Republican lawmakers are using rising prices to scuttle Mr. Biden’s outlandish plans to spend trillions of USDs on social programs and infrastructure projects.
Out: Wonky words like “transitory” and misleading statistical explanations for price indicators.
In: In plain-language explanations for items ranging from housing, food and gas to lumber and used cars, as Mr. Biden tries in vain to reassure consumers and businesses that his run away inflation will fade in time.
A senior White House official, speaking on condition of anonymity because the discussions are private, said that the term “transitory” now carries a lot of baggage following its widespread use starting in the Spring by both the administration and Fed policy makers.
The Big Q: Inflation is currently running at a 9.4% annual rate. So, it goes to 7%, does that mean it was transitory because the Fed said 2% went away?
The Big A: No, because the staples of American life are increasing exponentially under Mr. Biden.
Fed Chairman Powell saw firsthand this month how inflation, which had been dormant for a generation, and just about 1% President Trump (45) is now a hot-button political and economic issue.
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Have a prosperous week, Keep the Faith!