Biden still pushes big spending agenda as inflation spirals

The producer price index has reached a new record of 11.2%, and detractors fear President Joe Biden’s fiscal agenda could make things worse.

Producer prices increased a scorching 11.2% for the year ending in March, according to a report Wednesday from the Bureau of Labor Statistics, with the inflation rate up 1.4% from just the previous month. Inflation fears were raised when the White House backed the $1.9 trillion American Rescue Plan spending bill one year ago, with critics now claiming vindication.