"It's not happening", "it's only transitory", and "it's just the sign of a healthy economy" are all things the government and the media have been preaching since King Joe took office.
Do you still believe them?
Inflation surged again in March, as consumer prices hit yet another fresh peak not seen in a generation.
Why it matters: The relentless rise in prices is a challenge for investors, Federal Reserve policy makers and politicians, who are all trying to navigate an inflationary backdrop that hasn't been seen since the early 1980s.
Driving the news: The consumer price index rose 1.2% in March compared to February, above economists expectations for 1.1%.
Prices were up 8.5% over the last year, higher than the 8.4% rise that economists expected, according to consensus expectations reported by FactSet.
That's the highest annual rate of inflation since December 1981.
I've said for well over a year: Despite trying to be FDR, Joe Biden is merely Jimmy Carter 2.0 (with a few less working brain cells).
Maybe you think it's just luxury goods or new homes or something not essential to the average person that's driving inflation.
Details: Food, fuel and shelter costs were the key drivers of the upward rise in the overall price rise.
A lot [read: A LOT] of people are going to be driven into abject poverty by these big-spending, regulatory leftist policies that are killing the economy right now. Millions of people in America alone (hundreds of millions to billions worldwide) are going to lose access to food security, shelter, and any ability to transport themselves or heat their homes.
The next time Joe Biden says conservatives aren't for anything and only care about money, remember that. The Left's policies always come off as kind in rhetoric and murderous in practice. Some of us deeply care about our neighbor, which is why this economic stuff deeply matters!
- Gasoline prices jumped 18.3% from February to March — as energy markets reeled from the war in Ukraine — accounting for over half the rise in monthly headline inflation.
Yeah, um, gas was surging before the war thanks to Biden shutting down the American energy sector, but nice cover, Axios.
Here's the chart from Axios showing inflation over the last 40 years. Right after Biden took office is where we started blasting off for the freaking moon:
Here's the only "good" news:
- So-called core inflation — excluding volatile food and energy prices — rose 0.3%, less than the 0.5% analysts expected.
- Prices for used cars and trucks, which were an early driver of post-Covid price increases, fell 3.8% in March.
Yay! Core inflation was still high but not as high and also a used car is now $28,860 instead of $30,000!!!
The highest that inflation went under Carter and the very early Reagan administrations (notice how it skyrocketed downwards after Reagan got elected?) was just under 15%.
Anyone want to bet that Biden will break that record??
P.S. Now check out our latest video: "Highlights from Biden's speech last night" 👇