The bad news dropped like a ton of bricks.
Americans are suffering through a massive crisis created by Joe Biden.
And Joe Biden just set one terrible record that could cause this giant economic meltdown.
When prices first spiked the Biden administration and the secretive Federal Reserve Chair Jay Powell both falsely claimed inflation was merely transitory.
Biden and Powell lied.
One year into Biden’s administration inflation raged with prices continuing to surge with no end in sight.
The latest report showed inflation jumped seven percent, the biggest increase since 1982.
The Labor Department said the Consumer Price Index—which tracks what consumers pay for goods and services—rose by seven percent from a year ago. That was the fastest 12-month pace since 1982 and the seventh straight month of inflation above 5 percent. In November, CPI was up 6.9 percent.
What’s known as core CPI–which excludes the often-volatile categories of food and energy–increased 5.5 percent in December from a year earlier, a faster pace of price hikes than November’s 4.9 percent.
Compared with a month earlier, prices rose 0.5 percent. Core prices were up 0.6 percent.
Inflation can cement itself into the economy because price increases become ingrained in consumers, and they continue to spend more creating a self-fulfilling prophecy.
Republicans slammed the Biden administration for causing the inflation crisis through a reckless socialist spending agenda.
“With massive inflation and a serious supply chain crisis on our hands, Washington needs to stop considering tax hikes, job killing regulations, suffocating new mandates, and increased spending that our nation can’t afford,” New York Congressman Lee Zeldin declared in a statement to The Daily Caller.
“This is our economy on printed money. Modern Monetary Theory always fails. Sound Money always works,” Ohio Republican Congressman and Freedom Caucus member Warren Davidson said in a statement to The Daily Caller.
The rising inflation is the Biden administration’s fault.
Joe Biden pumped trillions of dollars in so-called “stimulus” spending into the economy.
Currently there is too much money in the system chasing too few goods.
That’s causing the prices of goods and services to rise.
Inflation is a domino effect.
If the price of fuel goes up, then producers must raise the price of their products to make up for the lost profit due to inflation.
That trickles down to consumers as store owners also jack up their prices to adjust for the increased cost of the goods they sell.
When Joe Biden proposed a $1.9 trillion blue state bailout bill even liberal economists like former Clinton administration official and Harvard President Larry Summers warned the spending spree would increase inflation.
The Biden administration and its cheerleaders in the corporate media scoffed at predictions of runaway inflation.
But now the worst inflation in nearly 40 years threatens a lost decade like the 1970s – which Jimmy Carter and his “malaise” capped off.
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