CNN reports, “The consumer price index, the nation’s key inflation measure, jumped 0.9% in June, the largest one-month increase in 13 years. Over the last 12 months, prices were up 5.4%, the biggest jump in annual inflation in nearly 13 years.” Link
Below is a deeper dive:
In what is considered to be a first step to drive a more competitive playing field with big business in the American Economy, today President Biden signed an Executive Order aimed to increase competition and reduce corporate consolidation.
The Executive Order, made up of 72 actions and recommendations targets key business sectors with a goal to lower consumer prices, increase wages, and promote innovation.
“Capitalism without competition isn’t capitalism, it’s exploitation,” said the President, who called himself a ‘Proud Capitalist’.
For more information on today’s Executive Order, see the White House Fact Sheet: Executive Order on Promoting Competition in the American Economy
Last night President Joe Biden delivered his first speech to Congress saying “America is on the move again’, while noting the nation is at an ‘inflection point’ too.
The moment calls for more spending the President argues.
Massive spending actually.
In the amount of another proposed $2.25 trillion in infrastructure spending, and another $1.8 trillion in a family safety net, and that’s in addition to the recent $1.9 trillion stimulus.
Republicans quickly jumped to attack Biden’s ambition plans of driving up America’s debt by $6 trillion.
This blog comes at policy from a fiscally conservative, business minded standpoint. The notion that America needs to spend trillions on unnecessary big government programs and drive up our national debt to compete in the 21st Century, while China is trapped in 300% debt to GDP ratio is to be nice, at best impractical.
Saddling down future generations with high debt interest payments will make USA unflexible, stagnant, and bloated.
While I’m not opposed to government spending on legit infrastructure to rebuild roads, airports, bridges to best compete in the 21st Century, I’d want to make sure we only spend what we need out of that projected $300 to $600 billion that actually makes sense. If we can do infrastructure for $200 billion, even better.
Most of what President Biden proposed last night will be DOA in the Senate.
Politicians should stop overpromising what they can’t deliver, and focus on what taxpayers (We The People) want to spend taxpayer $$$ on to improve the nation.