Biggest Core Inflation Rise in 30 Years as Biden Economy Crushes American Dreams
The American Dream is moving further and further out of reach under the Biden regime whose disastrous economic policies are crushing the country.
While the Democrats spend as much money as they can, most of it going to political pork for their donors and backers, the cost of living is becoming impossible for millions of Americans who can't afford a house or a car, and as inflation rises, much of anything at all.
Consumer prices rose 5 percent in the 12 months leading up to May, a finding that is higher than expected and certain to raise concerns about inflation that are already being voiced by policymakers in Washington.
The consumer price index (CPI), a closely watched gauge of inflation, rose at the fastest annual rate since 2008 as suppliers struggled to keep up with sharply rising demand, according to data released Thursday by the Bureau of Labor Statistics (BLS).
The media is frantically spinning and playing the "Republicans pounce" game.
Republican lawmakers and fiscal hawks, however, have argued that the combination of Biden’s March stimulus bill, monetary stimulus from the Fed and potential future spending could force the U.S. into an inflationary spiral.
The reading represented the biggest CPI gain since the 5.3% increase in August 2008, just before the financial crisis sent the U.S. spiraling into the worst recession since the Great Depression.
Don't bother shopping for a car or gas.
Used cars and truck prices continued their climb higher, rising 7.3% on the month and 29.7% for the past 12 months. The new vehicles index increased 1.6%, its biggest-single month gain since October 2009 and was up 3.3% for the 12-month period, the highest move since November 2011.
The gasoline index is up 56.2% over the past year, part of an overall 28.5% increase in energy during the period.
And the news from the Biden economy just keeps getting worse.
Stripping out food and energy costs, which tend to be more volatile, inflation stood at 3.8% over that 12- month period. It was the biggest increase in so-called core inflation since June 1992.
So let's talk some more about Biden's dog, Kamala's cookies, or whatever propaganda the media uses to try and distract Americans from how badly the Democrats and their donor class are screwing them in the name of social justice.