And for good reason: Even at 3.5 percent, inflation is running higher than it did in almost every year for three decades before 2021.
by Eric Boehm
Reason.com
From President Joe Biden’s point of view, Americans ought to be thrilled with the recent trends in inflation.
“Wages keep going up and inflation keeps coming down,” the president victoriously declared at the State of the Union address in early March. The administration’s economic messaging has consistently stressed that lowering inflation is Biden’s “top economic priority” and that progress is being made toward the goal of taming price increases. “Inflation has fallen 60 percent from its peak,” the White House pointed out in a statement after the most recent Consumer Price Index report. “We’re making progress: wages are rising faster than prices, incomes are higher than before the pandemic, and unemployment has remained below 4% for the longest stretch in 50 years.”