The United States is tied for the fastest rate of rising prices among 35 advanced economies according to the International Monetary Fund’s (IMF) own data.
- In early December, given “gross domestic product close to pre-pandemic trends, tight labor markets, and now broad-based inflationary pressures,” economists recommended U.S. policymakers “place greater weight on inflation risks as compared to some other advanced economies including the euro area.”
- The IMF has urged the Federal Reserve to take action to fight inflation risks both Federal Reserve Chairman Powell and the Biden Administration have repeatedly downplayed.
- Former Obama-Biden economic advisers have repeatedly cited America’s uniquely high rate of inflation as an indicator that inflation is not exclusively the result of supply chain problems, and that it isn’t transitory.
- The San Francisco Federal Reserve has confirmed Democrats’ partisan March so-called “stimulus” bill has contributed to inflation.
As the Daily Wire notes, the “report stands as a further rebuke to the Biden administration, which spent months downplayed the impact higher prices have on average American citizens. The administration insisted the sticker shock consumers experienced in grocery stores and at gas pumps is ‘transitory.’”