President Joe Biden and his administration have to be proud of themselves for breaking a four-decade-old consumer price record, as rates continue to reach for the sky, according to information from the Bureau of Labor Statistics, the Daily Caller reported.
It really does feel like Biden and his lackeys are trying as hard as possible to cinch the crown for the worst presidency in the history of this country. I mean, I understand everybody needs to have a goal, but usually you try to pick one that doesn’t result in brutal, unnecessary human suffering.
The Daily Caller is reporting that the Consumer Price Index (CPI) for May 2022 has gone up a whopping 8.6 percent over the course of the last year, which is making it incredibly difficult for the average American consumer to be able to purchase the goods and services they need for day-to-day living.
This also marks the largest 12-month increase our country has seen of the CPI since 1981, according to data from the Bureau of Labor Statistics.
“The gasoline index rose 4.1%, food by 1.2%, energy by 3.9% and the food at home index increased 1.4%, BLS reported. Almost all aspects of American purchases increased in May, including shelter, airline fares, new and used cars and trucks, medical care, household furnishings and operations, recreation and clothing, according to BLS,” the Daily Caller reported.
Inflation just hit a NEW 40-year high.
Overall CPI: +8.6% since last year
Fuel Oil: +106.7%
Meat, Poultry, & Fish: +13.1%
Used Cars: +16.1%
Airline Fares: +37.8%
Real Average Hourly Earnings: -3%
— Jacki Kotkiewicz (@jackikotkiewicz) June 10, 2022
The Daily Caller report also stated, “The CPI measures the overall change in prices paid by American consumers for goods and services, regardless of occupation. It does not include the spending patterns in rural areas, farming families, men and women in the Armed Forces and individuals in prisons or mental institutions, according to BLS.”
Analysts for the New York Post had originally predicted the increase would be 8.3 percent, but that fell short of the actual 8.6 percent.
Here are a few more details to provide additional context via The Daily Caller report:
The climbing cost of living has been blamed for President Joe Biden’s sinking approval ratings. CNN senior data reporter Harry Enten said in early May that the American people should blame Biden for his “awful” economic polling numbers after the outlet found that 77% of Americans believe current economic conditions are bad.
Heightened spending of pandemic savings, a lack of goods and pressures in the service sector contributed to soaring rates of inflation, according to The New York Times. Gas prices remain the largest cause for concern as they have fueled the soaring cost of food and health care, the New York Post noted.
Analysts have suggested that the cost of a barrel will approach or surpass $140 this summer. The more that gas rises above the current $5 a gallon average, the greater the risk of recession, CNBC noted.
Things are not looking good, economically speaking. I guess that’s a bit of an understatement.
However, if there is any sort of silver lining to this whole debacle, it’s that the Democrats have screwed things up so colossally that as long as everything remains above board and the GOP doesn’t screw up, Republicans should be able to count on some massive gains come November.
This story syndicated with permission from michael, Author at Trending Politics
Notice: This article may contain commentary that reflects the author's opinion.
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