and food contributed the most to the spike. Gasoline spiked 6.6% in February and contributed to nearly a third of all the items’ monthly increase.

The U.S. Bureau of Labor Statistics released Thursday morning that “increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase.”

“The food index rose 1.0 percent as the food at home index rose 1.4 percent; both were the largest monthly increases since April 2020” when the pandemic was freshly at its peak. “The 12-month increase has been steadily rising and is now the largest since the period ending January 1982” reports the Bureau of Labor Statistics.

“The all items less food and energy index rose 6.4 percent, the largest 12-month change since the period ending August 1982.” Furthermore, “the energy index rose 25.6 percent over the last year, and the food index increased 7.9 percent, the largest 12-month increase since the period ending July 1981.”

National Review writes:

Persistent supply and demand imbalances left over from the pandemic, as well as the war in Ukraine and western countries’ sanctions retaliation against Russia, are pushing up the price of energy and other commodities. The Biden administration has come under fire for winding down domestic energy production, starting with the cancellation of the Keystone Pipeline XL project as one of the president’s first orders of business, leaving the U.S. beholden to quasi-dictatorships abroad for oil and gas.

White House press secretary Jen Psaki insisted last week that at the heart of reducing dependency on foreign energy is investing in alternative, green energy here. Russia has been accused of undermining fossil-fuel production in the West, stoking climate change alarmism via woke capitalism, to make it more reliant on Russian energy.

 

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1 Comment

  1. Julia

    March 10, 2022 at 5:41 pm

    Good

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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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