‘We’ve never seen anything like Putin’s tax on both food and gas,” President Biden blathered yesterday after another disastrous report on soaring inflation. But almost nobody outside the Beltway believes that Putin is to blame for the ravaging of American consumers. The inflation rate has increased sixfold since Biden took office and it was soaring before Russia invaded Ukraine.
Federal data released yesterday obliterated Team Biden’s talking points about “transitory” or declining inflation. Inflation is now officially at a pace of 8.6% per year — the highest rate in more than 40 years. The price of food is up more than 10% over the past year and the price of gasoline is through the roof.
Bidenflation has slashed the average worker’s pay by 3% in the past year and much worse hits could be coming. Rep. Lance Gooden (R-Texas) noted, “Joe Biden promised $2,000 stimulus checks but gave Americans $5,000 per year inflation instead.”
In a speech Friday, Biden boasted that the economic recovery “is strong as can be but for inflation, but for gas and food.” Oh, only those things? Besides that, how’d you like the play, Mrs. Lincoln?
Consumer sentiment on the economy collapsed in May to the lowest levels on record, a much sharper fall than experts forecast. On top of soaring prices, consumers are getting hammered by shortages of everything from infant formula to tampons (and it’s not really comedian Amy Schumer’s fault).