- Biden to raise monthly payments to retirees by 8.7%
- Capitol attack committee to convene for latest public session
- Sign up to receive First Thing – our daily briefing by email
A big increase in monthly social security payments might sound like a good thing, but keep in mind, the government is doing it only because inflation is so high.
And today began with word that the consumer price wave didn’t subside much in September. Year-on-year, prices rose 8.2%, below the high of 9.1% in June but not much of a change from the 8.3% level in August. Monthly price growth actually accelerated in September, led by costs for food and, more worryingly, housing, one of the most potent contributors to inflation overall.
The January 6 committee will hold its ninth and potentially last public hearing at 1 pm eastern time today, focusing on what Donald Trump knew before and during the deadly insurrection at the Capitol.
Consumer price data just released shows inflation remaining stubbornly high in September, bad news for the US economy and for Wall Street especially.
Biden is in Los Angeles, where he will promote his infrastructure law announced last year and fundraise for Democrats.