Already at 40-year highs, Inflation in the United States, rose to an annual rate of 9.1 percent in June, the Department of Labor said Wednesday. This is officially the highest rate since 1981.
American families have been hit hard by inflation, with rising prices for everyday necessities like food, gasoline, housing, transportation, and utilities. Starting to take a toll on household and business spending on many items, huge increases in the price of gasoline in June, hit new all-time highs.
A sub-category of inflation that excludes food and fuel prices, used by economists as a better guide to future inflation predictions, was up 5.9 percent in June compared with 12 months earlier. In June it also rose 0.7 percent Additionally, June was the 13th straight month of inflation running higher than five percent. This means that this year’s price increases are building on top of the decade’s high increases of last year.
Up 12.2 percent annually and one percent for the month, the cost of groceries is still climbing. The price of energy is up 41.6 percent annually and 7.5 percent since May. Additionally, the price of gas jumped 11.2 percent in June compared to May, for a 59.9 percent year-over-year increase. Bidenflation is setting Americans back decades in their buying power, savings and retirements.
As some big retailers, were discounting prices to clear their inventory, hoping that inflation would let up in apparel, has all but vanished. This is because the prices of clothing rose 0.8 percent in the month, up 5.2 percent compared with a year ago.
Claiming that President Donald Trump’s tariffs would raise prices, many economists and anti-Trump journalists watched as consumer prices remained low throughout his administration. They likely didn’t understand that Trumps tariffs were not taxes on consumers. But rather, his tariffs were absorbed by Chinese producers and exporters and the profit margins of most large U.S. companies.
Last March, after years in which it typically came in-below, the Fed’s two percent target, inflation began to climb. Although the economy was recovering at a faster than expected rate, the Fed had decided to keep interest rates low in 2021. Then the Biden administration pushed through billions of dollars of deficit spending in the American Rescue Plan (ARP). The recovery, combined with the ARP, served to fuel the demand for goods and services faster than supplies could keep up, prices begin to soar. It has been snowballing ever since.
Federal Reserve chief Jerome Powell, mistakenly believed many of the economists on the central bank’s staff, who claimed that inflation was due to transitory factors. Officials again wrongfully forecast that inflation would fall in the latter half of 2021, predicting that supply chains would swiftly unwind and a rebalancing of consumer demand from goods to services, would relieve pricing pressure. So, the Biden administration, followed suit and at the advice of former Fed chair and now Treasury Secretary Janet Yellen, they continued to press for even more spending.
Like the blind, following the blind – they have led the American economy right off a cliff.
Additionally, the blind mainstream media, mirroring the Feds views, portrayed the surge in inflation as a temporary shift , due to the reopening of the economy. Some even described fears of longer-lasting inflation, as a product of partisan fear-monger, claiming they had no rational basis. Talk about trying to make the economy suit your “crystal ball.”
These were some of the same media outlets that had claimed, without evidence or facts, that Trump’s tariffs were raising prices. They insisted price increases under Biden were not a problem, even postulating that the silver lining of inflation would be higher wages. What a clueless group of economic imbeciles, whose misinformation has done nothing, but make matters worse!
Literally prices in just about every realm, have been rising faster than wages, driving the standard of living for many American families downward. The working-class poor who already struggle with low wages and making ends meet, have been the hardest hit. Wealthier Americans and the Middle-class have suffered as well, as the value of their savings has been eaten away by inflation.
Needless to say, this administration together with the establishment media collaboration has proved disastrous.
Inflation has crushed any credibility the Biden administration had. Even the Fed officials dropped the word “transitory” from their vocabulary, to signal a raise in interest rates this year. President Biden’s is largely seen as incompetent, as many Americans interpreted the administration’s confidence that inflation would pass, to be a sign that Biden is largely not just insensitive but downright compassionless, in his approach to the hardships inflicted upon families paying more for every commodity. As the result of largely empty platitudes and pep-talks, recent polls have shown that Biden is now the least popular president in 75 years.
Furthermore, seeking to blame higher prices on corporate greed and price gouging, the Biden administration and Capitol Hill Democrats have largely been met with mockery. Literally, corporate profits declined 2.2 percent in the first quarter of this year, a $63.8 billion decline, indicating that businesses are also being squeezed by inflation. According to the National Federation of Independent Business, the outlook for the future of business conditions among owners of small businesses, fell to the worst level in 48 years, in June.
Measured by the widely followed University of Michigan index, consumer sentiment has sunk to the worst level ever. Forced to pay higher prices for goods and services, consumers are spending more money but purchasing less.
The bottom line is that Joe Biden and his administrative staff of poorly educated economic understudies, together with his buddies in the “buy the lie – media”, have created an environment of extreme hardship for some of America’s poorest, reduced the spending power of the average American and forced U.S. Businesses into the dilemma of “should I buy this for my business ? and / or who do I now have to layoff?”.
All of America has been harmed by Joe and his policies. The next time you unroll toilet paper and consider – one square or more ? – thank Joe Biden. Better conserve!
“Embracing/attacking other communities won’t change the facts. Our people are in this quagmire because we ignored education & elected clueless despots who in turn have presided over the worst economic crimes in the history of the continent. Whom did you elect?”-Don Santo