Joe Biden’s political career is in free fall.
The economy is in shambles and the American people overwhelmingly disapprove of his record.
And now, one shocking inflation report just shattered what was left of Biden’s re-election chances.
Joe Biden has spent the better part of the last six months taking a victory lap over inflation.
In fact, at one point, Biden declared that inflation was “zero”.
But now, with the January inflation numbers showing that the crisis is far from over, Biden has gone silent.
And it’s all because he knows that the latest inflation report just shattered the lie he had been constructing for several months.
Fox Business reports, “Inflation at the wholesale level rose more than expected in January, the latest sign that painfully high consumer prices could take some time to dissipate.
The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, rose 0.7% in January from the previous month. It marked the steepest monthly increase since early summer. On an annual basis, prices are up 6%.”
Not only is inflation not “zero”, but it’s actually rising.
And this comes after Biden told the American people that there was no crisis and that he had already solved the problem.
Now, it is obvious that Biden was lying to the American people for months.
The truth is, he has no clue what he is doing and with Biden himself openly pushing for several multi-trillion dollar spending bills that remain unpaid for, he is actually working to make the problem much worse.
“Those figures were both higher than the 5.4% headline figure and 0.4% monthly increase forecast by Refinitiv economists, a worrisome sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand with the most aggressive interest rate hike campaign since the 1980s,” adds Fox Business.
“Excluding the more volatile measurements of food and energy, core inflation rose 0.5% for the month — the highest increase since May 2022 and nearly double the Wall Street estimate.”
The latest inflation update deals a crippling blow to the narrative Joe Biden had been working on pushing for several months.
And with inflation back in the headlines, Biden will once again be placed on the defensive.
This comes at a time when Biden would love nothing more but to have inflation no longer appear in the minds of voters, who overwhelmingly say that they are poorer off than when he first took office.
If inflation remains one of the top issues heading into the 2024 election, Biden will almost certainly lose that race to either Donald Trump or Ron DeSantis.
To make matters even worse, higher inflation increases the odds that the Federal Reserve will continue to raise interest rates in the coming months, driving up the cost for things like home mortgages and car loans.
This will continue to place a severe drag on the economy at the very same time that Biden is desperately looking for any sort of improvement that he can take credit for.
And now, it seems more likely than ever that the American economy will continue to lag behind until Biden gets voted out of office.