JOE CANT RUN FROM INFLATION
Written by Peter Boykin on January 16, 2022
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
“[Inflation] is a way to take people’s wealth from them without having to openly raise taxes. Inflation is the most universal tax of all.”
-Thomas Sowell
Inflation rose 7% in December compared to the same time last year. This report from the U.S. Bureau of Labor Statistics represents the worst rise in inflation since 1982, forty years ago. Inflation was 6.8% in the previous month and hasn’t been below 5% since April.
Back up: Back in July, Joe Biden rolled his eyes and told reporters “There’s nobody suggesting there’s unchecked inflation on the way. No serious economist.”
Breakdown: The price increases are being absorbed across all categories. Here are a few [rounded to nearest whole number]:
⛽️ Gasoline: 50%
🚙 Used cars: 37%
🏡 Gas for homes: 24%
🥩 Meat/Fish/Eggs: 12.5%
🚗 New cars: 12%
🛒 Groceries overall: 6.3%
🔋 Electricity: 6%
🍱 Dining out: 6%
👔 Clothing: 6%
Politically this is horrible news for Biden. An Associated Press poll from just two days ago found that 68% of Americans say the economy is their number one concern.
Larry Summers, Obama’s top economic advisor is ringing alarm bells, saying on Twitter: “We have a serious inflation problem.”
What this all means for you: Let’s say you earn $50,000 a year. Your salary is now worth $46,500. Congratulations. You just received a pay cut, courtesy of Joe Biden’s inability to manage the economy.
[Source: CNBC]
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