Prices rose again in September, the Labor Department reported on Wednesday, fueling a trend that has weighed on the economy for most of President Joe Biden’s tenure. So much for his promise that inflation was only “temporary”.
“Most of the price increases we’ve seen are. . . should be temporary, ”Le Prez said in July, after inflation rose steadily from just 1.4% in January (President Donald Trump’s last month) to 5.4% in June.
Still, the Consumer Price Index has remained at 13-year highs in July, August and now in September – and shows no signs of falling anytime soon. Federal Reserve officials are now warning that inflation could last longer than expected.
Year-over-year prices for groceries, gasoline, new vehicles and other items have all increased significantly over the past month. Social Security officials say benefits will need to increase by 5.9%, the largest increase in 40 years, to keep pace. And while Biden bragged about rising wages, they haven’t gone up as fast as prices, so Americans have lost ground.
Let’s face it: inflation is essentially a tax that hurts the poor and the middle class the most, especially those with fixed incomes and people with savings. And Biden’s agenda has fueled the spikes: In March, Democrats passed a $ 300-per-week bonus for people not returning to work, exacerbating a labor shortage and chain problems. supply.
Labor shortages now have countless freighters stranded outside US ports with 250,000 containers awaiting unloading and rail yards also backed up. A container of goods costs $ 30,000 to ship from Asia, up from just $ 3,000 before the pandemic. You pay these costs, via higher prices – if you can get any goods at all.
Biden announced extended hours at ports on Wednesday, but it’s unclear how that might ease the workers’ crisis. Meanwhile, the end of COVID lockdowns sparked pent-up demand, but Democrats’ $ 2 trillion spending bill in March – and their willingness to spend billions more – only thrown gas on the fire. (Much like the Fed’s $ 120 billion per month increases in money supply.)
Biden’s claim that high inflation is “temporary” and “expected” is typical: he insisted that the border crisis was seasonal and not even a “crisis”. And its botched evacuation from Afghanistan was a great “success”.
The steady drop in its approval ratings indicates that Americans are not buying it. Heck, with Bidenflation sucking up their paychecks, they can’t afford it.