White House More Than Doubles Its Inflation Forecast in New Update - WSJ

The Office of Management and Budget said it expects consumer prices will rise 4.8% in the fourth quarter from a year earlier, up sharply from the 2% rise that the Biden administration forecast in May.

Merry Christmas, y’all!

Funny definition of “transitory,” tho.

Officials also dialed back their projections for budget deficits this year, projecting an annual shortfall of $3.1 trillion, down from $3.7 trillion forecast in May, as strong economic growth this year bolstered federal revenues.

Way to go! It’s hard to run an entire country on a measly $3.6T of revenue. We only overspent our income by 86%.

It’s kind of like when you only make $65,000, but to run your household you have to spend $120,900 a year.

Adulting, ya know?