In December, half of U.S. households said that inflation was causing them hardship, and unfortunately, relief is nowhere in sight. According to the Labor Department, inflation is now at 7.5%, an increase of 0.6% from December to January. This is the largest annual increase since February 1982.
So, congratulations, Joe Biden. Another historic accomplishment for you. Have yourself another ice cream.
The Biden administration has been in denial about inflation for many months now.
“Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation accelerating in the past year,” explains the Associated Press. “When measured from December to January, inflation was 0.6%, the same as the previous month and more than economists had expected. Prices had risen 0.7% from October to November and 0.9% from September to October.”
There are few signs that inflation will ease up any time soon, and Americans are finding themselves less able to afford necessities like food, gas, rent, and child care.
Biden’s refusal to acknowledge the reality of inflation has earned him bipartisan criticism.
In December, Larry Summers, Treasury secretary under Bill Clinton and chairman of the Council of Economic Advisors under Barack Obama, slammed the Biden administration for claiming that inflation is transitory and insisting that everything will return to normal soon.
In fact, Biden has even claimed that inflation is a good thing. Last month, when Fox News White House correspondent Peter Doocy asked Biden if “inflation is a political liability in the midterms,” Biden replied, “It’s a great asset—more inflation,” before muttering under his breath, “What a stupid son of a b*tch.”
So, if you’re struggling to afford the basic necessities, don’t worry; this is a good thing.
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