The producer price index has reached a new record of 11.2%, and detractors fear President JoeBiden's fiscal agenda could make things worse.
Producer prices increased a scorching 11.2% for the year ending in March, according to a report Wednesday from the Bureau of Labor Statistics, with the inflation rate up 1.4% from just the previous month. Inflation fears were raised when the White House backed the $1.9 trillion American Rescue Plan spending bill one year ago, with critics now claiming vindication.
The White House has pursued other policies that lead to higher consumption, such as extending the student loan"pause," which will lead some with college debt to spend their money on goods rather than on repaying their loans. The administration continues to push programs from the failed Build Back Better bill, such as subsidized childcare and universal pre-K, that also involve high new levels of government spending.
Nonetheless, liberals still hold that the measures can eventually lower inflation by boosting production. "The direct impact of the policy would more than make up for any indirect and modest inflationary impact," he added.
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