Pres. Biden's Inflation is hammering everyone, particularly the poor. Just look at the price of eggs. It’s risen 32.2% in just one year. Welcome to Biden's America, where you need to win the lottery to afford your groceries. pic.twitter.com/AVP6FEnTmS
— Steve Hanke (@steve_hanke) June 20, 2022
- $1trillion in federal funding signed by Biden last year is starting to kick in
- But inflation is causing most projects to scale back or be cancelled completely
- Some schemes are experiencing as much as double the estimated costs
- Prices of pipes, asphalt and many other materials have surged in recent months
- There is also a shortage in construction workers , furthering hampering efforts
- GOP Rep. Sam Graves says the infrastructure law is compounding inflation
Typical U.S. Asking Rent Surpassed $2,000 for First Time in May.
“The median monthly asking rent in the U.S. surpassed $2,000 for the first time in May, rising 15% year over year to a record high of $2,002. That’s on par with April’s annual increase of 15%, but a slowdown from March’s 17% gain.”
“Inside Politics” host Abby Philip asked Zanona about a meeting Democrats had with White House aides on the Hill this past week. “How did that go over?” she asked.
“Not well, to put it mildly, listen, Democrats, they have been panicking privately. They have been saying for months, back in December they started pressing the White House to get a handle on inflation, start talking about this issue,” Zanona said.
Inflation soared to 8.6% in May, hitting another 40-year high.
h/t Stephen Green