What progress?
Inflation was “hotter than expected” in January, with prices increasing 3.1 percent year-over-year, while core inflation — stripping out food and energy costs — shot up to 3.9 percent year-over-year.
Overall, prices have risen 17.9 percent since Biden took office — with electricity up 28.6 percent, food prices up 21 percent, and rent up 19.4 percent.
Meanwhile, Americans have seen a 2.1 percent pay cut under Biden as real wages remain lower than when Biden took office and real average weekly earnings decreased by 0.3 percent last month.
No wonder credit card debt just hit a new record high.
This latest “lousy” report is the complete opposite of Biden’s assertion that “inflation is coming down” — but vindication for the two-thirds of Americans who disapprove of Biden’s handling of the economy.
Just don’t expect relief anytime soon.
