WND is now on Trump’s Truth Social! Follow us @WNDNews
The federal government has confirmed that, only a day after the Consumer Price Index revealed inflation during August was at 8.3%, inflation was hitting producer wholesale prices at a rate of 8.7%.
The Bureau of Labor Statistics said the producers index was down only slightly from the previous month, when it was 9.8%.
The Washington Examiner said it appears that the producers’ index is “in retreat” after peaking at 11.5% in April and holding steady at about 10% during the summer months.
Chris Rupkey, of FWDBONDS, told the publication, “Net, net, factories aren’t manufacturing as much inflation for a second month in a row, so while inflation isn’t completely contained, there is hope that the diminished pressures on PPI goods prices will lead to less inflation in the future for the goods sitting on store shelves that consumers buy.”
The Biden economy’s inflation problem, however, is far from over.
Just a day earlier, the Consumer Price Index had revealed inflation at 8.3%, higher than expected and only fractionally lower than the 8.5% of the month before.
The stock market reacted with a collapse of more than 1,200 points
The report explained, “The consumer price index is more closely watched than the producer price index, so the worse-than-forecast report sent shockwaves through the economy. Investors began selling off assets as they bet on a recession that would send stocks even lower. U.S. stock markets had the worst day since 2020.”
Actually, the definition of a recession is two consecutive quarters of “negative growth” in the economy, meaning that it is shrinking.
In both the first and second quarter of 2020, Biden’s policies have led to those circumstances.
While inflation has been hitting Americans very hard, with gasoline reaching $6 a gallon before receding somewhat in recent days, and groceries up by double-digits, the Federal Reserve’s reaction also has been hurting consumers
The bureaucracy already has raised interest rates twice by 75 basis points this year, trying to slow down inflation, without a significant impact.
“A big reason for the market freak-out was that it likely means the Federal Reserve will have to prolong its interest rate hiking cycle and act even more aggressively to combat rising prices,” the report said.
The scenario had Bill Adams, chief economist for Comerica Bank, telling the Examiner that the longer inflation stays high, the higher the Fed will raise rates, and the worse the recession will be.
When the CPI was released, WND reported that the Democrats’ “Inflation Reduction Act,” which even they admitted has nothing to do with inflation but everything to do with spending hundreds of billions of dollars on “climate change” agenda points, has had little effect.
Another impact of inflation has been to torpedo Biden’s approval ratings.
“The Inflation Reduction Act — that might be the name, but it’s a huge environmental bill that includes a lot of things, such as the tax credits necessary to make these kind of developments,” Luria said while at an Aug. 24 event with the BlueGreen Alliance.
WATCH:
“It was great being with local labor, environmental, and community leaders today in Chesapeake to highlight the investments being made in the offshore wind industry and workforce in Coastal Virginia,” Luria posted on Twitter.
It was great being with local labor, environmental, and community leaders today in Chesapeake to highlight the investments being made in the offshore wind industry and workforce in Coastal Virginia. pic.twitter.com/GFeO10IN4Z
— Rep. Elaine Luria (@RepElaineLuria) August 24, 2022
Biden signed the Inflation Reduction Act into law on Aug. 16. The legislation is loaded with green energy provisions, including a $7,500 tax credit for electric vehicles, and expanded the Environmental Protection Agency’s control over the energy industry in response to a Supreme Court ruling.
Inflation is just one of the crises America is facing under Joe Biden’s leadership. Others include a disaster at the southern border where millions of illegal aliens are entering the country, his catastrophic pullout from Afghanistan, leaving the nation open to al-Qaida’s resurgence, rampant attacks by the government on conservatives and pro-life action groups, and more. He lately has taken to characterizing Republicans and conservatives as “semi-fascist.”
IMPORTANT NOTE: How is it possible that the greatest and freest nation in world history has so rapidly come under the control of serially lying, deranged, power-mad sociopaths – leaders with nothing but contempt for America, for its history, its Constitution, its Judeo-Christian culture and its people? Orwell’s “1984” points directly to the answer: The elites are changing America’s language itself, so that people’s words – and therefore, their very thoughts – inevitably come under the control of the ruling class. It’s a way of bending reality in real time, so that what is illusion appears to be true, while what is real and true appears to be lies, misinformation, “hate speech,” “conspiracy theories” and “extremism.” This extraordinarily powerful but little-understood weapon of war employed 24/7 by the Marxist left is completely explained, exposed and exploded in the August issue of WND’s acclaimed monthly Whistleblower magazine, “NEWSPEAK 2022: How tyrants and lunatics are enslaving Americans by redefining everything.”
For 25 years, WND has boldly brought you the news that really matters. If you appreciate our Christian journalists and their uniquely truthful reporting and analysis, please help us by becoming a WND Insider!
Content created by the WND News Center is available for re-publication without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected].
SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!
This article was originally published by the WND News Center.
