The Consumer Price Index (CPI), a key inflation index, hit its highest rate in OVER 40-years high in May. The CPI increased 8.6% over the past 12 months, its highest rate since December 1981.
MAKE NO MISTAKE: Inflation is a tax on ALL Americans, and it has steadily increased over the span of Joe Biden’s failed presidency. As inflation has continued to skyrocket, wages have actually DECREASED.
BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:
- Inflation is a tax on ALL Americans.
- In May, the CPI increased 8.6%for the 12 months ending May, the largest 12-month increase since the period ending December 1981.
- Wages are not keeping up with inflation, and have actually DECREASED, while prices for goods have risen.
- Real wages are down nearly 4% from the beginning of the Biden Administration.
- Real average hourly earnings decreased 3.0%, seasonally adjusted, from May 2021 to May 2022.
- Real wages have decreased under Biden 10 out of the last 12 months.
- Americans are paying more for just about everything because of inflation:
- Fuel oil is UP 106.7%
- Airline fares are UP 37.8%
- Eggs are UP 32.2%
- Public transportation is UP 26.3%
- Hotel and motel lodging are UP 22.2%
- Butter and margarin is UP 20.2%
- Fresh and frozen chicken parts are UP 19.3%
- Energy services is UP 16.2%
- Used cars and trucks are UP 16.1%
- Citrus fruits are UP 16.1%
- Milk is UP 15.9%
- Bacon is UP 15.6%
- Roasted coffee is UP 15.6%
- Frozen fish and seafood is UP 14.0%
- Flour is UP 13.7%
- Pork is UP 13.3%
- Baby food is UP 12.9%
- New vehicles are UP 12.6%
- Beef and veal are UP 10.2%
- Most Americans expect inflation to get worse in the next year and are adjusting their spending habits in response to rising prices.