Someone, maybe his doctor, needs to tell the demented Joe Biden has successful he has been in creating the largest tax increase (that is what inflation is, a tax increase) in the past forty years.
“Inflation soared 7.5% over the past 12 months, the steepest spike since 1982, the Bureau of Labor Statistics said Thursday.
The rise in the Consumer Price Index included a jump in food prices of 0.9% in January, compared with a 0.5% increase in December.
Excluding food and energy costs, prices increased by 6% from January 2021 and January 2022, the largest increase since1982.
The cost of gas has almost DOUBLED in the past year. We all know that the cost of water and energy has also about doubled in the past year in California. The bad news is that the 7.5% inflation increase is the bottom—inflation will continue to grow,
Inflation soared again in January, hitting 7.5%, highest since ‘82
By Dave Boyer – The Washington Times, 2/10/22
Inflation soared 7.5% over the past 12 months, the steepest spike since 1982, the Bureau of Labor Statistics said Thursday.
The rise in the Consumer Price Index included a jump in food prices of 0.9% in January, compared with a 0.5% increase in December.
Excluding food and energy costs, prices increased by 6% from January 2021 and January 2022, the largest increase since1982.
The persistently rising inflation is another worrying sign for Democrats and President Biden, who have been trying to reassure consumers that prices will come down in this midterm election year as supply chain problems ease.
Mr. Biden said inflation is causing “real stress” for families but insisted that there are “signs that we will make it through this challenge.”
“While today’s report is elevated, forecasters continue to project inflation easing substantially by the end of 2022,” the president said in a statement.
The Federal Reserve decided last month not to increase interest rates until at least March, a move that will be aimed at moderating prices.
Economist Steve Moore, a former Trump economic adviser and co-founder of the Committee to Unleash Prosperity, said “Bidenflation is no longer a transitory brush fire, but a fast-spreading forest fire of rising prices.”
“With wages up 4.6% and prices up 7.5%, the purchasing power of Americans’ paychecks have shrunk by almost 3% in one year under Biden,” Mr. Moore said in a statement. “The solution: stop government spending, borrowing, and printing of money. Start by burying Build Back Better.”
Rep. Kevin Brady of Texas, the top Republican on the tax-writing House Ways and Means Committee, called the report “more bad news for working families”
“Months after President Biden claimed inflation peaked, it’s now the highest in 40 years,”
Mr. Brady said. “As a result, last year working families paid an additional $5,000 in higher prices and higher taxes — a huge pay cut under the Biden administration.”
He said under Mr. Biden’s leadership, the U.S. “is on the verge of, if not already in, a crippling wage-price spiral that will end badly for families, small businesses, and the U.S. economy.”
“But he’s doing nothing about it, and his Build Back Better bill, would make it worse,” he said.
The National Republican Senatorial Committee, the campaign arm for GOP candidates, said rising grocery prices mean a family’s meal on Super Bowl Sunday will cost an average of 14% more.
“Americans won’t forget this fumble anytime soon,” the NRSC said.
Mr. Biden offered no new solutions but said his administration “will continue to be all hands on deck to win this fight.”
“We will continue to rebuild our infrastructure and manufacturing, so we can make more in America and strengthen our supply chains here at home,” he said. “We will continue to fight for costs in areas that have held back families and working people for decades, from prescription drugs to child care and elder care to their energy costs. And we will continue to promote more competition to make our markets more competitive and give consumers more choices.”
