Americans are ‘concerned’ about price tag of spending bill, inflation: Rep. Zeldin
Rep. Lee Zeldin, R-N.Y., argues Americans are concerned how the spending bill will impact their daily lives.
American consumers are grappling with the fastest price increase in decades, with the cost of everything from cars to gasoline to food soaring nationwide.
And the problem may get worse before it starts to improve.
In a recent analyst note to clients, Goldman Sachs economists warned that pandemic-induced disruptions in the global supply chain – which have caused congestion in ports and warehouses nationwide – could last longer than expected as surging demand struggles to keep up, meaning that inflation metrics will remain "quite high for much of next year."
"It is now clear that this process will take longer than initially expected, and the inflation overshoot will likely get worse before it gets better," they wrote.
JEROME POWELL FACES TURBULENT 2022 AS FED WALKS ECONOMIC TIGHTROPE
Inflation, as measured by the Federal Reserve's preferred gauge, has climbed to the highest level since February 1982. In November, the personal consumption expenditures price index jumped to 5.7%, well above the Fed's preferred target of 2%. The data is further evidence of a spike in prices illustrated by a separate measure – the Consumer Price Index – which showed inflation rose by 6.8% in November from the previous year.