Trump Missed Chance To Call Out Harris On Inflation
Date
9/12/2024 12:10:33 AM
(MENAFN- Asia Times)
The US Bureau of labor Statistics reported September 11 that“core” inflation (excluding energy and food prices) rose 3% year-on-year.
However, nobody believes the readout. Most middle-class families say that the same basket of essentials-house, car, food, utilities-costs 10% more than it did a year ago.
Inflation tops the worry list of American voters, with 62% saying it's a“very big problem,” according to a recent Pew Survey . Too much money chasing too few goods causes inflation, compounded by the Biden administration's budgetary largesse.
US federal spending would have been about US$5.5 trillion if Biden had kept to the long-term trend. Instead, Biden offered an additional $3 trillion handout in 2021 after the economy was already recovering from the Covid recession and kept total spending 20% higher than the trend line.
That's where the money came from to chase the goods.
Graphic: Asia TimesMENAFN12092024000159011032ID1108664800
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