Majority Whip Jim Clyburn is admitting his party's spending spree not only fueled inflation, but that Democratic lawmakers knew about the consequences and moved forward anyway.
"All of us knew this would be the case when we put in place this recovery program. Anytime you put more money into the economy, prices tend to rise," Clyburn said during an interview with NBC News.
🚨WATCH: House Democrat Whip Jim Clyburn claims Democrats KNEW their wasteful spending would cause inflation — but they did it anyway. pic.twitter.com/ojiMf41MTj— Senate Republican Communications Center (@SRCC) October 20, 2022
New inflation numbers released just last week show prices are red hot and not coming down.
Surging past Wall Street estimates and accelerating from August's read, the Producer Price Index advanced 0.4% in September and 8.5% in the last year.— Spencer Brown (@itsSpencerBrown) October 12, 2022
No matter how many times Biden says "Inflation Reduction Act," prices aren't going down. https://t.co/kcb6b05Yjv
The 0.4% increase in September is double the 0.2% estimate while the annual advance for headline PPI inflation also surpassed Wall Street’s prediction. https://t.co/9MpkYvcJLo— Spencer Brown (@itsSpencerBrown) October 12, 2022
In August Democrats passed the dishonestly titled "Inflation Reduction Act" without a single Republican vote. Democrats also passed the American Rescue Plan without Republicans last year.
Annual CPI inflation rate, Trump and Biden pic.twitter.com/zbGNfN7dzK— Phil Kerpen (@kerpen) October 13, 2022
The United States economy met the official definition of a recession in July and Bloomberg now predicts the worst of the economic downturn is on the way.
"More bearish is the latest model from Bloomberg Economics. It puts the chance of recession at 100% in the next 12 months," new analysis states. "The deterioration in the outlook was driven by a broad-based worsening in the economic and financial indicators used as inputs to the model, Bloomberg Economics found. It declares a recession as all but guaranteed in the next 12 months, up from a 65% probability previously."