Joe Biden’s Presidency has been something to behold, and not in any grandiose or spectacular way. No, this has been a period of American endurance, if nothing else, as the economy continues to slide further and further toward disaster at every moment.
Of particular concern has been inflation; something that Biden and his team had previously suggested was transitory, even going so far as proclaim that it would be under control by December of 2021.
Spoiler alert: That did not happen, and we are now facing the most profound case of inflation in 40 years.
Last month was no exception.
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.Trending:
Excluding volatile food and energy prices, so-called core CPI rose 5.9% annually and 0.3% monthly, compared with respective estimates of 6.1% and 0.5%.
Some of the number were simply dumbfounding.
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.
Biden’s economic advisors and others within the administration have only recently begun to admit their misjudgements on the issue of inflation, and their earlier reticence has sent the economy, (and consumer confidence), spiraling.