Economist: Government Distortion Causing Recession

New economic data shows that inflation remains high. The Commerce Department reported the monthly PCE price index was up 6.3 percent for the year that ended in May—the same as April, but down slightly from March. However, analysts say the fact that consumer prices held steady in May indicates inflation has remained flat, despite the central bank's attempts to cool the U.S. economy. At the same time, personal spending in the United States edged up 0.2 percent month-over-month in May, the weakest gain so far this year. And the inflation-adjusted personal spending declined by 0.4 percent, the first drop so far this year. NTD spoke with acclaimed economist Robert Genetski about the new data.