As we reported earlier today, inflation is out of control, the highest it’s been in 40 years. The consumer price index is up seven percent from last year. That’s the highest rate of consumer inflation since 1982, even CNN admits.

CNN’s John Berman on the record inflation under Joe Biden: "Yikes" pic.twitter.com/45hjpNsR9B

— RNC Research (@RNCResearch) January 12, 2022

There was also a big, one-month jump from November, up 0.5 percent.

Price increases over last year (CPI report)…
Gasoline: +49.6%
Used Cars: +37.3%
Gas Utilities: +24.1%
Meats/Fish/Eggs: +12.5%
New Cars: +11.8%
Overall CPI: +7%
Food at home: +6.5%
Electricity: +6.3%
Food away from home: +6.0%
Apparel: +5.8%
Transportation: +4.2%
Shelter: +4.1%

— Charlie Bilello (@charliebilello) January 12, 2022

Founder and CEO of Compound Capital Advisors Charlie Biello said he thought it was even worse than that.

Shelter is the single biggest component of CPI (33% of Index) and is being wildly understated (+4.1%) with rents up 17.8% over the last year (largest annual increase ever), and home prices up 19% (also largest annual increase ever). True inflation rate is much higher than 7%. pic.twitter.com/krhAg4TkNj

— Charlie Bilello (@charliebilello) January 12, 2022

But if you listen to Joe Biden, you hear a complete refusal of reality. According to Biden, the news today showed he was “making progress” on inflation.

Today’s inflation numbers show a meaningful reduction in headline inflation over last month. We are making progress in slowing the rate of price increases. But there is still more work to do — I remain focused on lowering costs for families and maintaining strong economic growth.

— President Biden (@POTUS) January 12, 2022

“Today’s report—which shows a meaningful reduction in headline inflation over last month, with gas prices and food prices falling—demonstrates that we are making progress in slowing the rate of price increases,” Biden claimed. “But there is still more work to do — I remain focused on lowering costs for families and maintaining strong economic growth.”

This takes some kind of nerve. The fastest rate of inflation in 40 years is “meaningful reduction”? It’s up seven percent from 6.8 percent last month. How is that a “reduction” except in the deluded mind of Joe Biden? This is an example of just how in sharp contrast what Joe Biden says is from the truth. It’s all lies, all the time.

Indeed, he has more lies in there, too — food prices are rising, not dropping. They went up 0.5 percent in the past month and are up 6.3 percent over 12 months. That’s in part because he hasn’t resolved the supply chain issues, despite the White House claiming that they “saved Christmas” last month.

Biden is just not living in reality. Or more exactly, he thinks that he can buffalo people into believing him if he just keeps repeating that things are great enough times. He also previously claimed that inflation was “transitory“last summer. How did that work out?

Of course, maybe you don’t have to pay more if you can’t even find the products that you’re looking for? #BareShelvesBiden can solve the high prices by just disappearing all the products, making it look like the old Soviet Union, a feat I never thought could ever happen in this country.

But just remember, he’s “making progress.” Maybe towards complete chaos, but not too much else.