Wednesday, July 13, 2022

America's inflation problem gets worse


by JIM GERAGHTY, National Review Morning Jolt, July 13 2022 - Yesterday, I warned people to brace for another month of bad inflation numbers. This morning, the U.S. Bureau of Labor Statistics released the new inflation numbers for the month of June, and somehow, they’re even worse than the grim forecast:

Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday.

The consumer price index, a broad measure of everyday goods and services, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked another month of the fastest pace for inflation going back to December 1981.

Here are the U.S. inflation numbers, by month, since October: 6.2 percent, 6.8 percent, 7 percent, 7.4 percent, 7.8 percent, 8.5 percent, 8.2 percent, 8.6 percent, and now 9.1 percent.

That’s an absolutely brutal stretch, and the American people would be infuriated by it under any circumstances. But I suspect there’s particular anger among anyone who remembers Biden’s declaring about a year ago, “Our experts believe and the data shows that most of the price increases we’ve seen are — were expected and expected to be temporary. . . . There’s nobody suggesting there’s unchecked inflation on the way — no serious economist.”

Back in December, Biden said he thought inflation had peaked.

This should end the silly talk that the upcoming midterm elections will revolve around abortion, gun control, or the January 6 committee’s findings. Runaway inflation is the five-alarm fire that is burning down the American economy. The Biden administration keeps telling Americans that things are about to get better — that skyrocketing prices for gasoline, food, and just about everything they buy will start to ease. And month after month, Americans keep waiting.

Don’t forget, there is a good chance that, on the morning of July 29, the headline will be, “U.S. Now in Recession.”

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