By New York Post. Check another economic record off the list for the Biden administration: Consumer Price Index inflation just hit 7.5% for the year ending in January, the highest jump since 1982.

Fuel oil? Up 46.5% for the year. Gasoline? 40%. Used cars? 40.5%. New cars? 12.2% Meat, fish, poultry and eggs? 12.2%. Breads and cereals? 6.8%.

Eating, driving and keeping your house warm all saw the biggest price spikes in decades.

So much for the prez’s December claim that the 6.8% CPI inflation we saw through November was the “peak” of this plague.

His response to Thursday’s even-worse number was vapid: He says he sees “signs” that “we will make it through this challenge.” (Read more from “Biden Breaks Another Inflation Record” HERE)

_________________________________________________

Biden Claims Senate ‘Close’ to Passing Huge Spending Bill as Inflation Soars

By New York Post. President Biden claimed Thursday that Democrats are “close” to passing his sweeping social spending bill — just hours after official data revealed inflation hit a new 40-year high in January, stiffening opposition to the $2 trillion plan.

Biden gave the dubious spin about his agenda’s status in a speech in Culpeper, Va., after annual inflation hit 7.5 percent, which centrist Sen. Joe Manchin (D-WV) said was more reason to resist massive new spending.

“In my Build Back Better legislation that … passed the House of Representatives, we can [lower drug prices]. Now we just have to get it through the United States Senate. And we’re close,” Biden claimed.

The president spoke after getting a rude welcome from protesters. A girl who appeared roughly 7 years old held a sign visible to Biden’s motorcade that said, “Don’t sniff me,” while adults brandished anti-Biden placards that read, “Let’s Go Brandon,” “FJB,” “Biden Sucks” and “Build Crack Better.”

Biden briefly recognized new federal data showing worsening inflation in January, but he tried to turn it into a sales pitch for his stalled spending bill, which would subsidize child care and home health care, among many other initiatives. (Read more from “Biden Claims Senate ‘Close’ to Passing Huge Spending Bill as Inflation Soars” HERE)

Delete Facebook, Delete Twitter, Follow Restoring Liberty and Joe Miller at gab HERE.

It costs more to pay rent each month and to fill up a tank of gas every week and to put food on the table every day. So, at a moment when the dollar doesn’t go as far as it once did, should Americans worry that injecting another $1.85 trillion into the economy might increase inflation?

No, Jen Psaki told Peter Alexander this week. And why not? Well, the White House press secretary explained to the NBC News correspondent, “because no economist out there is projecting that this will have a negative impact on inflation.”

Of course, that isn’t true. There are many economists out there and some of them do warn that the Build Back Better plan will further increase the prices that dog consumers and can doom the careers of politicians. But the existence of economists with views contrary to those held by the president’s National Economic Council isn’t entirely the point. At issue more broadly is the fulfillment of something Joe Biden said back in April 2020.

“Milton Friedman,” he said as a candidate, “isn’t running the show anymore.” And nothing could be truer now that Biden is the president.

As the first year of his administration nears completion, inflation has emerged as an unwelcome accompaniment. It has not hit the double-digit levels that propelled Friedman, the late Nobel Prize laureate who warned about the dangers of an unchecked money supply, to prominence in the late 1970s. But consumer prices jumped 6.2%, years over year, in October, the biggest such increase in three decades. (Read more from “White House Opinion on Inflation Labeled ‘Economically Illiterate’” HERE)

Delete Facebook, Delete Twitter, Follow Restoring Liberty and Joe Miller at gab HERE.