Welcome to Joe Biden’s America.
Open borders, racial division, an incompetent vice president, and foreign enemies are running wild.
Now, you can add runaway inflation to the list, with a Department of Labor report showing the cost of living rising the most since 1992.
If you’ve been having a hard time since the pandemic, you can thank Biden for also making everything around you more expensive and increasing the price of putting food on the table.
The Consumer Price Index is Going Haywire
The Consumer Price Index (CPI) has jumped 5% just in the past year. This is the biggest increase in inflation since the summer of 2008.
Meanwhile, the Personal Consumption Expenditures price index went up the most since 1992 in the past year. This index is maintained by the Federal Reserve as their way of measuring inflation and is considered even more reliable than the CPI by some.
🚨🚨 Inflation just jumped to 5%—more than experts expected and the most since 2008.
Car prices soaring.
Housing prices soaring.
Consumer prices soaring.
This is Biden economics.
— Steve Scalise (@SteveScalise) June 10, 2021
In terms of the CPI, rises in several specific products are part of why it’s going up so much; this especially includes wood, gas, copper, semiconductors, home appliances, steel and houses. That’s basically all those things you need to use your computer, have energy, and live in a house.
The Biden administration may have pumped some stimulus money into the economy, but as anyone honest will tell you, this is far from a long-term fix.
Leading economists like Deutsche Bank Chief Economist David Folkerts have warned that the rising inflation we’re seeing could engender worldwide financial distress and is a “time bomb.”
This guy knows what he’s talking about – unlike Biden – and people should listen to him.
JUST IN – US core CPI soars to 3.8% YoY, a level of inflation not seen since 1992. Headline CPI just hit 5.0% YoY, the highest level since August 2008. pic.twitter.com/bY8f1wGZ7a
— Disclose.tv 🚨 (@disclosetv) June 10, 2021
The Fed and Treasury Say Don’t Panic
The Federal Reserve and Treasury, meanwhile, are saying that these rises are nothing to get too worried about. They maintain that prices will go back to normal in the longer term. According to them, this is just a short-term spike.
Treasury head Janet Yellen said that even if Biden’s big spending habits are leading to inflation and making it worse, it’s not going to sink the economy as a whole. Yellen also thinks we’re all going to pull out of this just fine.
Inflation is up 5%—and Biden wants to spend $6 trillion more to see how high it will go.
— Tom Cotton (@TomCottonAR) June 10, 2021
The insiders in Biden’s administration and those with a vested interest in supporting his proposals are, of course, going to downplay what’s happening right now. They’ll say that cranking up the welfare state is going to be good for all of us.
If you’re in the habit of believing government bureaucrats and the people who supported the shutdown that helped crush President Trump’s economic miracle, then go right ahead.
I’m going to take the skeptical route and be honest:
These inflationary numbers are very worrying and the alarm should already be sounding for those who are paying attention.