Inflation in the United States just made history once again.
Thanks to the leadership of Joe Biden and Democrats, it is now higher than it has been in four decades.
There seems to be no end in sight to this problem and Biden seems powerless to stop it. What are Americans supposed to do?
Hot Air reports:
BREAKING: Fed gauge on inflation hits 40-year high
So how’s that “transition” working out? Badly for you, me, and the Federal Reserve, according to the latest and most relevant measure of inflation. The Commerce Department reports that the PCE index, which measures the prices paid by consumers at point of sale, hit its highest level in four decades:
From the Associated Press:
An inflation gauge that is closely tracked by the Federal Reserve jumped 6.8% in June from a year ago, the biggest increase in four decades, and leaving Americans with no relief from surging costs.
Friday’s figures from the Commerce Department underscored the persistence of the inflation that is eroding Americans’ purchasing power, dimming their confidence in the economy and threatening Democrats in Congress in the run-up to the November midterm elections.
On a month-to-month basis, prices rose 1% from May to June, faster than the 0.6% rise from April to May and the biggest such jump since 2005.
The government’s report also said that consumer spending managed to just outpace inflation, rising 0.1% from May to June after adjusting for price changes. Consumer spending has weakened in the face of high inflation. But it’s helping fuel inflation itself, with demand still strong for services ranging from airline tickets and hotel rooms to restaurant meals and new and used autos.
Democrats are destroying the country. It’s just that simple.
Inflation has now hit the highest annual rate in 40 years.
Don’t be surprised if the White House denies this reality as well — and the mainstream media goes right on helping them do it.
— Rep. Darrell Issa (@repdarrellissa) July 29, 2022
The personal consumption expenditures price index rose 6.8% since last June.
That is the highest level in 40 years.
President Biden’s plan to spend his way through inflation will make inflation numbers explode even higher.
— Senator Ted Cruz (@SenTedCruz) July 29, 2022
Joe Biden should resign.