{"id":1118532,"date":"2021-12-14T15:30:17","date_gmt":"2021-12-14T20:30:17","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1118532"},"modified":"2021-12-14T15:30:21","modified_gmt":"2021-12-14T20:30:21","slug":"u-s-tied-for-highest-inflation-of-all-the-worlds-developed-nations-imf","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-tied-for-highest-inflation-of-all-the-worlds-developed-nations-imf\/","title":{"rendered":"U.S. Tied For Highest Inflation Of All The World\u2019s Developed Nations: IMF"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-tied-for-highest-inflation-of-all-the-worlds-developed-nations-imf%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1118532&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>In 2021, the United States is tied for the highest level of inflation suffered by any of the world\u2019s 35 developed economies, according to statistics released from the International Monetary Fund.<\/p>\n<p>The U.S. and Iceland are for the fastest rate of rising prices among 35 advanced economies. The IMF\u2019s \u201cInflation rate, average consumer prices\u201d <a href=\"https:\/\/www.imf.org\/external\/datamapper\/PCPIPCH@WEO\/OEMDC\/ADVEC\">rated<\/a> both nations\u2019 inflation at 4.3%.<\/p>\n<p>The world\u2019s worst inflation rate belonged to socialist Venezuela, which experienced a whopping 2,700%.<\/p>\n<p>The IMF figure is significantly lower than the <a href=\"https:\/\/www.dailywire.com\/news\/breaking-inflation-skyrockets-to-6-8-higher-than-expected-fastest-rate-in-nearly-40-years\">6.8%<\/a> year-on-year increase in the Consumer Price Index that the U.S. Bureau of Labor Statistics <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/cpi.pdf\">reported<\/a> last Friday. The BLS noted the soaring inflation rate through October marks \u201cthe largest 12-month increase since the period ending June 1982.\u201d<\/p>\n<p>The largest increases came from the cost of vehicles, gasoline, shelter, and food, the BLS noted.<\/p>\n<p>The report stands as a further rebuke to the Biden administration, which spent months <a href=\"https:\/\/www.dailywire.com\/news\/let-them-eat-cake-the-most-condescending-things-the-left-says-about-inflation\">downplayed the impact<\/a>&nbsp;higher prices have on average American citizens. The administration insisted the sticker shock consumers experienced in grocery stores and at gas pumps is \u201ctransitory.\u201d<\/p>\n<p>But Federal Reserve Chairman Jerome Powell&nbsp;<a href=\"https:\/\/nypost.com\/2021\/11\/30\/jerome-powell-its-time-to-retire-term-transitory-inflation\/\">told<\/a>&nbsp;the Senate on November 30 that inflation appears here to stay. \u201cI think the word \u2018transitory\u2019 has different meanings to different people,\u201d he said. To many, he said, it implies that inflation will be \u201cshort-lived. We tend to use it to mean that it won\u2019t leave a permanent mark in the form of higher inflation. I think it\u2019s probably a good time to retire that word and try to explain more clearly what we mean.\u201d<\/p>\n<p>Treasury Secretary Janet Yellen agreed days later. \u201cI am ready to retire the word transitory,\u201d she <a href=\"https:\/\/www.dailywire.com\/news\/janet-yellen-admits-inflation-shouldnt-be-labeled-transitory\">said<\/a>. \u201cI can agree that that hasn\u2019t been an apt description of what we are dealing with.\u201d<\/p>\n<p>Inflation is especially concerning, because it falls hardest on the poorest Americans and those on fixed incomes. The higher prices rise, the fewer goods people with the lowest incomes can afford.<\/p>\n<p>Despite this, numerous legacy media outlets have shifted gears to question its impact or portray inflation as an economic Robin Hood that redistributes wealth from the rich to the poor. New York Times columnist Paul Krugman, a Nobel Prize winner in economics, <a href=\"https:\/\/twitter.com\/paulkrugman\/status\/1469727921623416846\">asked<\/a> on Saturday, \u201cIs there any good reason to believe that inflation hits low-income households especially hard?\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Aside from priorities, is this even true? Is there any good reason to believe that inflation hits low-income households especially hard? 1\/ <a href=\"https:\/\/t.co\/72hxWaL5zW\">https:\/\/t.co\/72hxWaL5zW<\/a><\/p>\n<p>\u2014 Paul Krugman (@paulkrugman) <a href=\"https:\/\/twitter.com\/paulkrugman\/status\/1469727921623416846?ref_src=twsrc%5Etfw\">December 11, 2021<\/a><\/p>\n<p>CNN also ran a story earlier this month titled <a href=\"https:\/\/www.dailywire.com\/news\/cnn-story-says-inflation-can-actually-be-good-for-everyday-americans-heres-what-cnn-published-two-weeks-ago\">\u201cWhy inflation can actually be good for everyday Americans and bad for rich people.\u201d<\/a> CNN\u2019s Allison Morrow argued that inflation \u201cempowers workers,\u201d but later in the article Morrow admitted that \u201cwage growth broadly&nbsp;<a href=\"https:\/\/www.cnn.com\/2021\/08\/10\/business\/raises-inflation-wages\/index.html\">hasn\u2019t kept up with price increases<\/a>.\u201d<\/p>\n<p>Adjusted for inflation, average <a href=\"https:\/\/www.dailywire.com\/news\/as-inflation-soars-americans-real-wages-decline\">U.S. wages are down 1.9%<\/a> since last year, according to figures from the U.S. Bureau of Labor Statistics.<\/p>\n<p>The newest numbers call into question the future of President Joe Biden\u2019s \u201cBuild Back Better\u201d social spending bill, as wavering Democrats have cited galloping inflation \u2014 and questions about whether Americans voted for \u201ctransformative\u201d changes to America\u2019s social fabric \u2014 to oppose its passage.<\/p>\n<p>\u201cInflation is real. It\u2019s not transitory. It\u2019s alarming. It\u2019s going up, not down. And I think that should be something we\u2019re concerned about,\u201d <a href=\"https:\/\/www.foxbusiness.com\/economy\/manchin-new-inflation-concerns-spending-bill\">said<\/a> Senator Joe Manchin (D-WV), a pivotal moderate vote, on Monday.<\/p>\n<p>The potentially inflationary pressures created by the \u201cBuild Back Better\u201d act is a bipartisan concern. \u201cSpending another $5 trillion, heaping that fuel onto the inflation fire won\u2019t help, but really it\u2019s the policies within this bill\u201d that pose the greatest threat to the economy, said Rep. Kevin Brady (R-TX), the Republican Leader on the House Ways and Means Committee. \u201cThey make the labor shortage worse, which will drive inflation. They do that by no longer requiring earnings or work in the Child Tax Credit, and they exploded the subsidies in Obamacare \u2013 so much so that between the two policies, experts predict 2 million fewer workers will be available.\u201d<\/p>\n<p>\u201cSo, here you are shoving more money into the economy, with fewer workers and supply chain problems,\u201d Rep. Brady told Fox Business host Maria Bartiromo on Monday morning. \u201cThat means inflation is going to go higher, and it\u2019s going to last longer.\u201d<\/p>\n<p><strong>Related: <\/strong><\/p>\n<p><em>The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire<\/em>.<\/p>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a&nbsp;<\/em><a href=\"https:\/\/www.dailywire.com\/subscribe\"><em>member<\/em><\/a><em>.<\/p>\n<p><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2021, the United States is tied for the highest level of inflation suffered by any of the world\u2019s 35 developed economies, according to statistics released from the International Monetary Fund.The U.S. and Iceland are for the fastest rate of rising prices among 35 advanced economies. The IMF\u2019s \u201cInflation rate, average consumer prices\u201d rated both nations\u2019 inflation at 4.3%.The world\u2019s worst inflation rate belonged to socialist Venezuela, which experienced a whopping 2,700%.The IMF figure is significantly lower than the 6.8% year-on-year increase in the Consumer Price Index that the U.S. Bureau of Labor Statistics reported last Friday. The BLS noted the soaring inflation rate through October marks \u201cthe largest 12-month increase since the period ending June 1982.\u201dThe largest increases came from the cost of vehicles, gasoline, shelter, and food, the BLS noted.The report stands as a further rebuke to the Biden administration, which spent months downplayed the impact\u00a0higher prices have on average American citizens. The administration insisted the sticker shock consumers experienced in grocery stores and at gas pumps is \u201ctransitory.\u201dBut Federal Reserve Chairman Jerome Powell\u00a0told\u00a0the Senate on November 30 that inflation appears here to stay. \u201cI think the word \u2018transitory\u2019 has different meanings to different people,\u201d he said. To many, he said, it implies that inflation will be \u201cshort-lived. We tend to use it to mean that it won\u2019t leave a permanent mark in the form of higher inflation. I think it\u2019s probably a good time to retire that word and try to explain more clearly what we mean.\u201dTreasury Secretary Janet Yellen agreed days later. \u201cI am ready to retire the word transitory,\u201d she said. \u201cI can agree that that hasn\u2019t been an apt description of what we are dealing with.\u201dInflation is especially concerning, because it falls hardest on the poorest Americans and those on fixed incomes. The higher prices rise, the fewer goods people with the lowest incomes can afford.Despite this, numerous legacy media outlets have shifted gears to question its impact or portray inflation as an economic Robin Hood that redistributes wealth from the rich to the poor. New York Times columnist Paul Krugman, a Nobel Prize winner in economics, asked on Saturday, \u201cIs there any good reason to believe that inflation hits low-income households especially hard?\u201dAside from priorities, is this even true? Is there any good reason to believe that inflation hits low-income households especially hard? 1\/ https:\/\/t.co\/72hxWaL5zW\u2014 Paul Krugman (@paulkrugman) December 11, 2021CNN also ran a story earlier this month titled \u201cWhy inflation can actually be good for everyday Americans and bad for rich people.\u201d CNN\u2019s Allison Morrow argued that inflation \u201cempowers workers,\u201d but later in the article Morrow admitted that \u201cwage growth broadly\u00a0hasn\u2019t kept up with price increases.\u201dAdjusted for inflation, average U.S. wages are down 1.9% since last year, according to figures from the U.S. Bureau of Labor Statistics.The newest numbers call into question the future of President Joe Biden\u2019s \u201cBuild Back Better\u201d social spending bill, as wavering Democrats have cited galloping inflation \u2014 and questions about whether Americans voted for \u201ctransformative\u201d changes to America\u2019s social fabric \u2014 to oppose its passage.\u201cInflation is real. It\u2019s not transitory. It\u2019s alarming. It\u2019s going up, not down. And I think that should be something we\u2019re concerned about,\u201d said Senator Joe Manchin (D-WV), a pivotal moderate vote, on Monday.The potentially inflationary pressures created by the \u201cBuild Back Better\u201d act is a bipartisan concern. \u201cSpending another $5 trillion, heaping that fuel onto the inflation fire won\u2019t help, but really it\u2019s the policies within this bill\u201d that pose the greatest threat to the economy, said Rep. Kevin Brady (R-TX), the Republican Leader on the House Ways and Means Committee. \u201cThey make the labor shortage worse, which will drive inflation. They do that by no longer requiring earnings or work in the Child Tax Credit, and they exploded the subsidies in Obamacare \u2013 so much so that between the two policies, experts predict 2 million fewer workers will be available.\u201d\u201cSo, here you are shoving more money into the economy, with fewer workers and supply chain problems,\u201d Rep. Brady told Fox Business host Maria Bartiromo on Monday morning. \u201cThat means inflation is going to go higher, and it\u2019s going to last longer.\u201dRelated: The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a\u00a0member.<\/p>\n","protected":false},"author":76,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1118532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1118532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1118532"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1118532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1118532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1118532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1118532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}