When Joe Biden took office, gas was under $2 a gallon nearly everywhere.
Today, it could easily cost north of $100 for a single fill up at the gas station.
But while you're lamenting the fact that you can no longer afford to drive to your job and might need to eat only rice and beans to survive, you can find comfort in the fact that your money is not only being spent at a much higher rate, but it's worth a WHOLE lot less than just 12 months ago:
Isn't that just... wonderful?
I remember people sharing pictures of gas at $1.80 a gallon on Joe Biden's first day.
The lefties laughed. After all, Joe Biden was leading us into a glorious green future where rainbows and unicorns would power us all with the power of friendship!
Then in November, when Joe Biden saw his poll numbers start to slide, he released some of our emergency oil reserves to try to pad prices a bit, and those same lefties declared victory for a whopping five seconds:
Why do I mention oil so much in this article about inflation?
As an example, everything you are wearing right now is made with oil. In fact, you're likely wearing some polyester, which is literally made from oil. Everything that's manmade around you is made with oil. Anything plastic is literally dinosaur juice. And unless you have a backyard garden, all your food is grown, prepared, packaged, and shipped with oil.
So if you think 8% inflation is bad, wait until that doubles or triples because the cost of fuel has doubled or tripled!
From the article:
The Bureau of Labor Statistics' Consumer Price Index (CPI) rose 7.9% in February compared to last year, marking the fastest annual jump since 1982. This took out January's previous 40-year high rate of 7.5%, and matched consensus economist expectations, according to Bloomberg data.
Say you have $10,000 dollars in the bank. It is no longer worth $10,000 as you imagine it. It is worth 8% less, or $9,200. If we continue linearly at this pace, it will be worth $8,400 in February 2023 compared to the dollar in February 2021...
But I think any of us who have watched a boulder rolling down a hill know this sucker is gonna pick up some exponential momentum.
Case in point:
On a month-over-month basis, consumer price increases also accelerated. The CPI rose 0.8% in February compared to January after increasing by 0.6% during the prior month.
- Can you imagine paying $200 to fill up your 20-year-old Toyota Camry every single week? 'Cause it's coming.
- Can you imagine spending an extra $500-$1,000 a month just for basic groceries? Because it's on the horizon. Food prices rose 1% in February alone.
- Can you imagine not being able to afford anything but the most rusted-out used cars, a vacation to the dollar store, and nothing but a night out at McDonald's? Because our political class has decided they want to make it so.
"Thursday's inflation data is continued confirmation that inflation is not transitory and has not peaked. Thursday's data is for February, which does not account for the early March spike in oil prices," Robert Schein, chief investment officer of Blanke Schein Wealth Management, said in an email Thursday morning. "We believe there will be even stronger inflation reports over the coming months, which suggests that the Federal Reserve needs to accelerate its rate hike plans, even with the renewed uncertainty that has emerged from the crisis in Russia and Ukraine."
And that raise you got? Probably not gonna help you, since the average pay increase was only 5.1% over the last year:
"Robust pay increases have been no match for the higher costs households are facing on rent, food, electricity, gasoline, and a pervasive list of both goods and services," Greg McBride, chief financial analyst at Bankrate, said in an email on Tuesday. "The buying power of Americans is being squeezed more and more each day, and you see this reality reflected in the dour consumer sentiment readings."
Anyway, we're spiraling toward the crash of the U.S. dollar, the poverty and death of countless millions worldwide as that happens, the utter destruction of the middle class, and the rise of dystopias like China...
But at least there's no more mean tweets and Joe Biden will be able to still afford his oceanside vacation home!
P.S. Now check out our latest video 👇
