A great many Americans have long understood that Joe Biden’s presidency would be historically bad, but we didn’t have any idea that it would be like this.
First, there are the glut of domestic issues that have plagued Biden from the very start of his presidency, most notably on the southern border. It was there that a humanitarian crisis began to spiral out of control almost immediately after he took office, and for which neither he nor border czar Kamala Harris have been able to make any headway.
But then came the new issues: The potential start of World War III in Europe, (something that Donald Trump says would never have happened on his watch), and the floundering US economy – the latter of which has just become an unprecedented nightmare.
The surging cost of energy pushed wholesale prices up a record 11.2% last month from a year earlier — another sign that inflationary pressure is widespread in the U.S. economy.
The Labor Department said Wednesday that its producer price index — which measures inflation before it reaches consumers — climbed at the fastest year-over-year pace in records going back to 2010 and rose 1.4% from February. Energy prices, which soared after Russia’s Feb. 24 invasion of Ukraine, were up 36.7% from March 2021.
And that’s not all:
The wholesale inflation report came out a day after the Labor Department reported that consumer prices last month jumped 8.5% from a year earlier — fastest annual clip since December 1981.
Biden’s inflation has been compounded by the Russian invasion of Ukraine and the sanctioning of Russian oil and gas that has occurred in its wake, with American taxpayers now struggling to make up for both economic realties at once.
