The personal consumption expenditures (PCE) price index – the Fed’s preferred measure of inflation – “shows inflation accelerated even more than expected in August.”
What does that mean? “Inflation is broadening” throughout the economy. And what’s equally worrying looking forward? Energy prices are surging, and gas prices are again on the ris
The inflation siren is blaring. Former Obama economist Larry Summers is now warning that the U.S. will see stagflation – low growth and high inflation – “for the next several years.” Summers is also clear where he assigns the blame: Biden’s $1.9 trillion “stimulus.”
Former Obama economist Larry Summers: “We basically had inflation under control for forty years,” but “we lost the thread...about a year and a half ago” with Biden’s $1.9 trillion stimulus pic.twitter.com/iQbgydqDjF
— RNC Research (@RNCResearch) September 29, 2022
Every Democrat who voted for Biden’s “stimulus” needs to answer at the ballot box for sending prices surging and making American families poorer. Biden and the Democrats inherited a recovery and turned it into stagflation.
