President Biden just launched his 2024 re-election campaign. But he’s being stopped in his tracks.
Because the White House has received a report that spells doom for Joe Biden.
The Consumer Price Index (CPI) report for April was released by the Bureau of Labor Statistics (BLS) on Wednesday morning, and it’s more bad news for the Biden administration and the Federal Reserve as their feeble attempts to control inflation continue to appear to have little chance of having a significant impact on the lives of Americans.
Costs jumped 4.9 percent over the previous year, while the CPI inflation rate increased by 0.4 percent in April. The core CPI figure for April rose 0.4 percent month over month for a 5.5 percent annual increase, excluding more volatile food and energy prices.
— BLS-Labor Statistics (@BLS_gov) May 10, 2023
According to BLS, the April CPI estimate was driven by gains across a number of categories that exceeded modest declines in other areas.
The April CPI report shows an acceleration of inflation that is consistent with the first quarter Personal Consumer Expenditures price index forecast from the Bureau of Economic Analysis, which was released last month. The March CPI announcement showed headline inflation rising by 0.1 percent.
Because so many indexes—housing, used cars and trucks, motor vehicle insurance, recreation, home furnishings and operations, food away from home, and personal care—saw increases in April, the headline CPI number was unable to be reduced despite small declines in food at home, airline prices, and new cars.
The ordinary American worker once again experienced a pay drop to their actual wages as a result of the CPI report’s 4.9 percent yearly increase, which follows more than two years worth of pay decreases.
According to the April jobs report, annual wage growth was 4.4 percent, which means that American workers continue to earn a real income that is less than half of inflation.
Indicators that continue to exhibit the highest inflation in the 12 months that ended in April include, to name just a few, eggs, cereal, crackers, and bread; electricity; pet food; spices and sauces; medical equipment; and many more.
Despite President Biden’s pledge to “build back better,” his continuous spending binge and irresponsible monetary policy guarantee that the Federal Reserve’s interest rate increases won’t be able to resolve the issue or provide the American people with any discernible relief.
Instead, in order to truly allow interest rate rises to slow down price increases, the government must also address lowering spending.
Without that action, the GDP will continue to produce catastrophic results indicating sluggish economic growth and rising inflation.
Inflation has been one of the major stains of the Biden administration that has exhibited no ability to get it under control at all.
And it’s showing little signs of slowing down ahead of the 2024 election that proves to be a critical one for the future of America.
Joe Biden insisting on running again could be a nail in the coffin for the Democrats in 2024 as Republicans seem poised to overwhelmingly take back the Senate as they are defending less than half the seats that the Democrats are in that chamber.
Combine that with the fact that the House is in strong Republican control, and Republicans could easily get back to complete Washington, D.C. dominance like they were during Donald Trump’s first two years in office.
And who is the leading Presidential candidate right now according to all of the polls? That’s right, Donald Trump. The Biden experiment may well be over and the Democrats are likely to pay the price.
Stay tuned to the DC Daily Journal.