U.S. President Biden Says Worst Of Inflation Will Soon Pass

President Joe Biden. Credit: Anna Moneymaker/The New York Times/Bloomberg  

Boston Globe: Inflation pinch challenges Biden agenda, but president says worst will soon pass 

WASHINGTON — Rising prices throughout the economy threaten to swamp the White House’s legislative agenda during a critical moment for President Biden, as persistently high inflation spooks both the voters and lawmakers the administration needs to succeed. 

A government report released Friday showed that prices have grown nearly 7 percent in the past year — the biggest one-year surge since the early 1980s. A combination of soaring demand and supply disruptions has — for many Americans — tarnished an otherwise robust economic recovery. 

The legislative implications of the new report could be immense. The primary Democratic holdout on Biden’s $2 trillion tax and spending package is Senator Joe Manchin III of West Virginia. Manchin, for months, has cited inflation as one of his primary reasons for urging Democrats to proceed with caution, arguing that pumping more money into the economy could make inflation worse, not better. Since Manchin began raising concerns, inflation has only intensified in the United States and spread to a broader range of consumer products, including gasoline, rent, and groceries.  

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WNU Editor: From transitory to now saying inflation will pass. In the meantime this is what is happening now .... Inflation Surges Near to a 40-Year High. Wages Aren't Keeping Up (Mises Institute). 

And as for the future. Expect more inflation .... Massive U.S. Debts Could ‘Trap’ Powell as Fed Fights Inflation (Bloomberg).

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