Biden forced to get real on inflation as the price of nearly everything shoots up

[brooklynite]

CNN

(CNN)Rising consumer prices have quickly become one of the White House's most urgent concerns as Americans grow unsettled at the higher cost of goods -- and place the blame on President Joe Biden.

The President has convened meeting after meeting of his top economic advisers to debate the matter, and aides now discuss multiple times per week how to address the supply chain crisis and shortages of goods that are driving up the cost of nearly everything.

In his public messaging, Biden has turned away from insisting inflation is only temporary, something he said repeatedly over the summer. Instead, he has frankly acknowledged that higher prices are obscuring the benefits -- like jobs roaring back, wages rising and the stock market surging -- of a post-pandemic boom.

"Inflation hurts (Americans') pocketbooks, and reversing this trend is a top priority for me," Biden said in a statement on Wednesday after the government reported consumer prices jumping last month. Over the past 12 months, prices climbed 6.2% -- the biggest increase since November 1990.

[PBC_Democrat]

1. This Probably Kills any Chance of the BBB Passing

Sen Manchin, and several other senators, will point at the inflation rate and that'll be the end of that.

Higher heating, fuel, and food prices are going to make it tough to argue for spending more money we don't have.

[qazplm135]

2. Moodys

Says it won't increase inflation at all but reduce it.
You know something they don't?

[Chille]

3. do you honestly believe

if and when the BBB is passed that it will reduce inflation? I don't know what causes inflation although I think it has something to do with spending more money than we have. I'm thinking BBB won't be the fix but I have no problem in being wrong.

[qazplm135]

4. Moodys does

And they have folks with actual knowledge and experience.

They could be wrong, but if you don't know what causes inflation then how could you say they are wrong.

If it scores as revenue neutral by the CBO then how could it possibly cause inflation?

It's all just an excuse to not do it.

[Chille]

5. when is the CBO

coming out? You are correct that should give us an idea

[doc03]

6. Yep I think the BBB is dead because of the inflation headlines. Doesn't matter what

Moody's says it is the MSM that opened up the evening news "The Inflation rate in
October surged to the highest rate in 30 years".

[Boydog]

7. So you don't think Biden and his team have been "real" about inflation

[Claire Oh Nette]

9. Inflationary trend began under TFG's administration

My husband is a retired math teacher. At the beginning of the shelter in place last spring, he began to notice grocery and other prices creeping up about the same amount over time as the tariffs applied to imports.

The prior administration also pumped paper into the economy, in another round of quantitative easing (QE).

To suggest that Biden's team is responsible in 9 months for inflation dating back to early 2020 is disingenuous.

[multigraincracker]

8. Strange correlation.

As prices have gone up, profits have gone up more than the price rise.

[Elessar Zappa]

10. Inflation has to be addressed somehow.

Although, frankly, there may not be much Biden can do to get it under control.