The nonpartisan agency's report expects the consumer price index (CPI) to rise by 6.1 percent this year. While the CBO predicts inflation to slow down next year, the CPI will keep rising at an uncontrollable rate, with the rise expected to be at 3.1 percent by the end of 2023. (Related: Food inflation in the U.S. breaks 42-year record… and there's no end in sight.)
"Can you imagine paying $1 per egg, $12 a dozen?" said Glenn Beck during his radio show, "The Glenn Beck Program," to his audience. "If you can't imagine it, wait a few months because this is what is happening."
Beck then referred to a report from the Department of Agriculture (USDA) showing that the department has raised its estimated forecast for food price increases to 6.5 - 7.5 percent year over year.
"[This is] the highest predicted change in food costs in well over 40 years," noted Beck. "The USDA is now warning in their revised May Food Price Outlook that things are grim."
"Two months ago, USDA had egg inflation at 2.5 or 3.5 [percent] year over year. They've moved it from the high of 3.5 [percent] to a forward outlook of 20.5 percent [year over year]."
The report further warned that grocery store prices will rise by seven to eight percent. This is higher than the USDA's earlier forecast of a rise of five to six percent. This would represent the highest grocery store price rise since 1980, when prices rose 8.1 percent year over year.
"There is no reason to think that the forecast will not rise again," warned Beck. "If you look at the prices at the supermarket, and how it's increased in the last six months, the USDA is now saying prices will likely double again during the fall."
The CBO's economic outlook blamed Biden's 2021 Wuhan coronavirus (COVID-19) stimulus bill for today's high inflation rates.
The CBO further noted that the checks Biden's stimulus bill sent to American families significantly boosted demand. But this caused inflationary pressures on its own.
"But there's more," wrote the Washington Examiner in its analysis of the CBO's report. "By paying workers not to work, Biden's COVID stimulus artificially 'slowed the recovery of labor force participation.'"
The lack of people in America's workforce placed further strain on already fragile supply chains, providing another source of upward pressure on consumer prices.
Perhaps the worst part of the report is that Biden's preferred fix for the inflation crisis – raising taxes – will only do the opposite and make the situation worse.
Biden plans to do this by repealing the 2017 Tax Cuts and Jobs Act, passed by the Republican Party under the administration of former President Donald Trump.
Biden and the Democrats claim the bill would deprive the government of potential revenue from taxation. But data show that, in 2017, federal corporate income tax collections came in at $297 billion. By 2021, the government received $372 billion – a 25 percent increase, significantly outpacing inflationary growth.
"Far from starving the government … the entire bill had apparently paid for itself, even after controlling for other economic factors that may have played a role," wrote the Washington Examiner. "The CBO says that even with lower rates, total revenues in 2022 'are projected to equal 19.6 percent of the nation's gross domestic product – the largest annual revenues relative to the size of the economy since 2000.'"
The Washington Examiner further noted that undoing the tax cuts ignores the fact that too little revenue is not the government's problem, but far too much spending. This doesn't even take into account the damage raising taxes will do to families and small businesses who would be the first victims of Biden's disastrous economic policies.
Learn more about food inflation in the United States at FoodInflation.news.
Watch this clip from Glenn Beck's radio show, "The Glenn Beck Program," as he talks about the budget office's prediction regarding sky-high food prices due to Bidenflation.
This video can be found on the channel High Hopes on Brighteon.com.