The Department of Labor unsurprisingly announced Thursday that over the past 12 months, consumer prices have risen 7.9%. And that’s the good news.
The bad news is that over the past two months, inflation has increased by just under 10%. Ouch, break out the bell bottoms! It’s “that 70s show” again. For those of us who remember those not-so-golden years, the double-digit inflation of that era ended in a horrific economic crash. Hopefully we won’t go back.
PSAKI PRESSED ON HOW LONG ‘TEMPORARY’ INFLATION ACTUALLY WILL BE
It’s not just energy that is seeing its prices crash, although the 40% rise in oil and gas prices has certainly exacerbated the crisis. Look at the skyrocketing prices of these consumer items:
- beef and veal: 19.2%;
- bacon: 18.8%;
- chicken: 15.0%;
- frozen fish and seafood: 12.1%;
- eggs: 11.4%;
- milk: 11.2%;
- citrus: 16.2%;
- coffee: 10.9%;
- furniture and bedding: 17.1%;
- new vehicles: 12.4%;
- used vehicles: 41.2%;
- and plane ticket: 12.7%.
Here is the problem. President Joe Biden has no plausible strategy against inflation. Any. Wishing it won’t lower the prices. Here is a list of Biden’s White House false predictions, misrepresentations or outright lies on inflation:
We are doing everything we can to reduce gas prices.
Completely the opposite. The Biden administration arrived with a plan to phase out all fossil fuel consumption and production on its first day in office. New EPA rules, cancellation of needed pipelines and LNG terminals, and open threats of domestic industry ‘bankruptcy’ have driven a million barrels a day off Trump’s peak and prices higher at the pump.
Inflation is transitory.
That was the hope of Biden’s economic team, but instead inflation has accelerated in each of the past four months. Inflation was below 2% when Trump left office.
Wages rise for workers.
Sorry, even though wages are up 5%, with inflation close to 8%, real take home pay is down 3% for workers on average, and that’s more than any year during the last decade.
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The inflation is due to Russia’s invasion of Ukraine.
Neither inflation began to rise just months into Biden’s presidency — mostly due to runaway federal spending and debt — almost none of which has been paid off.
Electric vehicles will protect Americans from rising gas prices.
Sorry, only three percent of cars on the road are battery-powered. That means 97% of us fill up on gas and pay close to $4.50 a gallon. And with a Tesla costing $70,000, most middle-class families can’t afford it either.
Rampant inflation is a killer of prosperity, and it is also a killer of political careers. If Biden doesn’t believe him, he should just turn to the fate of Jimmy Carter.
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