Joe Biden is waging war on your wallet more fiercely than ever.
According to new data from the Labor Department, consumer prices rose 6.2% in October compared to last year. That’s the largest spike in over 30 YEARS. Core consumer prices, stripping out food and energy, rose 4.6%, the largest 12-month increase since August 1991.
Even liberal economists that the Biden White House loves to tout – like Obama’s former chief economist Jason Furman – are sounding the alarm on “extremely high” inflation, especially as the large spikes completely “erode” any nominal wage gains.
Extremely high headline CPI print (0.9% in a month), tied for the highest of the year. Moreover inflation is spreading--cars added a lot in October, that likely won't last and may reverse. But a big jump even taking out cars and pandemic-related services. pic.twitter.com/s1DqlO2dio
— Jason Furman (@jasonfurman) November 10, 2021
Fed Chair Jerome Powell conceded last week that “the level of inflation we have right now is not at all consistent with price stability.”
Now is not the time to waste trillions in taxpayer dollars via Biden’s “Build Back Broke” agenda.
Biden still hasn’t learned the first lesson of economics – there is no such thing as a free lunch. And right now, every American is paying more for their own lunches.
