The report, written by economist Mark Zandi, claims inflation worries are “overdone,” because “much of the additional fiscal support … is designed to lift the economy’s longer-term growth potential and ease inflation pressures.”
“Greater investments in public infrastructure and social programs will lift productivity and labor force growth, and the attention on climate change will help forestall its increasingly corrosive economic effects,” the report continues, and the plan’s policies “would direct the benefits of the stronger growth to lower-income Americans and address the long-running skewing of the income and wealth distribution.”
Schumer appears to be leveraging the report to push a $3.5 trillion Trojan horse package, while the Producer Price Index rose 7.3 percent in June from 12 months earlier, the largest demand since 12-month data was first introduced in 2010. On average during the pre-pandemic Trump administration, the index rose by around 0.2 percent per month.
A recent poll revealed voters in battleground districts are overwhelmingly concerned about inflation and the rising cost of living with 86 percent of the respondents expressing concerns. Fifty percent of the respondents said they were extremely or very worried — as they should be. Our government is in the grip of socialist madmen.