Breitbart Business Digest: Bidenflation’s Ghost Will Keep Haunting the American Economy

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Title : Breitbart Business Digest: Bidenflation’s Ghost Will Keep Haunting the American Economy
Link : Breitbart Business Digest: Bidenflation’s Ghost Will Keep Haunting the American Economy

America may be just about done with Joe Biden, but the malevolent economic legacy of his presidency is not done with us. The latest economic data indicate that Donald Trump will inherit an economy where inflation has become entrenched at a high level, the manufacturing sector is moribund, trade imbalances persist, fiscal deficits remain at unsustainable levels, and consumers view the economy as seriously unhealthy.

This week’s consumer price index (CPI) report showed that inflation accelerated on a year-over-year basis, rising to 2.9 percent in December from 2.7 percent in November, and, on a month-to-month basis, climbing 0.4 percent after rising 0.3 percent in the prior month. While the bond and stock markets were relieved that core inflation came in softer than expected, inflation in the areas that squeeze household budgets hardest—food, energy, and housing—was still very hot. As the saying goes, there’s not much inflation if you exclude the necessities.

More troubling, indicators of underlying inflation suggest that the Federal Reserve’s two percent target will remain elusive. Median CPI ticked back up to 0.3 percent on a month-to-month basis, after briefly falling to 0.02 percent in November. It has been at that level since July, a clear indicator that inflationary pressures are not abating. This annualizes to around a 3.6 percent rate of inflation. The Cleveland Fed’s 16 percent trimmed mean CPI came in at 0.3, exactly where it has been in each month since September. That annualizes to around 3.2 percent inflation. (Read More)