Even as Joe Biden and his press staff continue to attempt to convince Americans that the inflation that is hammering them is Vladimir Putin’s fault, Republican Florida Governor Ron DeSantis struck back this week.
DeSantis shot down the “blame Putin” theory, tweeting that inflation is hurting Floridians and all Americans because of Biden’s money printing at “unfathomable levels” and bad energy policies.
Consumer price inflation surged to a new four-decade high according to Labor Department statistics released Tuesday showing the consumer price index went up 8.5 percent over March 2021. That is the highest year-over-year monthly figure since December 1981 when it hit 8.9 percent. Prices shot up 1.2 percent in the last month alone, the largest monthly increase since 2005.
Energy prices rose 11 percent in the last month alone, up 32 percent since the same period last year. Gasoline went up 18.3 percent in the last month, and 48 percent over one year ago. The average price of a gallon of gas nationally stood at $4.07 on Thursday morning.
Wednesday saw the Labor Department’s reporting of the producer price index hitting a new all-time record. The producer index measures wholesale inflation before it impacts consumer retail prices. The index surged 11.2 percent over March 2021. Economists had predicted the producer price index number would come in at 10.6 percent.
The Federal Reserve faces some difficult decisions and has been pressured by the White House to maintain artificially low interest rates, even though inflation now appears to be growing at record levels with no end in sight.
The Fed raised rates by 0.25 percent of a point last month and has signaled it supports another increase of 0.50 percent as its May meeting approaches. The balance the Fed is being challenged to accomplish is bringing inflation under control without throwing the U.S. economy into a recession.
Sen. Joe Manchin (D-WV) sent out some friendly fire this week, blaming Biden and the Fed for the rising inflation numbers. He said that both have “failed to act fast enough.” He described the recent rate hike as part of the administration’s “half measures and rhetorical failures” used in order to lay blame elsewhere.