Joe Biden’s accomplishments know no bounds.
The cognitively deficient president is working overtime for the American people, just in a way we all hoped he wouldn’t.
Instead of correcting the damage done by the China Virus pandemic, Biden has made matters worse, plunging the U.S. toward economic ruin the likes of which we haven’t seen in over three decades.
The now almost two-year-long pandemic has resulted in foreseeable economic tragedies across the country, many of which Trump was on his way of correcting before his ’20 reelection was stolen.
Biden simply needed to stay the course by keeping taxes low, limit unnecessary federal spending, cut most regulations, and stabilize markets by making government investments into certain industries (oil and coal).
What the Biden administration is the exactly opposite, resulting in the mess we currently find ourselves in.
On Wednesday, Labor Department statistics showed that consumer prices rose at their fastest rate in 30 years.
The Consumer Price Index rose 0.9% in October from September, exceeding expectations for a 0.6% rise. Compared with the prior October, prices are up 6.2% exceeding expectations for a 5.8% rise and the highest annual rate since 1990.
Excluding food and energy, two categories of goods that are central to the cost-of-living to households but are so volatile that economists look beyond them to see underlying inflationary trends, and prices rose 0.6% on a monthly basis and 4.6 % annually. Both exceeded expectations.
Earlier this year, inflationary pressures were largely concentrated in a few areas of the economy, leading Fed officials and others to expect inflation to taper off when temporary supply bottlenecks cleared up and demand surges related to the reopening of parts of the economy subsided.
Instead, the tide of rising prices has accelerated, broadened, and become stickier:
Energy prices rose 4.8% in the month, with gasoline prices rising 6.1% compared with the prior month.
The food index rose 0.9% in the month and 5.3% over 12-months, with food at home rising one percent on a monthly basis and 5.4% annually.
Meanwhile, the unexpected rise in consumer prices coincides with Biden’s decisions to shut down multiple oil pipelines, ensure staffing crisis with a vaccine mandate, deincentivize the work force by increasing welfare spending, and target America’s wealthy with undue taxation.
Author: Asa McCue
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