If you're sick of hearing people associate Joe Biden's economy with the dismal, inflation-ridden wasteland of Jimmy Carter's, we have some bad news for you: It's quite an apt comparison.
A measure of prices that is closely tracked by the Federal Reserve rose 5.8% last year, the sharpest increase since 1982, as brisk consumer spending collided with snarled supply chains to raise the costs of food, furniture, appliances and other goods...
The inflation figure that the government reported Friday is its personal consumption expenditures index. Though the consumer price index is a better-known barometer, the Fed tends to track the PCE in setting its interest rate policies. The PCE index tracks actual purchases consumers make each month, while the CPI follows a fixed market basket of goods.
Are you surprised that Joe Biden's economy is starting to look more and more like Jimmy Carter's? I mean, Biden did "salute" Carter at his inauguration.
Coincidence? I think not.
And let's not forget that Joe used to hang out half a century ago with Carter, back when he was only a billion years old.
He's the natural progression of the mess that was Carter's administration!
The Fed's specific data on this metric is as follows:
The PCE price index for December increased 5.8 percent from one year ago, reflecting increases in both goods and services (table 11). Energy prices increased 29.9 percent while food prices increased 5.7 percent. Excluding food and energy, the PCE price index for December increased 4.9 percent from one year ago.
Enjoy the inflation, folks! Looks like it's here to stay for a while!
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