The White House of President Joe Biden is preparing Americans for another abysmal financial report, according to Fox News.
The report that is set to be released on Thursday is the latest Consumer Price Index from the U.S. Labor Department. It will be a good indicator of just how bad inflation was here in America during the month of January.
Apparently, the Biden administration is expecting the report to be so bad that it has deemed it necessary to try to get out ahead of it.
That’s what White House Press Secretary Jen Psaki tried to do on Wednesday.
Look over here, not there
During Wednesday’s press conference, Psaki came right out and told reporters that the Biden administration is expecting a “high year-over-year inflation reading.”
From there, however, Psaki went on to try to explain to Americans how they ought to interpret the yet-to-be-released Consumer Price Index. She told individuals, for example, to focus on the month-over-month increase, instead of the annual increase, suggesting that this is a better way to read the situation.
“So above 7%, as I think some are predicting, would not be a surprise, even though we don’t know what the data is going to be,” Psaki said. “But looking at that reading of it as we prepare for tomorrow is still consistent with the path and our view.”
As for what to do about the bad numbers, assuming they do in fact come, Psaki said that the Biden administration is going to support whatever the Federal Reserve decides to do, which includes the raising of rates, something that is expected to happen despite the negative consequences that likely will result.
The president has said he welcomes and supports [The Fed’s] efforts to take steps with their plans in terms of our confidence. We, again, rely on what their projections are that inflation will come down, that it will moderate, and we are also continuing to take steps to continue to grow the economy and continue to address the needs that the American people have in the economy.
As Psaki suggested, experts are predicting a price increase of over 7% from last January.
Under Biden’s leadership, America has already seen a 7% increase in December 2021. This was the largest increase in almost four decades.
If January 2022 is even worse than December was, then the country could actually see the highest inflation in four decades. February of 1982 saw a 7.6 percent increase.