President Joe Biden's 2025 budget will only further fuel already rising inflation.
Biden boasts he would inflate the fiscal 2025 deficit to $1.8 trillion. He says he would increase spending by $300 billion to $7.3 trillion and increase revenue by $400 billion to $5.5 trillion. The latter proposition is even more preposterous, considering that he would undo his predecessor’s corporate tax rate cut, which culminated in record corporate tax revenue.
Although inflation has fallen from its near-double-digit peak of 2022, progress hasn’t just stalled. It’s reversing. But wholesale prices are leading indicators of consumer inflation, and they indicate that progress is not just slowing but reversing. Producer price index inflation blew past economist expectations, jumping from 1% annually in January to 1.6% in February. Core PPI came in even higher at 2%.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Joe Biden has won enough delegates to clinch the 2024 Democratic nominationPresident Joe Biden has formally clinched a second straight Democratic nomination.
Read more »
President Joe Biden has won enough delegates to clinch the 2024 Democratic nominationPresident Joe Biden has formally clinched a second straight Democratic nomination.
Read more »
President Joe Biden has won enough delegates to clinch the 2024 Democratic nominationPresident Joe Biden, who took office aiming to steady a nation convulsed by the coronavirus pandemic and the Jan. 6 insurrection, clinched a second straight Democratic nomination Tuesday.
Read more »
Syracuse University vies to become home to President Joe Biden's presidential librarySyracuse University is in the running to become the home of President Joe Biden’s presidential library.In an October interview with special counsel Robert Hurr
Read more »
President Joe Biden to visit Arizona, Nevada for campaign eventsDetails about the visit not yet publicized
Read more »
Philly is center stage for President Joe Biden’s high-stakes State of the Union addressPhiladelphia will feature prominently when President Joe Biden delivers his State of the Union. Mayor Cherelle L. Parker will attend, while the president will visit the region the following day.
Read more »