Does Joe Biden understand inflation?
From our UK edition
I have a horrible feeling that the Biden presidency may come to be defined by a single quote which will echo down the ages, featuring not just in economics textbooks but becoming a byword for hubris of all kinds. Speaking of his $1.75 trillion ‘Build Back Better’ plan, the President declared last week: 'Seventeen Nobel prizewinners in economics have said that my plan will ease inflationary pressures'. Not so fast, Mr Biden. Today, the Bureau of Labor Statistics announced that the Consumer Prices Index (CPI) for October rose to 6.2 percent, higher than expected and the highest rate since 1990, the very beginning of the low inflationary era.