president biden said his policies are not to blame. i think our policies help not hurt. think about what they say the vast majority of the of the economists think this is going to be a really tough problem to solve but it is not because of spending. we brought down the deficit by. spring and kevin he s former chairman of the council of economic advisers under president trump and distinguished visiting fellow at the hoover institution. so kevin, welcome. the scout but was this is going to be the peak of inflation, how do you see it? yes, you and i ve talked about this before. one of the things i like to do is look at the more recent numbers instead of the change over the whole last year. because at the beginning of the year inflation was not so bad. the average, last three months of consumer price inflation and then annualize it right now is going up at 10% at an annual rate which is about what you and i i promised on your show a few months ago was going to hit. if you l
Taxes on millions of americans. how effective is that going to be? i don t think very effective this is a plan floored at sender scott put on his own volition is not backed by the gop. many are backing away from it saying that s not the intent. another thing in that rick scott that s their five years present biden saying in five years social security and medicare are on the chopping block. i don t think voters are going to believe that this is a republican party that cannot defend obamacare could not end obamacare, come on. the speech by biden red as the beginning of the 2022 november campaign for him because he knows he s got a big inflation problem. the april number was twice as high as core inflation as the march number. a lot of the decline over fault was gas prices that ease the little bit last month but now
Rate which is about what you and i i promised on your show a few months ago was going to hit. if you look at the last six months is going eight-point something percent. it is accelerating inflation. you can ask yourself why is inflation accelerating? it is because basically the fed is not done that much they ve done a little bit of typing but the interest rate is way below where it needs to be to help get inflation under control in fiscal policy continues to drive things in the opposite direction. president biden did a heck of a lot of finger-pointing in that press conference. but if i were there, it would have loved to ask a few questions about how paying people not to work and removing work incentives and threatening massive corporate tax hikes which i have seen as a put in the wall street journal last week, that has driven multinational activity overseas again. all of the stuff he has done in shutting down pipelines has spread inflation. and if he does not take credit