Joe Biden Just Got Worst News Of His Life

Joe Biden Just Got Worst News Of His Life

President Joe Biden faces a challenging task in convincing Americans that his economic policies, dubbed "Bidenomics," are the solution to rejuvenating the country's economy.

CNN reported that the U.S. Labor Department released its monthly inflation data on Wednesday, revealing a decrease in consumer prices. The consumer price index (CPI), which tracks the prices of goods and services across the economy, showed a 3.5% increase in overall prices for March. This figure surpassed the 3.2% gain in February and exceeded experts' expectations, with a 0.4% month-over-month increase compared to the previous year.

"This is certainly hotter than we were expecting," noted CNN analyst Rahel Solomon.

The CPI is currently at its highest level since 1913, as reported by CNBC.

In response to the news, stock futures declined, and Treasury bond yields rose, reflecting investors' reduced expectations of the Federal Reserve lowering interest rates at its June meeting. Fed Chair Jerome Powell has cautiously expressed optimism about the bank's ability to prevent a recession by gradually lowering rates as consumer spending moderates, aiming for a "soft landing" of the U.S. economy. With inflation rising for three consecutive months, the likelihood of rates remaining unchanged appears more plausible.

A strong employment report released on Friday, indicating the creation of approximately 300,000 new jobs by companies, preceded Monday's news. This suggests that rate hikes are not effectively slowing economic growth. Given the trillions of dollars injected into the system during the pandemic, the Fed has limited options but to wait for a significant shift.

Earlier this month, Axios reported that the White House has reduced its use of the term "Bidenomics" to describe the president's economic policies. Over the past year, Biden's use of the term decreased significantly, while Republicans have increased its usage to mock the administration's inability to bring inflation rates back to pre-pandemic levels. Responding to inquiries about the decrease in using "Bidenomics," the White House referred to a recent appearance in North Carolina where the president used the phrase.

"Some leading economists are no longer making fun of 'Bidenomics,'" Biden remarked about his programs aimed at bolstering the middle class through public spending. "They're starting to think maybe it works!" he added.

However, some Democrats have criticized Biden for being out of touch with the economic concerns of ordinary Americans.

"The people that he [Biden] represents are not concerned with economics," stated Rep. Jim Clyburn (D-SC) in a November interview with NBC News. "They are focused on day-to-day issues like educating their children, feeding their families, and developing their communities – that doesn't sound like 'Bidenomics.'"

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