• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
‘A Disaster’ for Biden As Inflation Hit Yet Another 40-Year High in May

‘A Disaster’ for Biden As Inflation Hit Yet Another 40-Year High in May

June 10, 2022
Democrats’ Latest Attempt To Communicate With Normal People Falling Flat On Its Face

Democrats’ Latest Attempt To Communicate With Normal People Falling Flat On Its Face

June 24, 2025
National Guard Joins DEA In California Desert To Bust Illicit Marijuana Grow

National Guard Joins DEA In California Desert To Bust Illicit Marijuana Grow

June 24, 2025
Trump Vilifies AOC, Calls Rep ‘Stupid’ For Impeachment Talk

Trump Vilifies AOC, Calls Rep ‘Stupid’ For Impeachment Talk

June 24, 2025
Massie Not Phased by Trump’s Push for His Removal From House

Massie Not Phased by Trump’s Push for His Removal From House

June 24, 2025
Dems Promote Rep Who Organized Luxury Trip To Support Reputed MS-13 Gangbanger

Dems Promote Rep Who Organized Luxury Trip To Support Reputed MS-13 Gangbanger

June 24, 2025
Unelected Official Plunges Dagger Into Heart Of Mike Lee’s Public Lands Bill 

Unelected Official Plunges Dagger Into Heart Of Mike Lee’s Public Lands Bill 

June 24, 2025
Speaker Johnson Calls out Dem Hypocrisy After US Strike on Iran: ‘It’s All Politics’

Speaker Johnson Calls out Dem Hypocrisy After US Strike on Iran: ‘It’s All Politics’

June 24, 2025
Trump Admin Green-Lights Migrant Detention Facility Guarded By Alligators

Trump Admin Green-Lights Migrant Detention Facility Guarded By Alligators

June 24, 2025
Trump Offers Rebuke as Iran and Israel Ceasefire Deal Appears to Crumble

Trump Offers Rebuke as Iran and Israel Ceasefire Deal Appears to Crumble

June 24, 2025
‘Who’s The Moral Actor Here?’: Scott Jennings Tears Into Cornel West For Suggesting Iran Strike Was ‘Immoral’

‘Who’s The Moral Actor Here?’: Scott Jennings Tears Into Cornel West For Suggesting Iran Strike Was ‘Immoral’

June 24, 2025
‘They Don’t Know What The F*ck They’re Doing’: Trump Unloads On Iran, Israel

‘They Don’t Know What The F*ck They’re Doing’: Trump Unloads On Iran, Israel

June 24, 2025
Biden-Appointed Judge Appears To Skirt SCOTUS Ruling In Deportations Case

Biden-Appointed Judge Appears To Skirt SCOTUS Ruling In Deportations Case

June 24, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Tuesday, June 24, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home Commentary

‘A Disaster’ for Biden As Inflation Hit Yet Another 40-Year High in May

by Bradley Cortright
June 10, 2022
in Commentary
240 12
0
‘A Disaster’ for Biden As Inflation Hit Yet Another 40-Year High in May

LOS ANGELES, CALIFORNIA - JUNE 09: U.S. President Joe Biden speaks at a session of the CEO Summit of the Americas hosted by the U.S. Chamber of Commerce. (Photo by Anna Moneymaker/Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

President Joe Biden is probably hoping and praying that inflation can be addressed without sending the economy into a tailspin.

In April, it appeared that there might be glimmers of hope for the president as inflation slowed for the first time since August at 8.3%, which led some economists to suggest that inflation hit its peak.

But according to the latest data from the Bureau of Labor Statistics, inflation accelerated in May.

The consumer price index rose 8.6% in May compared to the same month last year, marking the fastest pace of price increases since Dec. 1981.

Energy prices rose 34.6% annually while grocery prices rose 11.9% — which was the largest spike since 1979.

Neil Irwin, Axios’ chief economic correspondent, reacted to the inflation report in a tweet, “I keep looking at the line item breakdown of the CPI report searching for silver linings, and I just don’t see any.”

“This report is a disaster if you’re a Fed or Biden administration official hoping this inflation will go away without a serious downturn,” he added.

I keep looking at the line item breakdown of the CPI report searching for silver linings and I just don't see any. This report is a disaster if you're a Fed or Biden administration official hoping this inflation will go away without a serious downturn.

— Neil Irwin (@Neil_Irwin) June 10, 2022

Meanwhile, Chris Rupkey, chief economist at the research firm FWDBONDS LLC, said in an analyst note, “Whatever Washington has done to try to fix the cost of living crisis in America, it isn’t working.”

“This isn’t just Russia and Ukraine anymore,” he added.

Sarah House, a senior economist at Wells Fargo Securities, told The Wall Street Journal, “Inflationary pressures were seen nearly everywhere.”

“We suspect that the formidable momentum in inflation could push the headline rate for CPI close to 9% as early as next month,” she added.

At this point, there is not much Biden can do to fight inflation except stop pushing for massive spending packages that pump up demand, and hope that the Federal Reserve can successfully raise interest rates and cut inflation without sending the economy into a recession.

If inflation is hovering around 9%, or the country is entering a recession, or both, heading into the midterms, Democrats will be in big trouble.

It makes sense why Biden is urging voters to make candidates’ stance on gun control a voting issue.

“You’ve got to make sure that this becomes a voting issue. It’s got to be one of those issues where you decide your position on the issue of senator or candidate for House or Senate, on what we’re going to do with assault weapons. … What you say on those things is going to determine how I vote for you,” Biden said during an appearance on ABC’s “Jimmy Kimmel Live” this week.

The bad news for the president is so far, polls have repeatedly shown that inflation and gas prices are still the top concerns for Americans.

Even an ABC News/Ipsos poll conducted after the mass shootings in Buffalo, New York, and Uvalde, Texas, shows 80% of respondents said inflation is an important issue for deciding how they will vote, and 74% said the same of gas prices. Meanwhile, 72% said gun violence was a major factor.

But on all of those issues, Biden is severely underwater.

Tags: InflationJoe Biden
Share196Tweet123
Bradley Cortright

Bradley Cortright

IJR, Senior Writer He's written for Independent Journal Review since 2019.

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th