A lot can change in nine months. President Joe Biden replaced his dog with a cat, took a spill on his bicycle, and has taken weeks upon weeks of vacation since last December.
To the president’s chagrin, one thing that remains the same is the general trajectory of inflation. On December 10, 2021, Biden claimed that America was at “the peak” of the inflation crisis. At that point, year-over-year inflation was 6.8%.
On Tuesday, the Consumer Price Index rose 8.3% between August 2021 and August 2022, according to a report from the Bureau of Labor Statistics. That is now the sixth straight month with year-over-year inflation above 8.2% and the ninth consecutive month with annual inflation higher than 6.8%.
In other words, Biden was dead wrong that inflation was peaking.
Despite that reality, Biden declared economic success yet again on Tuesday. The president made such claims despite data, and commonsense, indicating otherwise.
Most readers don’t need a report to be told that things are more expensive, but per Jacki Kotkiewicz of the Republican National Committee research team, a breakdown of the latest figures regarding inflation reveals the shocking rise in prices.
For the past year, the cost of just about everything of importance to the American family has increased.
Gasoline is up 25.6%, fuel and oil are up 68.8%, electricity is up 15.8%, meat, poultry, and fish are up 8.8%, milk is up 17%, eggs are up 39.8%, baby food is up 12.6%, and airline tickets are up 33.4%.
Is there anything that has gone down? Yes, real average hourly earnings are down 2.8%, according to Kotkiewicz.
Biden continues to deliver higher prices, lower wages.
Overall CPI: +8.3% y/y
Gas: +25.6%
Fuel Oil: +68.8%
Electricity: +15.8%
Groceries: +13.5%
Meat, Poultry, & Fish: +8.8%
Milk: +17%
Eggs: +39.8%
Baby Food: +12.6%
Airline Fares: +33.4%
Real Average Hourly Earnings: -2.8%— Jacki Kotkiewicz (@jackikotkiewicz) September 13, 2022
Real wages have gone down ever since Biden signed into law the gigantic $1.9 trillion spending bill known as the American Rescue Plan.
Real wages have fallen EVERY MONTH since Biden’s $1.9 trillion "stimulus" passed.
'𝟐𝟏
Apr: -3.4%
May: -2.7%
Jun: -1.3%
Jul: -1%
Aug: -0.9%
Sep: -0.5%
Oct: -0.8%
Nov: -1.4%
Dec: -2.1%
'𝟐𝟐
Jan: -1.9%
Feb: -2.5%
Mar: -2.6%
Apr: -2.5%
May: -2.9%
Jun: -3.5%
Jul: -3%
Aug: -2.8%— Jacki Kotkiewicz (@jackikotkiewicz) September 13, 2022
That bill, as the name implies, was meant to rescue the American economy. Instead, it overstimulated the economy, partially causing the economic calamity we see today. Even the Left-wing Vox understands it worsened inflation.
Rather than cut back on spending, Biden signed the Orwellian named “Inflation Reduction Act” into law last month. That bill will now pump billions into the economy — again.
Since the president obviously doesn’t see himself as a primary cause of inflation, who has Biden blamed for the economic failure?
In late February, Biden first complained that Americans were too psychologically damaged from COVID to appreciate his economy. Since then, everybody from Big Meat to Republicans to Big Oil to Russian President Vladimir Putin has earned the ire of the complainer-in-chief.
Unfortunately for the American people, Biden hasn’t learned anything since December 2021. Instead, it’s been nine long months of excuses, the blame game, and misery.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.