{"id":1406051,"date":"2022-03-28T22:00:12","date_gmt":"2022-03-29T02:00:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1406051"},"modified":"2022-03-28T22:00:18","modified_gmt":"2022-03-29T02:00:18","slug":"breitbart-business-digest-biden-budget-assumes-absurdly-low-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breitbart-business-digest-biden-budget-assumes-absurdly-low-inflation\/","title":{"rendered":"Breitbart Business Digest: Biden Budget Assumes Absurdly Low Inflation"},"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\">18<\/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%2Fbreitbart-business-digest-biden-budget-assumes-absurdly-low-inflation%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=1406051&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--><div><\/div>\n<p class=\"subheading\">President Joe Biden\u2019s proposed budget for the coming year uses an inflation estimate that even the White House admits is unrealistically low.<\/p>\n<p>The budget released Monday assumes a 4.7 percent increase in consumer prices this year and 2.3 percent next year.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>Economists polled by Bloomberg forecast 6.2 percent this year and 2.6 percent next year. Even those numbers may be too low. In its latest release, the Consumer Price Index was up 7.9 percent compared with a year ago and is likely still accelerating. Regional Federal Reserve bank surveys, such as the Dallas Fed\u2019s manufacturing survey <a href=\"https:\/\/www.breitbart.com\/economy\/2022\/03\/28\/dallas-fed-inflation\/\">released this morning<\/a>, indicate that inflationary pressures are climbing rather than retreating. The Atlanta Fed\u2019s survey of business expectations for inflation <a href=\"https:\/\/www.atlantafed.org\/research\/inflationproject\/bie\">moved<\/a> to a new high in March.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Cecilia Rouse, who chairs the White House Council of Economic Advisers, said the budget plan was based on assumptions and forecasts locked in place back in November. This serves to highlight just how badly off the mark the White House was on inflation last year. Rouse was one of the most <a href=\"https:\/\/www.breitbart.com\/clips\/2021\/05\/02\/biden-adviser-cecilia-rouse-americans-will-experience-some-inflation\/\">prominent cheerleaders<\/a> for the Federal Reserve\u2019s misguided insistence that inflation would turn out to be merely transitory. As recently as December, she was predicting that inflation would come down to around three percent by the end of this year.<\/p>\n<p>On Monday, Rouse predicted that inflation would ease over the coming year, although she had to admit that any forecast was clouded by \u201ctremendous uncertainty.\u201d Given how far off she was last year, there\u2019s little reason to have confidence in this forecast. Indeed, the White House undermines its credibility here by projecting that the economy will expand 3.8 percent this year, a full percentage point higher than the Fed\u2019s projection of 2.8 percent and two points higher than the Fed\u2019s estimate of long-term potential growth. If the economy is running that hot, there\u2019s no way that inflation gets cut in half.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden\u2019s proposed budget for the coming year uses an inflation estimate that even the White House admits is unrealistically low. The budget released Monday assumes a 4.7 percent<\/p>\n","protected":false},"author":11,"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-1406051","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\/1406051","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\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1406051"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1406051\/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=1406051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1406051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1406051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}