As the Fed has ramped up interest rates to fight Biden’s inflation, interest payments on the debt have “climbed to 15.5% of all federal revenue,” The Wall Street Journal notes, and will keep soaring.
As inflation cooled over the past year, President Joe Biden ran atop the podium to claim his medal. Turns out the race wasn’t over.
This month, the government announced that inflation bumped up 3.2% in July, with core prices rising 4.7%. It’s the first upturn in the economic gauge since last year, and it was driven by higher prices for food and services, including automobile repair and housing costs.
To be sure, this is not the 9.1% inflation from a year ago. But it’s also well above the rate when Biden took office. Any credit the president takes for tamping down rising prices must also recognize that it was “Bidenomics” which created the problem in the first place.
Economists sympathetic to the White House insist the July increase is an outlier.
