The key inflation indicator rocketed by 3.1% through April. It’s the biggest jump since 1992. The trillions of dollars printed to tackle COVID and the spending splurge sparked a cost-of-living surge.
In the 12 months through April, the PCE price index vaulted 3.1% new data shows.
It blows past the Fed’s target of 2% inflation and shattered expectations.
Sadly, the Feds will not shift monetary policy and will keep wasting money, pushing it into the system. On top of that, Biden has a $6 trillion budget, about double the sum we take into the country.
The money supply has skyrocketed to fund quantitative easing and federal spending.
It’s not a supply problem. It’s not a demand problem. Demand is far below what it was two years ago because of COVID. This is solely because of Biden and his handlers.
THE MOST IRRESPONSIBLE BUDGET IN HISTORY
Bill O’Reilly called Biden’s budget the most irresponsible budget he has ever seen in the history of this country.
“He’s going to run a deficit over the next ten years of 1.3 Trillion a year, a year. That means the government will pay out 1.3 trillion more than it takes in. And Biden’s thinks this is responsible.”
Bill thinks he is doing it because he believes poor people must be raised up by the government. Does it matter? This is socialism (communism). As Bill says, “This is socialism. There’s no doubt about it.”
Bill warns to make his budget happen, he has to tax everyone – gasoline, heating oil, internet taxes, income taxes, investment taxes, death taxes. Everything is on the table.
It’s theft. He will strip all Americans of their assets.
People who worked hard for their money will be stripped of it.
TURNING THE ECONOMY OVER TO DC
“And by 2028, seven years from now, the federal government in Washington would be collecting more tax revenue as a share of the total economy than at any other point in American history. So, even though we fought World War One, World War Two, the Civil War, we’re going to dwarf that and there’s no reason for this,” Bill said.
“86 years ago today, May 27th, 1935, the Supreme Court unanimously ruled that President Roosevelt’s National Recovery Act was unconstitutional…So, what was the National Recovery Act all about? It’s the same thing Biden’s doing now. FDR, in the middle of a depression, wanted Washington to run the American economy, so he put this into an act, all right, whereby the feds would control by regulation, by taxation, every part of the private economy. Supreme Court said, no, you can’t do it…The act gives the Roosevelt administration too much power to control the economy, unquote.”
Biden needs to be sued.
“The socialists running Biden, and he is deep in their pocket, are telling him what to do and he’s doing it. He is more radical left than Bernie Sanders, can you believe that? That is the truth. You will never hear this from the corporate media, from the Democratic Party. And the problem that the Republicans have and the conservative pundits is they attacked Biden personally, they mock him, they diminish him personally. That turns off some people who are in the middle.”