Inflation in the U.S. has skyrocketed under President Biden – hitting the highest level in almost forty years in the month of December and showing no signs of slowing down anytime soon.
The Labor Department said the Consumer Price Index — which tracks what consumers pay for goods and services — rose by a staggering 7 percent from a year ago. That was the fastest 12-month pace since 1982 and the seventh straight month of inflation above 5 percent. In November, CPI was up 6.9 percent.
Core CPI – a metric which excludes the most volatile categories of food and energy – rose 5.5 percent in December from a year earlier, a faster pace of price hikes than November’s 4.9 percent.
Overall prices rose 0.5 percent from a month earlier, with core prices increasing 0.6 percent. Analysts had forecast year-over-year inflation at 7.1 percent, with core inflation at 5.4 percent. On a monthly basis, analysts were expecting prices to move up 0.4 percent and core prices to rise 0.5 percent.
Inflation continues to rise month over month with no end in sight, as the Democrats continue to push for more massive spending packages.
Republican Sen. Ron Johnson said the left-wing party is entirely responsible for the soaring inflation we are seeing under Biden’s leadership.
Johnson appeared FNC’s “Fox & Friends,” and said that the Democrats’ “dangerous” spending has led to the inflationary cycle. He said it would be “very difficult” to break out of it.
“This is the Democrats’ tax on the middle class,” Johnson emphasized. “This is how they inflate their way through deficit spending, and people need to understand that. This is very dangerous.”
“I’m concerned we’re in an inflationary cycle now. Even though people’s wages have gone up, their wage gains are being wiped out by this inflation,” he added.
“And this didn’t just happen. This is caused by Democrat policies. When they passed their $1.9 trillion COVID relief package on a hundred percent partisan basis, we had a trillion dollars left unspent from the previous 4 trillion. I warned back then this could lead to stagflation. So much of the spending was paying people not to work. And so, factories can’t hire people. So, we have fewer goods. We have too many dollars chasing those fewer goods, so this doesn’t surprise me at all. It’s going to be very difficult to break these inflationary expectations — the inflation tax of the Democrats.”
The Biden administration, meanwhile, is willfully ignorant or just flat-out moronic when it comes to inflation and their impact on it. Biden’s National Economic Council Director Brian Deese claimed that the December inflation report was somehow a sign of progress.
Deese said that while current price increases are too large, the December inflation report “was actually a deceleration, a welcome deceleration from October and November.” And “that reflects some progress.”
Deese said, “What we saw was the 0.5% increase month-over-month was actually a deceleration, a welcome deceleration from October and November. And that was driven by a reduction in energy prices, principally gas prices, which is good news, as well as a reduction in the rate of increase in food costs, particularly food at the grocery store. So, that reflects some progress. At the same time, you’re absolutely right. The price increases are too high and they are affecting families’ household budgets and their outlook on the economy, which is why we are focused on the things that we can do to sustain that strong growth that you’re saying, sustain a strong economy, a sustainable economic recovery, while going at prices.”
Author: Greyson Walter