US inflation rate has jumped the most in the last 40 years to 7%, Democrats worried that inflation will haunt the party – Economy Bitcoin news

US inflation rate has jumped the most in the last 40 years to 7%, Democrats worried that inflation will haunt the party – Economy Bitcoin news

One of the hottest topics in the United States in 2022 is rising inflation, as data from the US Department of Labor released on Wednesday shows that the consumer price index (CPI) rose to 7 percent in December. This is the biggest annual jump since 1982. Federal Reserve Governor Lael Brainard will tell Congress leaders today that the central bank is focused on fighting inflation. Moreover, members of the Democratic Party are worried that rising inflation could cost the Biden administration politically.

CPI rate jumps to 7%, Wholesale prices abruptly 9.7%

January 11, 2022. US Department of Labor published CPI data for December and metrics show that the inflation rate in the US jumped 7% compared to the previous year (YoY) and that last month was the third consecutive month over 6%. The increase is the biggest jump that the CPI has experienced since June 1982, as inflation increases the costs of goods and services exponentially. Basically, the CPI is a measure of the basket of consumer goods and services that urban consumers pay for on a regular basis.

US inflation rate has jumped the most in the last 40 years to 7%, Democrats worried that inflation will haunt the party – Economy Bitcoin news

After the Ministry of Labor published a statistical estimate, the jump in the consumer price index hit the headlines and ignited a number of discussions on inflation on social networks and forums. Worse, the rate of inflation of US producer prices or wholesale prices, jumped 9.7% in December compared to one year, which is the biggest annual record so far. The level of inflation has led to a growing concern of many American officials due to the lack of purchasing power that Americans are facing today.

The governor of the Federal Reserve will solve the problems of inflation, the governors of the states will take measures

On Thursday, Federal Reserve Governor Lael Brainard plans to discuss the central bank’s focus on the issue of inflation in a prepared testimony to the U.S. Congress. Brainard issued a statement Wednesday saying the Federal Reserve’s policy is aimed at bringing inflation back to 2 percent while maintaining an all-inclusive recovery. Earlier in the day, Florida Gov. Ron DeSantis said he had proposed a bill that would help Florida families cope with the inflation burden. DeSantis tweeted:

To help ease the burden of inflation on families in Florida, I am proposing an annual gas tax of $ 1 billion to help reduce gas prices. If Washington, DC, does not change course, then we have a responsibility to act on behalf of the Florida people.

Headlines show Biden, Democrats could pay ‘political price’ over inflation – Biden administration dismisses concerns

In the meantime, there are numerous titles on Thursday saying “Democrats worry Biden could pay the political price for rising inflation.”

US inflation rate has jumped the most in the last 40 years to 7%, Democrats worried that inflation will haunt the party – Economy Bitcoin news

A CNN analysis written by Maeve Reston and Stephen Collinson, says “concerns about inflation could be a problem for Democrats.” However, Jared Bernstein, Biden’s economic adviser, dismissed the concern when he discussed the subject with Jim Sciutt of CNN.

“It’s really important to get under the hood of these monthly inflation reports,” Bernstein told Sciutto. “And if you look at the change from November to December, inflation has risen by half a percent. That is significantly less than in October and November, when inflation rose by 0.8 and .9%, respectively. ” US President Biden reiterated the same comment and said:

Today’s inflation data show a significant reduction in headline inflation [the] last month. We are making progress in slowing the price growth rate. But there is still work to be done – I remain focused on reducing family costs and maintaining strong economic growth.

U.S. officials ridiculed on social media, economist Peter Schiff says rates far worse than ‘government-cooked CPI’

Politicians and the US Federal Reserve have been ridiculed on social media due to rising inflation. Square and Twitter founder Jack Dorsey he said “Hell, Santa didn’t eliminate transient inflation.” Sven Henrich of Northman Trader in jest tweeted: “SPX turns red because the inflation party was left without free drinks.”

US inflation rate has jumped the most in the last 40 years to 7%, Democrats worried that inflation will haunt the party – Economy Bitcoin news

Gold Bug and economist Peter Schiff discussed the topic of inflation blog post entitled: “Freight train for inflation”. Schiff’s blog post reminds Americans that the CPI formula is considered incorrect and that inflation is probably much higher.

“Keep in mind, this is usage cooked government CPI a formula that underestimates inflation, ”claims Schiff’s editorial. “If the government had continued to use the formula it used in 1982, inflation would have been higher in 2021 than then. In fact, we would have the highest inflation rate in history. According to Shadowstats, it would be a little more than 15% “, the blog adds.

Labels in this story

American Economy, analyst, Poor administration, CNN, consumer price index, Cost of goods, Service costs, CPI, Dollar, Economist, Economy, Fiat, titles, inflation, Rising inflation, Inflation Spike, Jack Dorsey, Jared Bernstein, Jim Sciutto, Joe Biden, Department of Labor, Maeve Reston, Northman Trader, Peter Schiff, Rising inflation, Shadowstats, Stephen Collinson, Sven Henrich, US dollar, Inflation in the United States, US officials, US dollar

What do you think about rising inflation in the United States and criticism from the country’s political leaders? Tell us what you think about this topic in the comments section below.

US inflation rate has jumped the most in the last 40 years to 7%, Democrats worried that inflation will haunt the party – Economy Bitcoin news

Jamie Redman

Jamie Redman is a news anchor on Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about disruptive protocols appearing today.




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