Inflation rates are soaring at the their fastest pace in decades according to new numbers released on Friday by the U.S. government.
“The Bureau of Economic Analysis’ personal consumption expenditure inflation measure climbed 3.6 percent in April from the prior year — the strongest reading in 13 years and more than the 3.5 percent gain that economists in a Bloomberg survey had expected,” The New York Times reported. “The core price index, which strip out volatile food and fuel prices, rose 3.1 percent in the year through April — the fastest pace since 1992. Prices rose 0.7 percent compared with the prior month, the biggest increase in two decades.”
The new figures come as President Joe Biden is set to unveil a massive $6 trillion federal budget on Friday that will face a tough uphill battle in Congress.
“Under the proposal, debt as a percentage of annual gross domestic product would within a few years exceed the level at the end of World War II and climb to 117% of GDP by the end of 2031” The Wall Street Journal reported. “That would be up from about 100% this year.”
Top lawmakers have already sounded the alarm this week about Biden’s proposed $6 trillion in spending with Sen. Tom Cotton (R-AR) saying, “If you think inflation is bad now, wait until Biden spends $6 trillion that we don’t have.”
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