Former House Speaker Newt Gingrich discusses attacks against former President Trump ahead of the election on 'Hannity.'

Last week brought bad news for the American people and President Joe Biden. Inflation persists and jobs are decaying.

On inflation, the U.S. Bureau of Labor Statistics reported prices rose 3.5 percent between March 2023 and March 2024. This bad number is far higher than the U.S. Federal Reserve’s goal of 2 percent inflation – and it follows three years of price increases.

Inflation continues to build even after the Federal Reserve pushed interest rates to their highest point in 23 years.

Much to the Fed’s dismay, its restrictive private sector policies are being more than offset by the Biden administration’s massive deficits. While the Fed is trying to take liquidity out of the system and force a slowdown to lower inflation, the Biden administration keeps pumping borrowed money into the economy.

JAMIE DIMON SOUNDS ALARM OVER 'PERSISTENT' INFLATION, FED POLICY

The contradiction between the Fed and the Biden White House increases the scale of government and shrinks the private sector. Furthermore, since the federal government is the world’s largest debtor, high interest rates translate into an even bigger federal deficit.

So, the long run consequences of Bidenomics on inflation is staggering. Measured from the........

© Fox News