\u201cIllegal immigrants are invading both borders. Inflation is rising and draining the pocketbooks. America is experiencing one crisis after another under Joe Biden’s failed leadership,\u201d tweeted Rep. Elise Stefanik<\/p>\n\n\n\n
Federal data released Friday showed that inflation remains elevated. The figures came out on the heels of other data showing the U.S. Gross Domestic Product underperformed in the first quarter of this year.<\/p>\n\n\n\n
Both the inflation and GDP data points raised concerns among economists and renewed criticism of President Joe Biden among Republicans.<\/p>\n\n\n\n
\u201cGiven the elevated levels of inflation \u2013 and this is the new normal for 2024 \u2013 the market is going to need to get over hopes for Fed rate cuts,\u201d Chris Zaccarelli, chief investment officer for Independent Advisor Alliance in North Carolina, said in a statement. \u201cYes, they may cut once (or not at all), but there is no possibility the Fed is going to cut rates 3 or more times, unless we go into recession.\u201d<\/p>\n\n\n\n
The U.S. Bureau of Economic Analysis released the Personal Consumption Expenditure data Friday, which showed the PCE rose 0.3% last month. The federal Consumer Price Index, another leading marker of inflation<\/u><\/a>, reported prices rising 0.4% last month.<\/p>\n\n\n\n \u201cA lot of people have argued elevated inflation is just because of housing and housing is lagged\/inappropriate,\u201d Jason Furman, a Harvard economist and former economic advisor during the Obama administration, wrote on X, formerly known as Twitter, on Friday.<\/p>\n\n\n\n \u201cBut even excluding housing, recent inflation is highly elevated\u2026\u201d he continued<\/p>\n\n\n\n That inflation data comes after new federal data this week showed that the GDP increased at an annual rate of only 1.6% in the first three months of this year, much less than the 3.4% growth in the previous quarter and well below experts\u2019 expectations.<\/p>\n\n\n\n \u201cNew GDP numbers out – yet ANOTHER depressing quarter under Biden\u2026\u201d Richard Stern, an expert at the Heritage Foundation, wrote on X. \u201cThis marks the THIRD quarter in a row of the government growing faster than the economy!<\/p>\n\n\n\n \u201cThat’s socialism at work as the woke left-wing government eats everyone else’s lunch off the buffet table \u2013 all while the personal saving rate falls off a cliff and is less than half what it was pre-pandemic,\u201d he added.<\/p>\n\n\n\n Republicans heaped on more criticism of Biden after the new economic data.<\/p>\n\n\n\n \u201cAntisemitism is running rampant on campuses,\u201d U.S> Rep. Elise Stefanik, R-N.Y., wrote on X. \u201cIllegal immigrants are invading both borders. Inflation is rising and draining the pocketbooks. America is experiencing one crisis after another under Joe Biden’s failed leadership.\u201d<\/p>\n\n\n\n Prices have risen nearly 20% since Biden took office.<\/p>\n\n\n\n \u201cPresident Biden\u2019s recipe of outlandish spending and higher taxes is robbing the American people and hurting the economy,\u201d House Ways and Means Committee Chairman Jason Smith, R-Mo., said in a statement. \u201cThe soaring cost of gas and groceries keeps killing family budgets \u2013 leaving Americans struggling to either pay rent or buy a house. The latest GDP report shows an economy sagging under the weight of failed economic policies. With prices continuing to rise and the Federal Reserve likely to keep interest rates at the highest levels in over 20 years, the American Dream is slipping out of reach for more families.\u201d<\/p>\n\n\n\n Biden, though, has rebuffed criticism and pointed to his other economic wins<\/u><\/a>, as The Center Square previously reported.<\/p>\n\n\n\n \u201cToday\u2019s report shows the American economy remains strong, with continued steady and stable growth,\u201d Biden said in a statement last week. \u201cThe economy has grown more since I took office than at this point in any presidential term in the last 25 years \u2013 including 3% growth over the last year \u2013 while unemployment has stayed below 4% for more than two years.\u201d<\/p>\n\n\n\n