The Bureau of Labor Statistics released consumer price data for December that shows costs soaring as high as 7% over the previous year, making Biden’s economy the fastest inflating one since 1982. The unfortunate news confirms predictions offered by economists that inflation would continue far into 2022, bad news for Americans who are still struggling to recover from the COVID-19 responses issued by Democrat President Biden.
Consumer prices ⬆️ SOARING ⬆️ 7% in the last year. Inflation hotter than it’s been in nearly 40 years. Biggest jump since June 1982. This is a hardship for millions of Americans, not an inconvenience.
— Dagen McDowell (@dagenmcdowell) January 12, 2022
The data was released with an accompanying statement that explained how massive increases in costs for shelter, used trucks and cars, and the food index, all topped the list for items that your dollar can buy ever less of.
This is the HIGHEST inflation we've seen in OVER 39 YEARS #Bidenflation
Gas: +49.6% since last year
Fresh Fish: +10.2%
Used Cars & Trucks: +37.3%
Car & Truck Rentals: +36%
— Jacki Kotkiewicz (@jackikotkiewicz) January 12, 2022
BLS also noted that alongside the aforementioned expensive items, other categories rose significantly as well, including medical care, household furnishings, operations, and apparel.
Economic-wide inflation has radically increased the cost of food and energy over the past year, proving wrong yet another of the Biden administration’s promises that the inflation experienced early in the year was “transitory” and that all signs were pointing to a recovering economy thanks to Biden’s policies.
The only costs that BLS notes have gone down are “motor vehicle insurance” and “recreation.”
Consistently rising inflation has accompanied the Democrats’ total control of the White House and Congress, something that Republicans have been quick to take note of as they aim to reclaim majorities in both the Senate and House in the year’s forthcoming election. The dismal state of the economy, affecting the lives of everyday Americans buying common goods and services, has been ignored or exacerbated by Democratic fiscal and economic policies.
Despite the worsening situation for Americans’ wallets, President Biden has continually proved that his head is buried in the sand, such as in July of 2021 when he claimed that “nobody… no serious economist… [is] suggesting there’s unchecked inflation on the way.”
Despite widespread wage increases for many workers, the rapid inflation has quickly outpaced the purchasing power of such wage improvements. Furthermore, a nationwide supply chain crisis, also spurred by Biden’s COVID-19 response policies, has resulted in empty grocery stores across the nation.
🚨 BREAKING 🚨 Inflation just hit 7%—the highest rate since 1982.
This trend isn’t “transitory,” and it’s all happening under Democrats’ one-party control. pic.twitter.com/GfEhPQ67xy
— Kevin McCarthy (@GOPLeader) January 12, 2022
Author: Julie Jenkins