May 22, 2024

UNEXPECTEDLY: adv. Frequently used by people who don’t know that they are doing, to describe unpleasant events or situations they have created.

Inflation gave Team Bidenomics a swift kick in the pants. It rose by 0.4% in February, the highest monthly increase since September, pushing the year-to-year rate to 3.2%, compared to 3.1% for the January year-to-year rate. Economists had expected a 3.1% year-to-year rate in February.

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The White House is pushing the story that “volatile” gasoline prices—and probably predatory price-gouging by gas station owners—are to blame, but the data say something different. The Core Consumer Price Index has increased steadily for seven months.

Despite trying to soft-pedal the outlook by focusing on the big picture, keep in mind that February’s 12-month rate is higher than January’s. And both the 3- and 6-month trends are climbing. 

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Team Bidenomics had been furiously pimping the narrative that inflation was under control as a way to convince the Fed to reduce interest rates during the 2024 election cycle. That may still happen, but if it does, it will have to be accompanied by the tame and cowed academic economist community currently carrying water for Biden’s reelection campaign, telling us that hyperinflation is Joe Biden’s way of getting rid of college loans.

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