On Wednesday, the latest Consumer Price Index report showed that inflation slowed slightly in April but prices continued to rise nearly 4% for the year. President Biden took his 23rd victory lap on this issue, proclaiming that "fighting inflation and lowering costs is my top economic priority."
But how should people judge a victory proclamation by a general that had pointlessly lost 20% of his army - the amount of purchasing power the dollar has declined since he took office? Team Biden is pretending that the nation - and Biden's re-election campaign - has made it out of the woods. The Labor Department reported on Tuesday that the producer price index is rising at a rate of 6% a year, a foreboding omen of future price hikes.
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