Varney: Here comes the sticker shock
US sees inflation surge as Democrats look to pass pricey bills
In his latest "My Take," "Varney & Co." host Stuart Varney warns of "sticker shock" ahead of the release of the consumer price report Thursday, arguing "inflation hits us all."
STUART VARNEY: Here it comes, the consumer price report to be released on Thursday morning. It’s a little ominous, because inflation hits us all.
Politicians and investors should be nervous.
For a start, the Federal Reserve is still printing money. Maybe I’m old-fashioned, but I think that cranking up the printing presses leads to higher prices.
I'm nervous because if we do see high inflation Thursday, there will be enormous pressure to reign in the money printing now.
That means higher rates and maybe a recession.
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And we simply can't ignore energy price inflation. It's running strong.
Gas averages $3.44 – almost exactly $1 higher than a year ago.
Gas will go higher still as oil moves above $90 a barrel.
Sticker shock at the car dealership isn't going away.
Nor is the grocery bill shock... Still very much with us!
And wait till you get your utility bill guaranteed to be way above what you were paying last year.
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Add it all up, and clearly we have an inflation problem.
The president could help end it if he reversed course on his war on fossil fuels.
Or if he dropped COVID mandates, or fixed the supply chain.
But he can't or won't do any of that.