‘Out of control’: Top US economist warns inflation will surge after Biden’s record spending spree
‘Out of control’: Top US economist warns inflation will surge after Biden’s record spending spree
GB News/Reuters
Joe Biden’s record spending and borrowing is causing inflation to “spiral out of control”, a top US economist has warned.
Under Joe Biden, inflation soared to 40-year highs in June 2022.
On Friday, the octogenarian president blamed the media for the public’s economic concerns but caused an unintended gaffe by mixing up “debt” and “deficit”.
WATCH NOW: EJ Antoni warns inflation 'out of control'
Biden’s speech hailed stronger-than-expected job growth but the surge could increase the chances of the Federal Reserve hiking interest rates.
“Inflation is certainly out of control,” EJ Antoni told GB News.
“The fact that it has come down from 40-year highs does not mean by any stretch of the imagination that the Federal Reserve has put the beast back in its cage.
“If you look at what monthly inflation has been doing and you annualize that, you compare that with the data before the pandemic, what you find is that we are essentially running about twice as high in terms of inflation, which makes sense given the elevated levels of spending and borrowing by the United States government.
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'The fact that it has come down from 40-year highs does not mean by any stretch of the imagination that the Federal Reserve has put the beast back in its cage,' warned EJ Antoni
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“Until we get that under control, until we get the federal government's fiscal house in order, inflation is going to continue.”
The comments come after the US government narrowly avoided shutdown by signing in a stopgap with just hours to spare.
Both Democrats and Republicans voted to pass the bill that would keep money flowing to government and provide billions for disaster relief but provided no money for Ukraine.
When asked what could be done to slash inflation, Antoni explained that the next president would need to back-pedal on Biden’s policies.
Inflation under Joe Biden’s administration continues to run rampantReuters“The number one thing that the next president can do is going to be cut spending. And we need to cut it everywhere.
“Conservatives can no longer say that the defence budget is sacrosanct and it can't be touched.
“I'm sorry, but the the Pentagon has literally trillions of dollars for which they cannot account, not to say anything about the billions of dollars which we have sent to the Ukraine.
“There is absolutely no accountability for that money either. So we need cuts anywhere and everywhere in the federal budget.”