Inflation Persists The Unyielding Strain on Americans
Shared By Peter Boykin – American Political Commentator / Citizen Journalist / Political Candidate
Inflation Persists The Unyielding Strain on Americans
Inflation Persists The Unyielding Strain on Americans
The inflationary juggernaut shows no signs of slowing down, particularly fueled by the surging costs of shelter, casting a looming shadow on the economic horizon.
Let’s dissect the figures: The Consumer Price Index (CPI) surged by 3.7% in September compared to the same period last year, marking the third consecutive month where inflation stubbornly refuses to retreat towards the Federal Reserve’s target rate of 2%. The sectors bearing the brunt include:
🏢 Rent: Soared by +7.4%
🏠 Homeownership: Escalated by +7.1%
🛻 Vehicle maintenance: A steep climb of +10.2%
🚙 Vehicle insurance: A staggering spike of +18.9%
🛒 Food overall: A notable increase of +3.7%
🍞 Bread: Rose by +6.1%
🥩 Beef: A significant uptick of +7%
🍴 Dining out: A notable surge of +6%
Taking a step back: While 3.7% inflation might seem an improvement from the peak of 9.1% reached last summer, the cumulative effect since Joe Biden assumed office paints a stark picture—a staggering rise of 18.3%. In simpler terms, Americans have effectively faced an 18.3% pay cut under Biden’s watch. Inflation, in essence, is emerging as an indirect tax on hardworking citizens.
Adding insult to injury: With inflation refusing to budge, the Federal Reserve is likely to persist in raising interest rates. This translates to a harsher financial reality for individuals, making it more expensive to lease a car, acquire a home, or utilize credit cards.
Bidenomics, shaping the economic landscape with consequences that hit Americans where it hurts—their wallets.
[Source: Bureau of Labor Statistics, CPI]
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