Inflation in the Biden economy is at a 40-year high. The US had not seen inflation in years. Now under Biden, it seems like the price of everything is going up.
Yesterday TGP reported that inflation was again at another 40-year high of 8.5%.
The Fed told us last year that inflation was ‘transitory’. With inflation then at a 30-year high, the head of the Fed, Jerome Powell said inflation wasn’t going to be that bad, but if it continued, he had the tools to deal with it. This was right after the massive spending spree pushed on by the Biden Administration and passed by the Democrats and RINOs in Congress. Now we see that Powell had nothing, he mismanaged this crisis as well, and inflation is now at 40-year highs.
Per reports about the inflation rate yesterday, it was determined that Biden’s inflation cut the average American’s salary by 2.7% in March. Said another way – most Americans received a 2.7% salary cut in March. FOX Business reports:
The Labor Department reported on Tuesday that average hourly earnings for all employees actually declined 2.7% in March from the same month a year ago when factoring in the impact of rising consumer prices. On a monthly basis, average hourly earnings tumbled by 0.8% in March, when factoring in the 1.2% inflation spike.
By that measure, the typical U.S. worker is actually worse off today than they were a year ago, even though nominal wages are rising at the fastest pace in years. That’s because inflation is also surging.
The government said in a separate report on Tuesday that the consumer price index – which measures a basket of goods including gasoline, health care, groceries and rents – rose 8.5% in March from a year ago, the fastest pace since December 1981. Prices jumped 1.2% in the one-month period from February, the largest month-to-month jump since 2005.
This is Biden’s economy – this is Biden’s America.