Inflation saw an increase in July, with the Personal Consumption Expenditures price index, the Federal Reserve’s preferred measure, rising by 3.3% compared to the previous year. This is higher than the 3% recorded in June.
Although still below last summer’s peak of 7%, this upward trend is concerning.
Some argue that this increase is an anomaly. However, it is likely due to President Joe Biden’s recent spending spree, facilitated by the misleadingly named “Inflation Reduction Act,” which has resulted in a fresh wave of rising prices.
As we previously noted, this law has actually increased federal spending and the deficit in the short term.
It is widely recognized that the massive spending in Biden’s initial Democrats-only law, the “American Recovery Act,” triggered the inflationary spiral that began early this year.
Therefore, it comes as no surprise that another spending spree is once again driving up inflation.
Furthermore, since the passing of the Inflation Reduction Act, it has been revealed that its alleged $271 billion in green subsidies over a decade is actually expected to be three to four times higher, with Goldman Sachs estimating it to be over $1 trillion.
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