The White House: EVERYTHING IS FINE!
On Wednesday, the Labor Department revealed data showing that in December, consumer prices rose by 7% over the previous year, the fastest increase in roughly 40 years. The Labor Department's Bureau of Labor Statistics showed the consumer price index increased 7%, the fastest increase since 1982.
Are you ready for $5 milk from the value brand? Because it's coming!
Seems like we have a trend:
"The latest Consumer Price Index data, released Wednesday by the Bureau of Labor Statistics, marks the third consecutive month in which the index, a measure of what consumers pay for goods and services, rose by more than 6 percent," NBC News reported.
I'm starting to think not everything is fine, guys.
The main problem is the supply chain and people panic buying. Seems like pumping a bunch of "free" money into the economy, firing people over the jab, and stoking fear for two years was a bad idea.
Seema Shah, chief strategist at Principal Global Investors, told Fox Business, "Inflation at 7% is no joke."
Greg McBride, chief financial analyst at Bankrate, asserted:
In the past six months, we've heard a chorus of CEOs on quarterly company earnings conference calls talk about their ability to raise prices with very little pushback from consumers. … The risk going forward is the dreaded wage-price spiral where, because of rising prices, workers demand higher wages, which then lead to higher prices and further demands for higher wages….Not only do prices continue to rise but wages never really keep pace, further squeezing household buying power.
This is the worst thing...not only is inflation rising, but wages aren't keeping pace, meaning there's a whole lot of human suffering in America's future.
To everyone but leftists' surprise, the stimmy money basically did nothing except delay the sinking of the ship by 5 minutes:
More than three-quarters of Americans, or 78%, have received some form of pandemic relief since March 2020, which either went toward buying necessities, savings or paying down debt, according to a NerdWallet poll of more than 2,000 adults.
And yet, more than one-third said their household financial situation has gotten worse over the past year.
After Americans paid off a record $83 billion in credit card debt, credit card balances are on the rise again, along with mortgage, auto and student loan debt.
Here we go, everyone!
Don't worry though: I'm sure the government will soon have a solution to fix the problem caused by the government!
P.S. Now treat yourself to our viral video "How to speak Bidenese" 😁👇