Biden, Democrats own inflation

I'm old enough to remember when gas prices were rising until the national average for a gallon of gas topped $5.00. I recall those days because the Biden administration called the rising gas prices "the Putin Price Hike." That happened while the CPI was rising to a 41-year high of 9.1% year-over-year.

This morning's CPI report showed inflation dropping to 8.3% year-over-year. Over at CNBC, they titled their report "Inflation rose 0.1% in August even with sharp drop in gas prices."

In the 'Key Points' section of the article, Jeff Cox reported "The consumer price index increased 0.1% in August. Excluding food and energy, the inflation gauge rose 0.6%, both higher than expected." But I digress. Back to filling out the title to this article.

Inflation is still sky-high despite Democrats-only passing the Inflation Reduction Act and despite gas prices dropping sharply the past 2 months due to reduced demand, which is triggered by families getting hurt by inflation.

These are the key paragraphs of Cox's article:

Economists had been expecting headline inflation to fall 0.1% and core to increase 0.3%, according to Dow Jones estimates. The respective year-over-year forecasts were for 8% and 6% gains.

Energy prices fell 5% for the month, led by a 10.6% slide in the gasoline index. However, those declines were offset by increases elsewhere.

The food index increased 0.8% in August and shelter costs, which make up about one-third of the weighting in the CPI, jumped 0.7% and are up 6.2% from a year ago.

This is Rick Santelli's report on the CPI report:

Forget about the Putin Price Hike spin. That was BS from the start. The important point to make complies with something Mr. Santelli said in his report. He said that everyone agreed with his point that inflation was jumping because of government spending. Then Santelli said "So what did the government do? They spent more money." This is the Biden-Democrats price hike.

Democrats pushed Biden into his unconstitutional student loan bailout. Democrats passed the Inflation Reduction Act without attempting to persuade Republicans to vote for it. Republicans didn't tell Biden to cancel oil leases on federal lands. Republicans didn't vote for the American Rescue Plan. When the American Rescue Plan passed, inflation was a little over 3%. Within 4 months, inflation was at 5.4% on its way to 9.1% in June 2022.

Joe Biden and the Democrats own this inflation. Republicans played a minor role in inflation by voting for the infrastructure bill and the CHIPS Act but they voted against Joe Manchin's Build Back Battered Bill and the American Rescue Plan. Putin has nothing to do with higher rental prices and other necessities.