Good day all. Once again we are seeing the fruits of Bidenomics. The inflation rate for January has skyrocketed to 7.5%
The inflation rate has been escalating almost every month since Joe “Bumbles Dementia” Biden was installed as president. We are now experiencing an inflation rate not seen since the Carter years. Here are some of the details from Fox Business News:
Inflation surged more than expected in January, notching another four-decade high as strong consumer demand and pandemic-related supply-chain snarls fueled rapid price gains that wiped out the benefits of rising wages for most Americans.
The consumer price index rose 7.5% in January from a year ago, according to a new Labor Department report released Thursday, marking the fastest increase since February 1982, when inflation hit 7.6%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.6% in the one-month period from December.
I just got my heating bill for the month of January, and to say I was shocked would be an understatement. Prior to this, even under the coldest weather, it rarely went above $200. (I heat with Natural Gas) Last month it was almost twice that much. What happened to cause all this? Dementia Joe Biden and the Democratic Communazis happened of course. (The Federal Reserve’s burning out printing presses didn’t help matters, and neither did the out of control spending by Congress)
So-called core prices, which exclude more volatile measurements of food and energy, climbed 6% in January from the previous year – a sharp increase from December, when it rose 5.5%. It was the steepest 12-month increase since August 1982.
“U.S. annual CPI is the highest since 1982, and what’s worse is that this likely isn’t the peak,” said Seema Shah, chief strategist at Principal Global Investors. “Higher-than-expected monthly gains in core CPI indicate continued underlying heat and will do nothing to relieve pressure on the Fed to tighten sharply and urgently.”
Most of you won’t remember how they fixed this the last time. The Federal Reserve increased interest rates massively. As I recall, they hit over 18% and we had a major economic down turn because of it. However, it did fix the problem. Unfortunately, we now have socialists and communists in Congress who have the understanding of a 5 year old on how the economy works.
Price increases were widespread: Although energy prices rose just 0.9% in January from the previous month, they’re still up 27% from last year. Gasoline, on average, costs 40% than it did last year. Food prices have also climbed 7% higher over the year, while used car and truck prices – a major component of the inflation increase – are up 40.5%. Shelter costs jumped 0.3% for the month and 4% year-over-year.
Would you care to guess why energy costs are so high? I’ll give you three guesses, but you’ll only need one.
The inflation spike has been bad news for President Biden, who has seen his approval rating tumble as consumer prices rise. The White House has blamed the price spike on supply-chain bottlenecks and other pandemic-induced disruptions in the economy, while Republicans have pinned it on the president’s massive spending agenda and his energy policies targeting the oil and gas industries.
The supply chain problems started when governments around the world shut down their economies due to the Chinese made, Fauci paid for bioweapon that escaped the lab. However, problems have been getting worse, especially in the United States due to the idiot in the White House and his puppet masters, along with all the state governors, (Mostly, but not exclusively Democrats), making things more difficult for businesses that want to return to normal.
Dementia Joe’s going all in on the Progressives plan to destroy the energy sector, starting with killing the Keystone XL pipeline and continuing with shutting down new drilling in the United States hasn’t helped matters. (Made them far worse would be an understatement) Thanks to that Idiot’s stupidity, the United States went from Energy Independent for the first time in decades to beholden to OPEC and the Russians.
Now the only way is to start hiking interest rates, however I don’t think that will work the way they expect it to. I can’t explain it, I’m certainly not an expert on economic theory. It’s just that as they start tightening things up and businesses start failing, Congress will want to spend more money we don’t have. In other words, we’re entering a vicious circle.
There is some hope of course. The first step will be throwing out as many of the Democrats, and RINO Republicans as possible in the Midterm elections. Then taking control of the budget and actually passing one. A complete overhaul of the tax code should also be looked into. Will it happen? I don’t know. What worries me is the United States going the way of Venezuela.
Thatisall
(2 votes, average: 5.00 out of 5)
Loading...
~The Angry Webmaster~
