Yes, It’s Biden’s Inflation

Yes, It’s Biden’s Inflation

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Posted: Apr 13, 2022 12:01 AM

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This week, America received news of yet another shocking inflation report: over the past 12 months, inflation has skyrocketed 8.5%, outpacing wage gains by 2.9%. That inflation has flooded every area of American life, from gas (up 48%) to airfare (24%) to furniture (16%) to milk (13%). Inflation is costing the average American family hundreds of dollars per month — and, as we know, inflation is a highly regressive tax, harming those at the bottom of the income spectrum the most.For its part, the Biden administration blames Russian President Vladimir Putin’s invasion of Ukraine. White House press secretary and incipient MSNBC employee Jen Psaki announced, “we expect March CPI headline inflation to be extraordinarily elevated due to Putin’s price hike,” and blamed gas prices alone for the spike. That, of course, is ludicrous. In February 2021, the month after Biden took office, the inflation rate was just 1.7%. In April 2021 it spiked to 4.2%. By May 2021, the inflation rate was 5%; it remained in that range until October 2021, when it spiked to 6.2%; it then spiked again to 6.8% in November 2021 and 7.5% in January 2022.In other words, the problem ain’t Putin.It also isn’t supply chain issues alone. The core inflation rate in Europe has remained well below that of the United St …

The post Yes, It’s Biden’s Inflation appeared first on Populist Press ©2022.

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