Has the nation not suffered enough? Can the most reluctant President in our history not find the wherewithal to make a dent in this current economic meltdown that we’re having? Can he at least admit that everything is spiraling the drain?
The answer to all these questions, (and more), seems to be “no”, as inflation continues to rise to unprecedented levels.
Prices that consumers pay for a variety of goods and services rose 8.5% in July from a year ago, a slowing pace from the previous month due largely to a drop in gasoline prices.
On a monthly basis, prices were flat as energy prices broadly declined 4.6% and gasoline fell 7.7%. That offset a 1.1% monthly gain in food prices and a 0.5% increase in shelter costs.
But hey, at least they beat the predictions?
Economists surveyed by Dow Jones were expecting headline CPI to increase 8.7% on an annual basis and 0.2% monthly.
The CPI has reached levels not seen in 40-plus years, putting a massive squeeze on American consumers.
And, what’s more:
The jump in the food index put the 12-month increase to 10.9%, the fastest pace since May 1979. Butter is up 26.4% over the past year, eggs have surged 38% and coffee is up more than 20%.
Despite the monthly drop in the energy index, electricity prices rose 1.6% and were up 15.2% from a year ago. The energy index rose 32.9% from a year ago.
Without some direct and immediate action from the Biden administration, there is bound to be plenty of fiscal stress for Americans in the months preceding the 2022 midterms, which could doom the Democrats.