Bad Inflation News Spells Trouble for White House

Bad Inflation News, Worse Than Expected

(RightWing.org) – The latest Quinnipiac University poll spells disaster for President Joe Biden, with only 33% of respondents giving him a positive approval rating. That figure represents a 3% drop since November and a 17% drop from February 2021, after his first full month in office. Digging deeper into the statistics, 54% of the individuals surveyed say they think the economy is getting worse. It’s no small wonder if one considers the December inflation report.

The US Department of Labor released its latest Consumer Price Index (CPI) report on Wednesday, January 12. The White House had hoped for good news, but instead, the report indicated an inflation rate of 7% across the ‘all items’ index over the last 12 months, ending in December 2021.

That figure represents the most significant 12-month change since 1982. Likewise, inflation for all items minus food and fuel rose 5.5%, the largest 12-month increase since 1991. The one-month increase for CPI related to urban consumers increased 0.5% year on year.

This figure dropped during July through September, with a low of 0.3% in August. Analysts attribute the drop to increased consumer confidence, paralleling decreased COVID-19 restrictions.

Analysts also say investors remain concerned that continued high inflation rates could prompt an interest rate increase by the Federal Reserve to compensate for the rise.

Perhaps it’s time for Biden to abandon his multi-trillion-dollar Build Back Better spending plan and focus on improving the economy.

Copyright 2022, RightWing.org