US inflation fee rises to 7%, its highest degree in 40 years, Democrats concern inflation will plague the social gathering

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One of the hottest topics in the US in 2022 is rising inflation, as US Department of Labor data released on Wednesday showed the consumer price index (CPI) rose to 7% in December. This marks the biggest annual jump since 1982. Federal Reserve Governor Lael Brainard will tell leaders of Congress today that the central bank is focused on fighting inflation. In addition, members of the Democratic Party fear that rising inflation could cost the Biden government politically.

CPI Rate Jumps To 7%, Wholesale Prices Up 9.7%

On January 11, 2022, the U.S. Department of Labor released CPI data for the month of December and the metrics show that U.S. inflation rose 7% year over year and was above 6% for the third consecutive month for the last month. The rise is the highest rise in the CPI since June 1982 as inflation drives the cost of goods and services soaring exponentially. Basically, the CPI is a measure of a basket of consumer goods and services that urban consumers regularly pay for.

US inflation rate rises to 7%, its highest level in 40 years, Democrats fear inflation will plague the party

After the Department of Labor released the statistical estimate, the CPI jump made headlines and sparked a series of discussions about inflation on social media and forums. To make matters worse, the inflation rate of US producer or wholesale prices rose 9.7% year-on-year in December, which is the highest annual record to date. The level of inflation has raised a number of US officials to growing concerns about the lack of purchasing power Americans are grappling with today.

The US Federal Reserve governor addresses inflation concerns and state governors take action

On Thursday, the governor of the US Federal Reserve, Lael Brainard, wants to discuss the focus of the central bank on the inflation issue in a prepared statement before the US Congress. Brainard released a statement Wednesday that “the Federal Reserve’s policy is to bring inflation back down to 2% while maintaining an inclusive recovery.” The day before, Florida’s Governor Ron DeSantis said he had tabled a bill to help Florida’s families stave off inflationary pressures. DeSantis tweeted:

To ease the inflation burden on Florida families, I propose a $ 1 billion tax exemption to lower prices at the gas pump. If Washington, DC does not change course, it is our responsibility to act on behalf of the Floridians.

Headlines Show Biden and Democrats Could Pay a “Political Price” for Inflation – Biden Government Denies Concerns

Meanwhile, there are numerous headlines on Thursday that read: “Democrats fear Biden could pay the political price for rising inflation.”

US inflation rate rises to 7%, its highest level in 40 years, Democrats fear inflation will plague the party

According to a CNN analysis by Maeve Reston and Stephen Collinson, “inflation concerns could mean trouble for Democrats”. However, Jared Bernstein, Biden’s economic adviser, dismissed the concerns when he discussed the matter with CNN’s Jim Sciutto.

“It’s really important to familiarize yourself with these monthly inflation reports,” Bernstein told Sciutto. β€œAnd if you look at the change from November to December, inflation has risen by half a percent. That is significantly less than in October and November, when inflation rose 0.8% and 0.9%, respectively. “US President Biden repeated the same comment, saying:

Today’s inflation numbers show a significant decline in headline inflation [the] Last month. We are making progress in slowing price increases. But there is more to be done – I continue to focus on cutting costs for families and maintaining strong economic growth.

US officials ridiculed on social media, economist Peter Schiff says interest rates are far worse than “government boiled CPI”

On social media, politicians and the US Federal Reserve were ridiculed for rising inflation. Square and Twitter founder Jack Dorsey said, “Hell, Santa Claus didn’t take away temporary inflation.” Sven Henrich from Northman Trader tweeted jokingly: “SPX turns red because the inflation party ran out of free drinks.”

US inflation rate rises to 7%, its highest level in 40 years, Democrats fear inflation will plague the party

Goldwanze and economist Peter Schiff discussed the topic of inflation in a blog post entitled: “The Inflation Freight Train”. Schiff’s blog post is a reminder to Americans that the CPI formula is considered imprecise and inflation is likely to be much higher.

“Remember, this is using the boiled government CPI formula that underestimates inflation,” says Schiff. β€œIf the government were still using the 1982 formula, inflation would be higher in 2021 than it was then. In fact, we would have the highest rate of inflation in history. According to Shadowstats, it would be a little over 15%, ”adds the blog post.

Tags in this story

American economy, analyst, Biden Administration, CNN, consumer price index, cost of goods, service costs, CPI, dollar, economist, economy, fiat, headlines, inflation, inflation rise, inflation spike, Jack Dorsey, Jared Bernstein, Jim Sciutto, Joe Biden, Ministry of Labor, Maeve Reston, Northman Trader, Peter Schiff, Rising Inflation, Shadowstats, Stephen Collinson, Sven Henrich, US Dollar, US Inflation, US Officials, USD

What do you think of the rising inflation in the US and the criticism of the country’s political leadership? Let us know what you think on this matter in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a Florida-based financial tech journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.

Photo credit: Shutterstock, Pixabay, Wiki Commons, Twitter,

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.

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