Inflation was up in November to 2.7%. That is 0.1% higher than October, even though the Biden administration says that they have been controlling inflation with the Inflation Reduction Act.
The core CPI was at 3.3% on an annual basis and 0.3% monthly.
These numbers will likely push the Federal Reserve into another interest rate cut when they meet next week but it won’t do much unless government spending is curbed. The Biden administration will not do that in their remaining 40 days, in fact they’re doing the opposite. This week they pledged $16.7 billion for a 10-year plan to revive Native Languages.
In Argentina, the government did cut spending and President Javier Milei announced that the government deficit ended for the first time in 123 years.
“The deficit was the root of all our evils—without it, there’s no debt, no emission, no inflation,” the President said. “Today, we have a sustained fiscal surplus, free of default, for the first time in 123 years. This historic achievement came from the greatest adjustment in history and reducing monetary emission to zero. A year ago, a degenerate printed 13% of GDP to win an election, fueling inflation. Today, monetary emission is a thing of the past.”
Is this a duplicatable template for the United States?
