We all know (except for Biden apparently) that inflation is up 8.5% YoY as measured by the change in the Consumer Price Index (CPI). However, the CPI change doesn’t fully capture what is crushing Americans’ pocketbooks. Here is a brief update on where we stand prior to the upcoming Federal Reserve Open Market Committee meeting on May 4th.
Since Biden was installed as President on January 20, 2021, prices for key commodities have soared. Natural gas futures UP 192%, Regular Gasoline prices UP 73.6%, Commodity Research Bureau Foodstuffs UP 59%, Low sulfur Diesel futures UP 176%.
Since we now have the Biden’s Orwellian Ministry of Truth (actually The Department of Homeland Security’s “Disinformation Board”) which will start censoring free speech. And this post is what could fall under their reign of terror. Or in Biden’s case, reign of error.
Jen Psaki, the President’s talking head, has said that it is Russia and Putin’s fault. So, here are the same prices up to Russia’s invasion of Ukraine since Biden was installed as President: Natural gas futures UP 82.3%, Regular Gasoline prices UP 80.2%, Commodity Research Bureau Foodstuffs UP 50.1% ,Low sulfur Diesel futures UP 47.7%.
Yikes! So, even before Russia invaded Ukraine, the lethal combination of Biden’s green energy executive orders and The Fed’s continuing monetary stimulypto was deadly for American households.
On a sad note, The Biden Administration is considering cancelling student loan debt as a way to control inflation (?). Of course, cancelling student debt will lead to a surge in consumer spending and even MORE soaring inflation. Biden is suffering from The Medusa Touch. Everything he touches turns to stone.
While The Fed is expected to remove monetary stimulus, don’t expect inflation to return to pre-Biden levels. The anti-fossil fuels edicts from Biden are still in effect. Even if the bottlenecks clear up, Biden and Congress may unleash more Federal spending (although much of Federal spending benefits “Friends and Family” of Biden and Congress, not the American middle class or lower-wage workers).