The Biden administration is in disarray.
Joe Biden is dealing with a raging border crisis and growing concerns about his age.
And now the Democrat-controlled media just gave Joe Biden some news that ruined his day.
The Democrats and their media allies have been attempting to pump up Joe Biden’s economic record.
Although the stock market has been up and the last jobs report was better than expected, the fundamentals of Biden’s economy are weak.
Massive government spending spurred job growth in the public sector and people have been working multiple jobs to make ends meet.
Now Biden got some economic numbers that popped his bubble.
The media had a somber tone when the latest inflation numbers were released.
NBC News anchor Lester Holt said that the Dow fell “more than 500 points after inflation slowed last month, but not as much as expected. The January Consumer Price Index rose 3.1%, still far from the Federal Reserve’s target.”
Multiple administrations have fiddled with the CPI as a way to massage the inflation numbers.
For example, the government can arbitrarily decide which products to include in the CPI calculation, which means that the basket of goods used in 1980 might be completely different in the current formula.
If the same goods were used, inflation numbers would be much higher.
“Gasoline and used car and truck prices fell,” NBC business correspondent Christine Romans reported. “Housing, groceries, car insurance and health care, are among the biggest costs for most people, they all rose. And when you look at the cumulative effect, overall prices are almost 20% higher today than four years ago, before the pandemic. And grocery prices, they’re up 25%. That’s hitting people when they go to the store. It’s part of the disconnect we are seeing between recent progress on inflation and strong economic numbers and how people are feeling. And with inflation not coming down more sharply last month, you saw that big drop in the markets today, in part because the Fed is less likely to lower interest rates any time soon.”
The Democrats have been attempting to tout “Bidenomics” as some type of financial magic.
All Biden did was increase spending, which can goose economic numbers, but ultimately leads to more inflation.
Inflation is a destroyer of wealth that disproportionately affects the middle class and the poor.
A 25% increase in grocery prices affects everyday Americans in a significant way, particularly those on a fixed income.
Patriot Political will keep you up-to-date on any developments to this ongoing story.
