Wholesale inflation climbed 11.3% last month, confirming that Americans can expect inflation to continue to impact their daily lives. The Labor Department reported that June’s producer price index (PPI), which measures inflation before it hits consumers, rose by 54% from last year.
Even though inflation continues at an alarming rate, the Biden administration insists the economy is fine. Jared Bernstein, one of Biden’s economic advisors, even told Neil Cavuto earlier this week that “more investment is the answer.”
Dr. Matt Will, Economist at the University of Indianapolis, told Tony Katz that ‘investing’ has been the solution from Democrats for years.
“Bill Clinton invented this phrase ‘government spending is investing.’ The Democrats have latched onto that, and it’s very annoying because it’s not investing. Investing is when you get more back then you put in. That NEVER happens with government spending. There’s no ‘investment’ that’s going on here, it’s totally bogus…(Biden’s) proposed budget is 50% higher than Trump’s pre-covid budget.”
He says even with Biden’s long-term trend of inflation the administration continue to say the economy is stronger than it’s ever been.
“The producers, the wholesalers, the people who are selling our stuff to us, their inflation is even higher…these producers are going to have to pass these prices onto us…the PPI today, 11.3, is going to translate into more inflation for you and I next month. I can’t believe this administration continues to lie to us about what the future looks like.”
https://omny.fm/shows/tony-katz-and-the-morning-news/wholesale-inflation-with-matt-will
