Joe Biden’s failed economic policies are leading to mounting inflation that is about to sink the country, according to the economic data.
The latest numbers have been released and it isn’t a good report. Inflation has already hit 4.2 percent last month and it isn’t going to stop there. This is a crushing blow to the poor and middle class.
— Bloomberg Markets (@markets) May 12, 2021
This 4.2 percent is much higher than the estimate of 3.6 percent, and it is also the largest yearly increase since September 2008.
As National Review noted:
Even controlling for food and energy prices, the CPI was up three percent, higher than the estimated 2.3 percent. The 0.9 percent CPI increase from March, again controlling for food and energy prices, is the highest since April 1982.
This data comports with Americans’ everyday experiences. On Tuesday, the average price of a gallon of gas rose to $2.99, the highest figure since November 2014.
These dismal numbers came only days after the latest jobs numbers came out showing that Biden missed the projected new jobs creation numbers by a huge amount. In fact, the gap between the estimates and the actual numbers is the largest miss in recent history.
Economists had predicted almost a million new jobs for this past period, but on Friday Biden’s latest report came in at only 266,000 new jobs. This is a huge gap, and the worst miss of jobs predictions in history.
The mounting economic problems shows that Biden is creating a bomb that is about to blow up our economy and may put the U.S. in the worst shape it has been since the Carter’s dismal years during the late 1970s.
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