On Wednesday, the Biden Labor Department did not do the regime any favors when the Bureau of Labor Statistics released the latest economic figures.
To say that Americans are simply experiencing a period of mild inflation that is “transitory” is not simply an understatement, it is flat-out wrong.
According to the Consumer Price Index released by the BLS, prices for everyday consumer goods rose a whopping 6.2 percent last month, “with President Joe Biden’s $1.2 trillion infrastructure plan expected to make things worse,” the Daily Mail noted.
Everything from food and gasoline to rent and health care costs have risen dramatically over the course of Biden’s 10 months in office after administration officials claimed earlier this year that inflation was “transitory.”
Gasoline prices, especially, have jumped: The average per-gallon price has climbed 59 percent since last year, and is up nearly 12.5 percent since September.
But food prices are rising fast too, the CPI notes, with the cost of steak climbing 24 percent year-over-year as well.
Clearly, then, Americans are struggling now more than ever with making ends meet, just 10 short months after the deep state stole Donald Trump’s reelection and put the kibosh on one of the best economies created over the past 100 years (yes, it took a billionaire businessman to do that).
But to the twits at MSNBC, all of this inflation is a good thing, you see — not because it actually is, mind you, it’s just that it’s good now because the uber-left-wing network has to cover for the Democrats who are in power, whereas if this inflation was occurring under a Republican administration and Congress, they would paint it as the end of the country as we know it.
From a now-deleted tweet:
“Meanwhile on Main Street: cost of living rising…wages rising; food (coffee @ 7-year high, wheat @ 13-year high), energy (BofA forecast $120/bbl Brent next 6 months), shelter (US rents up 9% YoY), wages annualizing 6% past 6 months; US core CPI currently 4.0% YoY, likely to be 5-6% spring’22,” Bank of America noted recently.
“I do think we’re moving into a new phase where inflation is broader and where things are going to get more intense,” Laura Rosner-Warburton, a senior economist at MarcoPolicy Perspectives, told The Wall Street Journal.
“Part of that reflects that [supply-chain] bottlenecks are not resolved going into the holiday season when a lot of purchases get made, and that economy is doing really well, so you have strong demand,” she noted further.
At the same time, however, Americans are also accumulating more household debt once again. The Federal Reserve reported Tuesday that debt increased by $286 billion and is now standing at $15.24 trillion overall in the third quarter of 2021 after debt tended to level off during the COVID-19 pandemic.
“Mortgage balances, which are the largest component of household debt, rose by $230 billion and stood at $10.67 trillion at the end of September, reflecting fast-rising home prices,” the Daily Mail added.
Kathy Bostjancic, the chief U.S. financial economist at Oxford Economics, told the WSJ that inflation is only going to continue rising.
“The bigger picture is we’re likely to see inflation climb higher,” she said. “Things are going to get worse before they get better.”
“It’s a never-ending loop—by the time you’ve implemented one price increase, you’re already ready to implement a new one,” added Tom McTaggart, a pricing consultant and the founder of PricingAudit.com, in an interview with the paper. “It’s like trying to hit a moving target while you’re standing on a moving platform.”
The left-wing goofballs over at MSNBC aren’t the only pretend journalists to cover for Biden’s economic messes. As Collapse.news reported, a recent Time magazine story blamed American consumers for the Biden-caused supply chain crisis.
Inflation is good. Americans buying things is bad. Got it.
Only in Democrats’ world.