While the news cycle over the next few days will be dominated by more rehashing of January 6th, there are real problems still occurring out there in the wild. One of them is inflation, and May’s numbers have come busting in like the Kool-Aid man, completely countering the White House narrative.
You may recall that April’s inflation numbers saw a slight downturn from 8.5 percent to 8.3 percent. Core inflation still actually rose, but the topline number led the administration to claim that things had slowed. The White House put out a statement claiming that the report showed they were making progress.
Unfortunately, that turned out to not be the case. May’s inflation rate hit a new high of 8.6 percent, the largest increase yet under the Biden administration.
Inflation hit a new four-decade high, giving American households no respite from rising costs.
Consumer prices surged 8.6% last month from 12 months earlier, the Labor Department said. https://t.co/1ygFq5ibSn pic.twitter.com/QDJKHHqmx4
— The Associated Press (@AP) June 10, 2022
Get ready for a lot more pain, because it’s obvious that the administration’s plan to tame inflation isn’t working. We’ve already seen interest rate hikes occur and wage growth slow. Even still, inflation continues to remain completely out of control.
Inflation re-accelerated, even as wage gains slow down. Real wages on a weekly basis plunge to the most negative in data going back to 2006. pic.twitter.com/gp53tWeZjk
— Lisa Abramowicz (@lisaabramowicz1) June 10, 2022
If making money harder to get in conjunction with people making less of it isn’t making a dent, what is going to? The answer is probably not one anyone wants to hear. Namely, that the hole has been dug so deep by the inept, senile old man in the White House that there’s no easy way out. Stagflation is real, and it’s here. The economy saw negative growth last quarter coupled with these eye-watering inflation numbers. That kind of malaise doesn’t just go away in a few months. It takes years to fix, as Japan’s lost decade showed us.
What makes the current situation so bad, though, is that Biden is in office another two and a half years. We need to be doing the tough things starting now, but does anyone think he’s going to do what it takes to actually bring inflation under control? Rather, you can expect him to keep pushing for big spending that will only make things worse.
Lastly, I just want to note how laughable it is for Democrats to believe that Americans are going to care about the January 6th hearings when they are getting crushed like this. Good luck to them with that strategy.
Join the conversation as a VIP Member