BIDEN-FLATION STRIKES AGAIN

Written by on September 14, 2022

BIDEN-FLATION STRIKES AGAIN

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

BIDEN-FLATION STRIKES AGAIN

 

“I think it’s the peak of the [inflation] crisis.”

-Joe Biden in December of 202

Inflation rose by 8.3% in August, coming in higher than economists’ predictions and triggering a massive stock market selloff.

 

Back up: Inflation has been at least 5% or higher for the past 15 straight months of Biden’s residency, with the last three months coming in at:

 

July: 8.5%

June: 9.1%

May: 8.6%

 

Perspective: The day Biden took office, Trump handed him an economy experiencing very low 1.4% inflation. Since the day Biden took office, inflation has risen by 13.2% overall.

 

More perspective: If you divide 100% of your yearly income by 12 months, it equals 8.3% per month. So 8.3% inflation means you lost exactly one month’s worth of income thanks to Joe Biden’s economic policies.

 

By category: Here are some of the ways that prices rose in August, compared to one year ago:

 

? Home utility gas: +33%

⛽️ Gasoline: +25.6%

? Electricity: +15.8%

? Food at home: +13.5%

? New cars: +10.1%

? Used cars: +6.2%

? Shelter: +6.2%

? Medical care: +5.6%

? Milk: +17%

? Meat, poultry, fish, eggs: +10.6%

 

Bad timing: Joe Biden happened to be holding a signing ceremony yesterday for his criminally, deceptively titled “Inflation Reduction Act” [which does not reduce inflation]. So as scary inflation data was coming in, Joe Biden was throwing a party to declare his success fighting inflation. Even CNN had to point out the irony.

What happens next: In the short term, economic pain. Americans’ real wages [wage gains minus inflation] have declined for 17 straight months. In the long term, it could get a lot worse.

 

Big picture: Our inflation problem began back in March of 2021 when Biden spent $1.9 trillion on the ‘American Rescue Plan’. You can’t just print new money and expect nothing to happen. But Biden hasn’t learned from his mistakes. Last month alone he spent another $740 billion on the aforementioned ‘Inflation Reduction Act’ and is planning to spend another $1 trillion on student debt cancelation. Inflation is never going to come down if the government keeps spending money that we don’t have.

 

[Source: Bureau of Labor Statistics]

 

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