Inflation continues to move in the wrong direction as Biden’s inflation crisis roils hardworking Americans.
Today’s Consumer Price Index showed no signs of improvement as inflation remains up 3.7 percent over last year – more than double what it was when Biden took office. Core consumer prices — stripping out food and energy — rose by 4.1 percent over last year.
On a year-over-year basis, inflation has averaged six percent under Biden — more than double the level of inflation under any of the last four presidents.
Americans’ finances are hardest hit. Since Biden took office, food prices are up more than 20 percent, rent is up more than 17 percent, and electricity is up almost 27 percent. All told, prices are up by 17.7 percent while real wages are down by 3.2 percent under Biden.
As Americans pay substantially more for just about everything, the average real wealth for middle-class households is down more than $33,000 in the past year. More Americans are behind on credit cards, auto loans, and personal loans than at any time since the Great Recession, and credit card debt is at an all-time high. Interest rates are at their highest in more than two decades, the average monthly payment for a new vehicle is at a record high and housing is “less affordable than ever.”
We are, once again, seeing “Bidenomics” in action — and it’s not good.
