Democrats’ ‘Build Back Better’ plan, crafted by President Joe Biden, is under serious threat after a major spike in inflation has experts concerned that more federal spending will make the situation much worse.
The Wall Street Journal Editorial Board took Biden to task for his proposed federal debt spending bill, saying the persistent inflation will get worse.
The Biden Administration has no idea what to do about this other than demand more of the same… He said his infrastructure bill will solve supply shortages, though most of the money won’t be spent until 2024. We haven’t seen such incompetence since Jimmy Carter.
This criticism comes after inflation data released this week showed wholesale goods became 8.6% more expensive in the previous twelve months just as consumer prices rose the most in decades.
“The all items index rose 6.2 percent for the 12 months ending October, the largest 12-month increase since the period ending November 1990,” the Bureau of Labor Statistics said. “The index for all items less food and energy rose 4.6 percent over the last 12 months, the largest 12-month increase since the period ending August 1991. The energy index rose 30.0 percent over the last 12 months, and the food index increased 5.3 percent.”
Biden has continued to push for the additional spending, arguing it will help fix the problem, but that claim has gotten widespread pushback. The concern among many Americans remains: how can the nation spend more money it doesn’t have and not risk more inflation?