Inflation rates were released by the Bureau of Labor Statistics today, and they are an absolute nightmare.
In fact, the current consumer price surge of 8.5% since the same time last year is the worst inflation jump in 41 years, since 1981.
How did we get here from record growth under President Trump to the worst economic situation in half a century? The answer is actually fairly simple.
How Did We Get to the Edge of This Cliff?
There are four main reasons we are having record-high inflation and gas and food prices that cause headaches every day.
Here they are, ranked in order of importance:
- The first reason is the insane level of government spending over the past century as the welfare state increased and America slid towards big government socialism. This undermined our currency. After President Nixon decoupled our dollar from the gold standard, we were on the path to funny money and currency collapse.
- The second reason is the COVID pandemic, which took a hatchet to our economy and shut down hundreds of thousands of businesses. It also printed out free money for businesses to cover unpaid employee wages and led us down a path to a complete welfare state and economic shutdown insanity.
- The third reason is Joe Biden and his corrupt regime. From day one in office, Biden attacked our energy industry and economy. He is trying to push a globalist ideology on America, along with the Democrat tax-and-spend philosophy. The result is a disaster.
- The fourth reason is the war in Ukraine that was started by Russia. This is causing massive food instability with grain, barley, fertilizer, and other products. However, to blame this for the huge jump in gas and food prices, as the Biden regime is doing, is completely dishonest.
If you’re looking at inflation numbers today and your take away is “This is all Joe Biden’s fault”, you’re learning the wrong lesson.
Joe Biden just made it all worse.
“15 Days to Slow The Spread” was the day this inflation began. You’re just now starting to feel it.
— Jesse Kelly (@JesseKellyDC) April 12, 2022
Housing, Food, Gas: Sky High
Energy has gone up even more than food, and the prices of housing have gone up massively.
Let’s be clear about just how bad this is: gas prices were 48% higher in March than they were a year ago. They were over 18% higher than just the month before in February.
As for food and rent? Rent has been hiking up steadily for months and went up 4.4% in the past year. Food, meanwhile, has gone up 30% since a year ago.
That’s money that’s no longer in your wallet. That’s money that no longer has value. That’s the sound of incoming hyperinflation.
Biden’s excuses calling it the “Putin price hike” are just that: excuses. We already saw over the past year as we’ve approached an economic cliff, thanks to his shutdowns and anti-energy policies.
The Biden Admin is calling inflation the "Putin Price Hike."
They want you to forget all of this. pic.twitter.com/pHtnmSIl2o
— Maze (@mazemoore) April 11, 2022
The Bottom Line
Our economy is in big trouble and we need to hope the coming midterms can help us turn this around with conservative financial policies before it’s too late.