President Joe Biden has made plenty of bold proclamations, (and taken very few bold actions), when it comes to the economy, and this week one of his most prominent prophecies is coming back to bite him in a major way.
Back in December of 2021, as the nation faced one of the last real surges of the coronavirus pandemic, the Commander in Chief told the nation that inflation had likely peaked. With an endemic recovery just over the horizon, Biden suggested all would soon be well with the economy, and Americans might even like him enough to allow him to run for reelection in 2024.
Inflation accelerated more than expected to a new four-decade high in June as the price of everyday necessities remains painfully high, exacerbating a financial strain for millions of Americans and worsening a political crisis for President Joe Biden.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 9.1% in June from a year ago. Prices jumped 1.3% in the one-month period from May. Those figures were both far higher than the 8.8% headline figure and 1% monthly gain forecast by Refinitiv economists.Trending:
It marks the fastest pace of inflation since December 1981.
And it gets worse:
So-called core prices, which exclude more volatile measurements of food and energy, climbed 5.9% from the previous year. Core prices also rose 0.7% on a monthly basis – higher than in April and May – suggesting that underlying inflationary pressures remain strong and widespread.
Biden’s economic team has already embarked on one apology tour for their inaction on inflation, and the American people aren’t likely to suffer another round of empty epithets…particularly as staples such as food, power, and housing become unaffordable.