Article

2022-09-14 Economy

CNBC's Rick Santelli blames Biden spending for high inflation

[CNBC] CNBC analyst Rick Santelli said President Biden’s "debt and spending" agenda is to blame for continuing high levels of inflation.

"The thing that really bothers me with regard to inflation is that everybody here on this panel agreed months ago that one of the reasons inflation was high was because of all the government spending," Santelli said on the air Tuesday morning.

"After we agreed on that, what did the government do? They spent more," he said.

The CNBC markets pundit was reacting to the latest Bureau of Labor Statistics data released Tuesday which showed inflation rose by a robust 8.3% in August — despite falling gasoline prices.

Santelli cited Biden’s student loan debt relief measure as well as the CHIPS Act as key spending initiatives that he believes have sent consumer prices soaring even further.

Earlier his summer, the Biden administration signed into law the CHIPS Act, a $280 billion spending package aimed at boosting domestic semiconductor manufacturing.

Last month, the president announced a student loan forgiveness plan for some 20 million Americans. The estimated cost of the plan is $519 billion.

Posted by Besoeker 2022-09-14 05:41|| || Front Page|| [11135 views ] Top

#1

Personally, I feel, blaming just Biden is avoiding those that are actually running the USA/DC train wreck. Call it the Deep State or Swamp or whatever.

Biden is little more than a clueless/mindless puppet on the string. They were the ones being outed by Trump and MAGA supporters, and they are now violating the Civil Rights of millions to keep that power and avoid criminal trials for subversion, conspiracy, treason, and etc.

Posted by NN2N1 2022-09-14 08:04|| 2022-09-14 08:04|| Front Page Top

#2 I like Santelli, but I still believe this is more of a demand inflation (like housing prices in Florida).

The Fed has been "printing" trillions of dollars for many years and for many presidents, and it's hardly made a dent.

There's also the matter of the velocity of money, which we really have not had over the years.

Certainly, the Harris-Biden Administration has caused a lot of grief with their policies, but spending isn't necessarily the main cause.

Posted by DooDahMan 2022-09-14 16:16|| 2022-09-14 16:16|| Front Page Top

#3 It's always healthy for people to be alarmed about inflation and debt, even if they've never had it so good. The only losers are politicians and in November we will see. If the Pubs just squeak by, or don't take both houses of congress, then it didn't even harm the dems.

Posted by M. Murcek 2022-09-14 16:19|| 2022-09-14 16:19|| Front Page Top

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