President Biden Delivers Speech Promoting Massive Federal Spending While Inflation Roars – 10/13/22
President Biden delivers a speech Thursday in which he will try to convince voters that the Inflation Reduction Act, and his $1.5 Trillion in executive actions are not to blame for actually causing inflation. But, as the core inflation number that came out this morning shows, the Inflation Reduction Act has not reduced inflation – in fact, it is at the highest level since 1982.
On a monthly basis, the core CPI rose 0.6% in September, the same as in August, and up from 0.3% in July. Investors and policy makers follow core inflation closely as a reflection of broad, underlying inflation and as a predictor of future inflation.
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