The Democrats were hoping Joe Biden’s presidency couldn’t get any worse.
But it turns out ‘Creepy Uncle’ Joe just couldn’t help himself.
That’s why Joe Biden and the Democrats were left trembling when they saw this new shocking report.
Inflation rose more than 7.5% in January, the highest in 40 years, since 1982.
And as usual with this administration, it was completely unexpected.
Joe Biden, who seems continually confused, appeared even more so upon hearing the new numbers, and his White House spin doctors were at a loss to try and explain away the bad news.
The four-decade high inflation numbers come as strong consumer demand can’t be met thanks to government COVID measures that have led to supply-chain snarls.
Additionally, the nationwide effort to pass higher and higher mandatory minimum wages have caused spikes in prices.
This has fueled massive price increases that of course wiped out any benefits of rising wages for most Americans, especially those who were supposed to benefit from minimum wage increases.
And the real problem is, despite Biden’s claims to the contrary, these are not just increases in gas and food prices that will be “brought down” by his efforts.
In fact, so-called core prices, which exclude the more volatile food and energy sectors, climbed a whopping 6% in January, a sharp increase from December, when it rose 5.5%.
These core prices saw the highest 12-month increase since August 1982.
And most rational economists and political observers realize this is not the end. In fact, we may just be seeing the beginning of “Bidenflation.”
Seema Shah, chief strategist at Principal Global Investors told Fox News, “U.S. annual CPI is the highest since 1982, and what’s worse is that this likely isn’t the peak. Higher-than-expected monthly gains in core CPI indicate continued underlying heat and will do nothing to relieve pressure on the Fed to tighten sharply and urgently.”
Not surprisingly, stocks declined sharply after the report, with tech stocks leading the dive.
Price increases were seen across the board. And although not as high as they were, it’s important to note that overall they are still towering over what they were from 2016-2020.
For example, energy prices rose just 0.9% in January, but they’re still up 27% from last year.
And gasoline, on average, costs 40% more than it did last year.
Food prices have also climbed 7% over the last year, while used car and truck prices – a major component of the inflation increase – have skyrocketed to 40.5% higher than they were.
The inflation spike has been bad news for President Biden, and the Democrats.
Biden has seen his approval rating crash to under 40% as consumer prices rise.
While the White House has blamed the price spike on supply-chain bottlenecks and other COVID-induced disruptions in the economy, Republicans blame it on the Biden’s massive spending agenda and his failed energy policies targeting the oil and gas industries.
Clearly, the American people blame Joe Biden and his socialist policies, and lockdowns.
The real question is will they still be blaming Biden and the Democrats come November.
Stay tuned to Right News Wire for more updates to this ongoing story.