The November Producer Price Index (PPI) report’s publication on December 12th, demonstrating a 3% increase in annual inflation for 2024 under President Joe Biden, has incited criticism towards the white house’s economic policies.
The PPI reported an 11% increase in the price of Fruit, 34% in Vegetables, 80% in Eggs, and 13% in Coffee among other products whose prices have skyrocketed during President Biden’s term.
Since Biden took office, PPI inflation has increased 20.8% percent.
Consequently, economists and conservative lawmakers are criticizing Biden’s fiscal policies, claiming these have created rising inflation that is hurting Americans’ pockets.
US Senator Rick Scott (R-FL) slammed Biden’s economic agenda as “a complete failure for the American people.”
“Biden-Harris price hikes have plagued Americans' wallets and savings accounts, and that has all played a role in The American Dream being erased during the failed Biden administration,” continued Senator Scott.
Scott also alleged the Department of Government Efficiency (DOGE) would work to undo many of Biden’s poor economic policies.
The Executive DOGE will be led by Elon Musk and Vivek Ramaswamy and, while it has yet to be officially formed, has already begun presenting its plans for reducing capricious government spending.
DOGE leader Vivek Ramaswamy responded to the PPI report stating it is up to DOGE to “clean up” Biden’s economic mess.
“Debt-fueled government spending causes inflation which is an invisible tax. Government overregulation depresses economic activity which is an invisible tax. That is Biden’s legacy & now it’s our job to clean up the mess,” said Ramaswamy.
Despite being a novel government institution, DOGE has incited much hope in many fiscal conservatives for radical fiscal policy changes.
While some have claimed DOGE will be unable to execute its ambitious government spending reductions, conservative control of all three branches of government grants the new department an enviable set-up.
