Joe Biden’s economy has broken yet another bad record, The Daily Caller reports.
The Consumer Price Index (CPI) jumped 8.6% in the past year, the largest 12-month increase since 1981.
It has been four decades since we have witnessed an economy like this, but the Biden admin thinks they can trick Americans into believing every thing is not only fine, but the best ever.
? Karine Jean-Pierre: "What we're trying to say, what I'm trying to say to you, is that the economy is in a better place than it has been historically."
Absolutely beyond parody. pic.twitter.com/bLSU2HXmmQ
— John Cooper (@thejcoop) June 7, 2022
Inflation just hit a NEW 40-year high.
Overall CPI: +8.6% since last year
Gas: +48.7%
Fuel Oil: +106.7%
Meat, Poultry, & Fish: +13.1%
Milk: +15.9%
Eggs: +32.2%
Coffee: +15.3%
Used Cars: +16.1%
Airline Fares: +37.8%
Real Average Hourly Earnings: -3%— Jacki Kotkiewicz (@jackikotkiewicz) June 10, 2022
The overall rise of 8.6% is higher than the 8.3% initially predicted by analysts, the New York Post reported.
The climbing cost of living has been blamed for President Joe Biden’s sinking approval ratings. CNN senior data reporter Harry Enten said in early May that the American people should blame Biden for his “awful” economic polling numbers after the outlet found that 77% of Americans believe current economic conditions are bad.
Heightened spending of pandemic savings, a lack of goods and pressures in the service sector contributed to soaring rates of inflation, according to The New York Times. Gas prices remain the largest cause for concern as they have fueled the soaring cost of food and health care, the New York Post noted.
Analysts have suggested that the cost of a barrel will approach or surpass $140 this summer. The more that gas rises above the current $5 a gallon average, the greater the risk of recession, CNBC noted.
‘Put On Your Seat Belts On’: BlackRock President Warns Of Massive Shortages Due To Inflation https://t.co/ZbFkqFkrHm
— Daily Caller (@DailyCaller) March 30, 2022
World Bank CEO David Malpass said it is difficult to see a scenario where a recession can be avoided.
[READ NEXT:GOP Senator Sides With Biden]
About Post Author
How does depleting our U.S. strategic Oil Reserve help America? Doesn’t benefit Chinese communists at our expense? Of course, through Hunter, it likely helps Joe. Is that bad form, or just treason?