{"id":1427604,"date":"2022-04-10T11:14:54","date_gmt":"2022-04-10T15:14:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1427604"},"modified":"2022-04-10T11:14:58","modified_gmt":"2022-04-10T15:14:58","slug":"report-soaring-bidenflation-tipped-to-hit-another-40-year-high","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-soaring-bidenflation-tipped-to-hit-another-40-year-high\/","title":{"rendered":"Report: Soaring Bidenflation Tipped to Hit Another 40-Year High"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><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%2Freport-soaring-bidenflation-tipped-to-hit-another-40-year-high%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=1427604&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 class=\"subheading\">Consumer price index data due out this week will show soaring U.S. inflation hit another four-decade high last month even as President Joe Biden claimed rising prices are more to do with malevolent outside forces than his own economic (mis)management.<\/p>\n<p>The <em>Financial Times<\/em> (FT) <a href=\"https:\/\/www.ft.com\/content\/68f5bab7-526a-4d89-b0c5-dfff6702d473\">forecasts<\/a> consumer price index data available from Thursday will show a rise of 8.4 per cent year over the past 12 months based on estimates from Bloomberg, the fastest pace since 1981.<\/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>That\u00a0grim news comes just days after Harvard Professor, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton, Larry Summers, <a href=\"https:\/\/www.breitbart.com\/clips\/2022\/04\/09\/summers-recession-risks-are-going-way-up-greater-than-2-3s-chance-it-happens-in-next-two-years\/\">said<\/a> recession risks also \u201care going way up\u201d and he would put the odds of a recession in the next two years at above two-thirds.<\/p>\n<p>He based that on the fact there hasn\u2019t been a time in American history where inflation was over four percent with an unemployment rate below four percent where there wasn\u2019t a recession within two years.<\/p>\n<p>While the surge in U.S. consumer prices keeps accelerating it looks like the Biden administration still lacks the means \u2013 and the political will \u2013 to tackle headline inflation. The <em>FT<\/em> explains:<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<blockquote>\n<p>The gap between headline and core CPI points to a growing problem for the Federal Reserve.<\/p>\n<p>Inflation produced by supply chain bottlenecks or sanctions on Russia is not within the Fed\u2019s direct control, but will nevertheless produce a higher headline number. That could prompt calls for evermore aggressive policy.<\/p>\n<\/blockquote>\n<p>The <em>FT<\/em> states the rate of U.S. price growth is up from 7.9 per cent in February, when the Ukraine conflict was just beginning.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">First gas, then heating and now rents. Runaway inflation is driving rents skywards across Joe Biden\u2019s America, delivering an average of a 20 percent increase in the U.S.\u2019s biggest 50 cities over the past 12 months, a study details. <a href=\"https:\/\/t.co\/5j1UgN8y7J\">https:\/\/t.co\/5j1UgN8y7J<\/a><\/p>\n<p>\u2014 Breitbart News (@BreitbartNews) <a href=\"https:\/\/twitter.com\/BreitbartNews\/status\/1495786830180065283?ref_src=twsrc%5Etfw\">February 21, 2022<\/a><\/p>\n<\/blockquote>\n<p>Since then, prices of commodities have risen, with Brent crude, the international oil benchmark, peaking at its highest level since 2008.<\/p>\n<p>While oil prices have backed off since that high, they remain elevated, pushing up consumer prices, as noted in the <em>FT<\/em> report.<\/p>\n<p>While the rise will be bad for consumers it will be political poison for President Joe Biden who has already said he is\u00a0\u201csick\u201d of Americans blaming him for inflation instead of the coronavirus pandemic or Russian President Vladimir Putin, as Breitbart News <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/03\/11\/joe-biden-rages-im-sick-of-americans-blaming-me-for-inflation-not-vladimir-putin\/\">reported<\/a>.<\/p>\n<figure id=\"M-ROS-B3\" class=\"a8d adSo\"><\/figure>\n<p><span class=\"video-src-attr\">White House<\/span><\/p>\n<p>The president is suffering from terrible ratings on the economy due to his failure to address inflation.<\/p>\n<p>Sixty-three percent of Americans <a href=\"https:\/\/www.breitbart.com\/economy\/2022\/03\/11\/polls-show-u-s-public-revolted-by-bidens-inflation-wracked-economy\/\">disapprove<\/a> of the president\u2019s handling of the issue of inflation and rising prices, according to a recent poll, including 54 percent who strongly disapprove.<\/p>\n<p>Even as Biden says it is not his fault, ex-Democrat officials point to the president\u2019s reckless spending agenda, as well as the Federal Reserves\u2019 policies, driving an overstimulated economy and spiking inflation.<\/p>\n<p>For most Americans that cost is immediately apparent at the gas pump.<\/p>\n<div id=\"attachment_20601407\" class=\"wp-caption alignnone\"><a href=\"https:\/\/media.breitbart.com\/media\/2022\/04\/GettyImages-1239236697.jpg\"><\/a><\/p>\n<p class=\"wp-caption-text\"><em>A gas pump displays current fuel prices, along with a sticker of U.S. President Joe Biden, at a gas station in Arlington, Virginia, on March 16, 2022. (SAUL LOEB\/AFP via Getty Images)<\/em><\/p>\n<\/div>\n<p>Former Treasury Secretary for Barack Obama Larry Summers\u00a0<a class=\"x5l\" href=\"https:\/\/news.harvard.edu\/gazette\/story\/2022\/02\/pandemic-only-partly-to-blame-for-record-inflation-says-lawrence-summers\/\" target=\"_blank\" rel=\"noopener external\">told<\/a>\u00a0the <em>Harvard Gazette<\/em> in an interview last month government intervention in the economy is partially responsible for inflation, suggesting it was an overreaction to the coronavirus pandemic.<\/p>\n<p>\u201cWe had an economy where income was running short by $50 billion a month because of the pandemic, and we injected $150 billion to $200 billion a month into that economy,\u201d he wrote.<\/p>\n<h5><em><span>Follow Simon Kent on Twitter:<\/span> <a class=\"twitter-follow-button\" href=\"https:\/\/twitter.com\/SunSimonKent\" data-show-count=\"false\">Follow @SunSimonKent<\/a> <span>or e-mail to: skent@breitbart.com<\/span><br \/><\/em><\/h5>\n","protected":false},"excerpt":{"rendered":"<p>Consumer price index data due out this week will show soaring U.S. inflation hit another four-decade high last month even as President Joe Biden claimed rising prices are more to<\/p>\n","protected":false},"author":82,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1427604","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\/1427604","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\/82"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1427604"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1427604\/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=1427604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1427604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1427604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}