12 Apr 2024 Bidenflation Is “Scorching Everything in Its Path”
Bidenflation isn’t going away.
This week the U.S. Department of Labor’s Bureau of Labor Statistics announced that the Consumer Price Index (CPI) rose 3.5% in March from a year earlier. This measure of inflation was higher than many expected.
Ambassadors with the Project 21 black leadership network are responding to the news.
Mike Hill
Project 21 Ambassador Mike Hill:
The Consumer Price Index represents the prices of a cross section of goods and services commonly bought by urban households. The CPI does not include food and energy prices. Thus, it is a poor measurement of inflation. Though food and energy prices are volatile month to month, year over year it is obvious to every consumer that food and gas prices are high relative to just three years ago and we are all paying much more.
The Feds using the CPI to set the benchmark for how they want to control inflation is impossible. Inflation is caused by too many dollars chasing too few goods. In other words, the government is printing and spending an enormous amount of fiat money which is the real driver of inflation.
The Feds increasing or decreasing the interest rates that they charge member banks affects primarily credit, including mortgage and credit card debt. What will actually stop inflation is for the Feds to stop printing and the government to stop spending astronomical amounts of money, and to return to the gold standard.
Michael Austin
Project 21 Ambassador Michael Austin:
Has anyone noticed that “Bidenomics” seems to have vanished faster than a politician’s promise? With CPI numbers shooting through the roof, it’s like the American economy is turning up the heat without offering any sunscreen.
CPI inflation is blazing at 4.8% in March, scorching everything in its path on the shopping list of the average city dweller.
Thanks to the big government playbook, average hourly earnings have taken a 2.5% hit, while weekly earnings are down 3.5% since January 2021.
The Biden-Congress-Powell trio seems to be playing with matches, leaving our wallets smoldering. To put out the flames, we must pull back on federal spending, rein in executive power and trim the Federal Reserve’s bloated balance sheet.
Gregory Parker, Ph.D.
Project 21 Ambassador Gregory Parker, Ph.D.:
This is a clear indication that Bidenomics is working as intended.
From the very beginning of Biden’s presidency, he has been working to cripple the American public economically. Rejoining the Paris Climate Accord, revoking the Keystone XL pipeline permit and suspending new oil and gas leases have all driven up gas, shipping and food costs. Flooding America with illegal aliens has driven down the wages of American workers.
This dramatic increase in the CPI is an indicator of Biden’s success in hurting Americans, and his supporters can no longer ignore or gaslight the public about this hardship.
Martin Baker
Project 21 Ambassador Martin Baker:
Sadly, the CPI report should come as no surprise to those of us who have been warning of this continuing nightmare that is our economy.
While we applaud that job growth accelerated last month, many urban communities are still feeling the effects of joblessness. Kansas City and St. Louis, for example, are still above the national average. These two jewels of the midwest were once thriving examples of black ingenuity and self-sufficiency, but today are veritable economic wastelands where the American Dream for black Americans is on life support hoping for a miracle.
This cannot continue. We demand and deserve better, and the current administration, our elected legislators and leading policymakers must be held accountable. The American people deserve nothing less than a plausible explanation.