Inflation is here, and despite what Joe Biden is trying to sell regarding the economy, inflation is at its highest level in almost 40 years. Americans feel it everywhere they buy something.
Prices are rising fast on almost everything consumers purchase, including gasoline, cars, clothes, and energy.
The consumer price index rose 6.8% in November from a year ago, and that’s the fastest rise since it spiked 7.1% in June of 1982.
So even though there have been promising signs with the economy regarding added jobs and higher wages and salaries, inflation is eating up those gains.
Biden and his administration have pointed to the global shipping crisis and supply-chain bottleneck that has impacted the shipping business for over a year.
The Republicans point to something more tangible for the runaway inflation costs; Biden’s colossal spending spree he’s been on since he got the keys to the White House. Biden has tried to point out repeatedly that the $1.7 trillion he’s earmarked for social and climate causes is what’s needed to lower costs.
The price increases consumers are feeling are across the board. Energy prices have been up 33.3% in the past 12 months.
You think that is bad? You’ve probably felt some severe pain at the pump filling your car with gas the past year, considering gas prices are up 58%.
Food costs are up over 6%, and used car and truck prices have ballooned 31.4%.
Nobody can deny that inflation is here, and it’s a problem for consumers. Biden and company are hoping it is near its peak.