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ou know things are bad when even the mainstream press is admitting that the latest inflation numbers “soared far above expectations last month” and that this is “wiping out pay gains.” But, according to President Joe Biden, Thursday’s report on inflation “shows some progress in the fight against higher prices.”
What progress? Inflation was up 8.2% in September, compared with the year before. And that’s on top of last September’s 6.2% increase.
Here’s another way to look at it.
In the 21 months since Biden took office, the Consumer Price Index has shot up 13.5%. That compares with 4% in the first 21 months of the Trump administration.
The so-called “core inflation” number – which subtracts more volatile food and energy categories – shot up 6.6% on an annual basis this September, the biggest such jump in four decades.
As the Associated Press put it, the core inflation number was “far above expectations” and “a sign that the Fed’s five rate hikes this year have so far done little to cool inflation pressures.”
In other words, we are in for a world of hurt as prices keep climbing while the Fed’s continued rate hikes slash home prices, shrink retirement accounts, and kill jobs.