Perhaps the most remarkable aspect of the surging inflation tearing through the economy is how little the White House and Congressional leaders seem to care. The latest inflation report is brutal. Prices are up 9.1% over the past year — the highest rate since 1981.
While many experts keep predicting inflation to slow down, the June rate soared at an annualized rate of nearly 17%. Nearly all parts of the economy are buckling under rising prices. Price increases in the past year have leaped for groceries (12%), gas (60%), electricity (14%), new cars (11%), and flights (34%).
Over the past 18 months, the combination of growing home prices and mortgage rates has pushed up the monthly mortgage on a new median-priced home from $1,195 to $1,904.
Inflation is slowing down in one key area: wage growth. Which means that real wages have collapsed by 3.6% in the past year, as workers fall further behind.
And what are President Biden and Congressional leaders doing to combat this deepening crisis? Pointing fingers, deflecting blame, and little else. President Biden spent 2021 dismissing inflation as transitory — even as he pushed through a $1.9 trillion American Rescue Plan that poured gasoline on the fire.
Biden has already angered union members, the union officials just don’t want to acknowledge it. They would support a turd if it was a democrat.
It is!
That’s not the plan.
WHY would he fight it WHEN he is the CAUSE of it !!!! ???? DUGH !!!!