Inflation is out of control across America.
And all signs point to things getting worse before they get better.
Now, one shocking inflation report was just released, and the results left Joe Biden reeling.
Joe Biden has presided over the greatest economic crisis America has witnessed in a generation.
With inflation out of control and the Federal Reserve having to resort to historic interest rate hikes to help tame the disaster, interest rates for things like mortgages and car loans have skyrocketed over the past year and now stand at a 20 year high.
But those aren’t the only things that have gotten more expensive.
Now, one shocking inflation report reveals that inflation itself has grown so large that the average American household is paying hundreds of dollars a month more for the same basic goods and services that they’ve been buying for years.
And the results of this report have been devastating for hundreds of millions of Americans, as well as for Joe Biden’s own political career.
CNBC reports, “Inflation is causing American households to spend $445 more per month buying the same items they did a year ago, according to an estimate from Moody’s Analytics.
Consumer prices jumped by 8.2% in September versus the same month in 2021, the U.S. Bureau of Labor Statistics said Thursday. That rate is down from 9.1% in June, which marked the recent peak, but is still near the highest levels since the early 1980s.”
With inflation at a 40 year high, it’s clear that the crisis has reached a fever pitch.
And with the midterm elections just weeks away, Democrats are now in disarray as the American people prepare to bring their frustrations out on the party that holds power in Washington, D.C.
With inflation now costing the equivalent of a car loan for the average household in America, the inflationary crisis seems to be getting worse instead of better with each passing month.
While the government statistics officially show that inflation is over 8%, other metrics suggest the true inflation rate is really closer to 18%.
And this fact can be verified by simply going to the grocery store or eating out at a restaurant, as the cost for most foods in America have gone up by far more than 8% over the last 12 months.
And the worse part of the crisis is that wages haven’t even begun to keep pace with recent price increases.
“Wages for many workers haven’t kept pace with inflation, meaning they’ve lost purchasing power. Hourly earnings fell 3%, on average, in the year to September after accounting for inflation, according to the bureau,” adds CNBC.
With wages stagnant and inflation at a generational high, with food inflation at levels that haven’t been seen in nearly 50 years, it’s clear that inflation is the number one crisis facing America today.
Opinion polls say American voters agree, with most saying inflation is the top issue that will affect how they vote this year.
And that’s what is leaving Biden terrified, because he knows that if inflation is the top election issue of the year, his party will get swamped in the polls because Democrats in Washington, D.C. are almost single handedly responsible for the inflationary crisis gripping America today.