The government report on inflation has been released, and it’s not good. Inflation hit 4.2% in April, a crushing blow to the poor and middle class especially. This followed on the heels of stagnating hiring shown by last week’s jobs report (see New Jobs Report Is the Worst Miss in History as Biden Administration Failures Mount).
— Bloomberg Markets (@markets) May 12, 2021
Remember, the consumer price index doesn’t even include things like lumber so this number is likely lower than reality despite still showing an out-of-control rise. That rise is directly timed with Biden passing his COVID “relief” act that printed trillions of largely unnecessary dollars.
That stimmy check was nice and all, but people are about to pay for it over and above what they received via inflation. Gas prices are up 50%, used vehicle prices are up over 20%, and home energy costs are up over 35%. Meanwhile, with or without this number, anyone who has been to a grocery store or hardware store lately can see the inflation with their own eyes.
Those that have money in savings are going to get crushed by this as well. All the hard work of doing the right thing, going without, and trying to be responsible has now been devalued in a way that will absolutely be felt. And for what? So Joe Biden and Kamala Harris could stumble around saying “help is here” over and over? Well, for cripes sake, please stop helping.
This is the result of Democrat economic policies. We tried to warn the cocktail-sipping establishment class that thought Trump was too icky. Policies have consequences, and they matter a lot more than mean tweets and disagreements about rhetoric. Real people are now getting smoked while Joe Biden is nowhere to be found (see We Don’t Have a President).
Of course, you can expect the media to spin this.
So, the inflation report wasn't a nothingburger, but it was sort of a White Castle slider — not a very big deal.
— Paul Krugman (@paulkrugman) May 12, 2021
These people live in a bubble, and they aren’t going to leave it. They truly believe you don’t matter. Vote accordingly.