My heart goes out to households living on a pension. And households who are not in the elite 1% class of Americans. Particularly if they rely on The Federal Reserve and Federal government to keep inflation low.
Inflation (as measured by the Consumer Price Index) rose to 6.2%.
Yes, a large chunk of inflation is thanks to the green American lobby who want energy prices much higher. Due to the chip shortage, we have used cars and trucks soaring in price at 26.4% YoY growth.
Then we have my least favorite, most misleading inflation measure: shelter. According to the BLS, shelter rose “only” 3.5% YoY. Odd since home prices are growing a 20% YoY clip.
I know, I know. The media talking heads will say “temporary price increases.” Even with all the money pumped into the economy??
I know, I know, (CNN)President Joe Biden said Wednesday that inflation statistics showing America’s prices are surging more than they have in 30 years are proof that there is “more work to do before our economy is back to normal.”
Then stop printing money and slow down your terrible crony spending policies!!!