NEW YORK POST:
When it comes to politicians, most Americans are slow to reach a boiling point. But Joe Biden is testing their patience with his cold-hearted fumbling of inflation.
After first denying it was a widespread problem, then saying the surge in prices was “transitory,” the White House is now searching for a new response. The effort needs work. Lots of work.
“Reversing this trend is a top priority for me,” President Biden belatedly claimed Wednesday, after his Labor Department reported the consumer price index rose 6.2 percent in October over the same period last year, the biggest jump in 30 years.
Fuel oil prices soared 12.3 percent and are up a staggering 59 percent in a year. Meat, poultry, fish and eggs rose 1.7 percent for the month and 11.9 percent year over year.
Those are punishing numbers, and a separate report underscored that workers are falling further behind. After inflation, real wages fell 0.5 percent because, while wages are rising, the cost of nearly everything is rising faster.
But if stemming this destruction is “a top priority,” Biden has an odd way of showing it. In a head-scratcher, he again urged quick passage of his signature legislation, Build Back Better, which is still being written and fought over by his party.
It has an announced price tag of nearly $2 trillion, and a real one that is much higher, leading most economists to argue the bill would almost certainly push prices even higher, especially in the short term. On what planet is that a solution to inflation?