Inflation is racing forward and up. It is well above forecasts in October. Consumer prices are rising at their fastest year-over-year rate in 31 years.
The supply chain problem that Joe Biden promised to fix is worse than ever and causing the prices to accelerate sharply.
Prices for US consumers are up 6.2% in October compared to last year. Food, energy, and housing prices are skyrocketing. At the same time, Biden is going to cancel another pipeline and he’s threatening OPEC+ on whom we are now reliant. Apparently, Joe would prefer we buy fuel from polluting nations who also happen to be our enemies.
Last month, the year over year increase in the consumer price index was over 5.4% but from September to October prices jumped .9%, the highest month over month increase since June.
Any gains in wages which were largely among government workers or to attract workers are being wiped out by inflation.
Inflation is a tax.
The more Biden wastes money on the socialist bills the worse it will get. There is almost nothing in the 1 .2 trillion bill just passed that helps infrastructure as much as it helps boost Socialism.
Republicans supporting it got some money for their voters and basically sold us out, claiming it’s a good bill. Every Democrat also sold us out.
Food and energy prices are soaring with no end in sight. Core prices are at 4.6% compared with a year ago. Energy costs have gone up the most at 4.8% and you can expect that to go up a lot more.
Economists think inflation will slow down once the bottleneck ends. However, there is no end in sight.
Federal reserve chairman Jerome Powell admits that this inflation will go on until at least next summer. In fact he doesn’t know when it will end.
There is little doubt that by election time next year the federal reserve and the treasury will use gimmicks to make it look better than it is but the economy is in trouble.
The Fed chair announced that the central bank will start reducing the monthly bond purchases it began last year as an emergency measure to boost the economy. Investors now expect the Fed to raise its benchmark interest rate twice next year from its record-low level near zero — much earlier than they had predicted a few months ago.