«I`m a capitalist, but here`s the deal…..» president Biden said. He also bashes trickle-down economy. Steve Forbes said Biden is not a capitalist. He is a far-left politician. Economists like Forbes are concerned about the rising inflation.
Core PCE prices in the US, which exclude volatile food and energy cost, increased 3,1 percent YoY in April of 2021, following an upwardly revised 1,9 percent gain in March and compared to market forecasts of 2,9 percent.
It is the highest rate since the 1990s, bringing it well above the Fed`s 2 percent target.
The Core Personal Consumption Expenditure Price Index provides a measure of the prices paid by people for domestic purchases of goods and services, excluding the prices of food and energy. The core PCE is the Fed`s preferred inflation measure, and the targest is 2 percent.
President Biden released a proposal that calls for $6 trillion in additional spending over the next decade. An ambitious plan that would run a $1,8 trillion federal government deficit despite a raft of new tax increases.
The budget proposal incorporates the American Jobs Plan, the American Families Plan and the $4 trillion infrastructure. Looking for the expectations about unemployment, the White House sees it falling to 4,7% by the end of 2021, 4,1% in 2022, and 3,8% the following year. They expect it will remain at 3,8% for the ensuing seven years.
The Treasury Department said that the deficit for the first seven months of fiscal 2021 still hit a new record of USD 1,932 trillion, which is a 30% increase from the same period of fiscal 2020.
Somebody have to pay for all the debt, and that is the people. To solve that, Biden wants people to pay more tax, but inflation (higher prices) is also a form for tax. A hidden tax.
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