Joe Biden's historic inflation crisis

Joe Biden isn't facing a problem with inflation. Joe Biden's Democrats are facing an historic inflation problem. This morning, the Producer Price Index for March "rose 1.4% in March and 11.2% from a year ago, both records for data going back to 2010."

The CNBC article opens by saying "The prices that goods and services producers receive rose in March at the fastest pace since records have been kept, the Bureau of Labor Statistics reported Wednesday." Yesterday in Iowa, Joe Biden hinted that inflation would calm down the last half of this year. This PPI report indicates that inflation is just getting started. The PPI "measures the prices paid by wholesalers."

This is just the beginning of the spinning by the White House. When the Consumer Price-Index came out yesterday at 8.5%, the Administration tried spinning that report as "Putin's Price Hike." Today's Producer Price-Index isn't showing signs of slowing down. CNBC's Steve Liesman stated that there are commodities issues and supplies chain issues to work through. If that's true (I think it is), then we haven't hit peek inflation yet.

Energy prices were the biggest gainer for the month, rising 5.7%, while food costs increased 2.4%. Swelling inflation has prompted the Federal Reserve to begin tightening monetary policy.
The Biden administration apparently isn't interested in making adjustments. They're famous for simply doubling down on past failures. Democrats can't say yes to sound fiscal policy. The Squad isn't interested in fiscal sanity, which makes most of this administration's policies too far socialist.

UPDATE" This is the key paragraph from the WSJ's editorial today:
President Trump signed onto an unnecessary $900 billion Covid relief bill in December 2020, and Democrats threw kerosene on the kindling with another $1.9 trillion in March 2021. The Federal Reserve continues to support negative real interest rates nearly two years after the pandemic recession ended. This inflation was made in Washington, D.C.
These days, made in Washington, DC sounds as undesirable as made in China used to.

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