Devastating Joe Biden news rocks the White House

Joe Biden

Americans are very concerned about Joe Biden. Our worst fears have been confirmed.

Because this devastating Joe Biden news has completely rocked the White House

The economy has been buckling ever since Joe Biden took control of the Washington, D.C. reins back in January of 2021.

Gas prices have been anywhere from 25-100% higher than they were just a few short years ago.

The cost of housing has skyrocketed with mortgage rates reaching eye-watering numbers like 7% while the cost of rent has doubled in many regions throughout the United States.

All of this goes to highlight just how bad inflation has been.

The Biden administration’s Federal Reserve has been going nuts increasing interest rates in desperate attempts to get inflation anywhere close to their 2% goal.

But they’re fumbling the bag, and doing so hard.

As consumer expenditure rose in April, a major price index in the United States rose, too, indicating persistently high inflationary pressures.

Prices increased by 0.4% from March to April, according to the indicator the Federal Reserve carefully follows, which is significantly greater than the 0.1% gain seen in the previous month. The annual price increase was 4.4% in April, up from 4.2% in March.

The annualized rate has dropped significantly from its high point of 7% in June of last year, but it is still well above the Fed’s 2% inflation objective and is up from March’s 4.2%.

Last month, despite a spike in prices, consumers kept spending: From March to April, their outlays increased by 0.8%.

The Federal Reserve pays even closer attention to a lesser-known official inflation gauge, the personal consumption expenditures price index, which was released on Friday. The Bureau of Labor Statistics reports that year-over-year consumer price inflation was 4.9% in April.

The PCE index often shows lower inflation than the CPI ever since inflation began increasing during the global recession. One reason for this is because rents, one of the primary factors driving inflation, contributes twice as much to the CPI as they do to the PCE.

The PCE index also attempts to take into account how consumers’ spending habits shift in response to rising prices. This allows it to pick up on developing tendencies, such as the move away from more expensive national brands in favor of store brands.

No doubt the inflation is not quite as bad as it was a year ago when it was upwards of 10%, annualized.

But the uptick from 4.2% to 4.4% from March to April is an indication that the Biden administration has no solid handle on the Biden administration.

The Federal Reserve’s interest rate hikes simply aren’t working the way they said they would.

But don’t expect the Biden administration to back down from their plans. They will likely double down and hit Americans with more interest rate hikes and cause an even worse housing crisis.

Stay tuned to the Federalist Wire.