Senate majority leader Chuck Schumer, this morning:
Senators should be aware that the Senate will, in fact, consider the Build Back Better Act, very early in the new year so that every Member of this body has the opportunity to make their position known on the Senate floor, not just on television. We are going to vote on a revised version of the House-passed Build Back Better Act – and we will keep voting on it until we get something done.
The Consumer Price Index for December 2021 is scheduled to be released on January 12, 2022, at 8:30 a.m., and while we don’t know what those numbers will be . . . there’s a good chance this month will bring more bad news on the inflation front.
Traditionally, December is one of the biggest months, or the biggest month, for consumer demand with all of that Christmas shopping, as well as travel and big meals and parties and all of that. So demand will be up, and supplies of goods will continue to be limited, because of the continuing supply-chain issues. The past few days brought news of supply-chain problems with alcoholic beverages, candy canes, parts for snow removal equipment, motor-vehicle stickers, toys, tamales, eggnog, and wall panels.
With high demand and limited supply, it is likely that the inflation numbers for December will be bad — just as they’ve been bad for the past six months.
If Chuck Schumer wants the Senate to vote on $2 trillion or so in new government spending, he probably should schedule the vote before January 12, before the Bureau of Labor Statistics reminds the country that our economy is dealing with too much money chasing too few goods.