WORST INFLATION IN 40 YEARS

WORST INFLATION IN 40 YEARS

Written by Peter Boykin on April 13, 2022

WORST INFLATION IN 40 YEARS

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

Inflation rose 8.5% in March, the worst inflation in 40 years, and it’s all thanks to Joe Biden’s failed economic policies.
This is the 11th straight month above 5%. And the past three months were the almost as bad as March:

December 2021: 7%
January 2022: 7.5%
February 2022: 7.9%

Who gets hurt the most? The sectors accounting for most of the inflation gain were food, energy, and shelter – all areas that hurt working-class Americans the most. Here’s what that looks like, via the NY Times:

🚗 Used cars: +35.3%
✈️ Airline tickets: +23.6%
🛢 Utility gas: +21.6%
🥩 Meat, poultry, fish, and eggs: +13.7%
🚙 New cars: +12.5%
🔋 Electricity: +11.1%
🍞 Cereals/baked goods: +9.4%
🥛 Dairy products: +7%
👗 Clothing: +6.8%
🏠 Rent: +4.4%

The big picture: Biden has now presided over 12 straight months where Americans’ real hourly wages (earnings minus inflation) went down.

In March:

wages grew by 5.6%…

but since inflation was 8.5%…

real hourly wages went down by 2.9%

Democrat Senator Joe Manchin blamed Biden, saying: “The Federal Reserve and the [Biden] Administration failed to act fast enough, and today’s data is a snapshot in time of the consequences being felt across the country.”

Biden’s blaming Putin: He claimed: “Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world. So everything is going up. We saw it in today’s inflation data.”

The chart below debunks Biden’s lie:

As the New York Post wisely puts it: “But the president refuses to adjust course. His budget calls for more taxes, more borrowing, and more spending. He’s made no move to end his war on domestic energy. And he definitely won’t admit that his disastrous American Rescue Plan was, as a Fed study has shown, the spark that touched off this conflagration by dumping almost $2 trillion into an already overheating economy.”

[Source: NY Times, WSJ, Statista, EPI, Waking Up Right]

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