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Core Inflation Stands at 29-Year High, Rises Faster Than Wages


Core Inflation Stands at 29-Year High, Rises Faster Than Wages
WASHINGTON Consumer prices continue to rise at the fastest pace in decades, prompting critics to argue that the Biden administration’s policies are “overheating” the economy. Inflation is also wiping out gains of workers as consumer prices are rising faster than wages, according to President Barack Obama’s top economists.
The consumer price index (CPI) rose 0.9 percent last month, the largest gain since June 2008. In the 12 months through June, inflation was up 5.4 percent.
Core inflation, which excludes the volatile food and energy components, was also up 4.5 percent over the past year, standing at a 29-year high. Core CPI in June rose 0.88 percent, more than double the consensus estimate of 0.4 percent. ....

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Prominent Economist Warns Inflation Not Transitory, Could Be 'Shock' to Financial System

MSNBC Condemns Obama Advisor For Criticizing Biden


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It turns out that it is not just Republicans who think the $1.9 trillion price tag on President Biden s COVID relief package is too high, but also former director of the National Economic Council under Obama and Clinton Treasury Secretary Lawrence Summers. On Friday s 
MSNBC Live host Katy Tur and Politico s chief economic correspondent Ben White wondered how someone like Summers could take such a position while people are suffering.
Summers argument, made in a 
Washington Post op-ed, can be summarized by two points: it is wrong to compare the current situation to the recession in 2009 and that therefore it is not wise to spend nearly $2 trillion considering Biden also wants to spend massive amounts of money on everything from infrastructure to education. Summers criticisms led Tur to ask White to, Talk to me now about the push back we re seeing from this White House on somebody who was a big part of the economic strategy the las ....

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Who are the nominees for US President Biden's cabinet?


Who are the nominees for US President Biden s cabinet?
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21/01/2021 - 11:34
US President Joe Biden, with Vice President Kamala Harris, introduces nominees to his incoming administration on December 11, 2020, in Wilmington, Delaware. © Jim Watson, AFP
13 min
US President-elect Joe Biden took office on Wednesday, starting off with several measures to tackle the Covid-19 crisis, revive the battered economy and reverse many of former president Donald Trump’s controversial policies. FRANCE 24 takes a look at his cabinet nominees. 
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The 78-year-oldDemocrat took office a day after the USCovid-19 death toll passed 400,000. Biden has pledged to vaccinate 100 million Americans against Covid-19 in his first 100 days in office and hopes for quick congressional approval of his $1.9 trillion economic stimu ....

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