Inflation is taxation, and it has gone up every month of Joe Biden’s presidency.
The Consumer Price Index (CPI), a key inflation index, hit a 40-year high in December. The CPI rose 7% in December compared with a year ago, the largest annual increase since 1982. What is worse is 2021 went down as the worst year for inflation since 1981.
December’s CPI report is the latest sign is that Biden and House Democrats’ out-of-control spending is only worsening our economic crisis as Americans are now making less while paying more for just about everything.
BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:
- Inflation is a tax on ALL Americans.
- Inflation has increased every month of Joe Biden’s presidency.
- In December, the CPI increased by 0.5% to 7%.
- 2021 went down as the worst year for inflation since 1981.
- Real wages have decreased under Biden 8 out of 11 months since his first full month in office.
- Real average hourly earnings decreased 2.4 percent, seasonally adjusted, from December 2020 to December 2021.
- Americans are paying more for just about everything because of inflation:
- Gasoline is UP 49.6%
- Used cars and trucks are UP 37.3%
- Rental cars and trucks are UP 36.0%
- Propane, kerosene, and firewood are UP 33.8%
- Beef and veal are UP 18.6%
- Bacon is UP 18.6%
- Livingroom, kitchen, and dining room furniture is UP 17.3%
- Pork is UP 15.1%
- Washing machines are UP 12.1%
- Fresh and frozen chicken is UP 11.5%
- Eggs are UP 11.1%
- Men’s suits are UP 10.7%
- Fish and seafood is UP 10.2%
- Women’s dresses are UP 8.0%
- Roasted coffee is UP 6.9%
- Food away from home is UP 6.0%
- December’s CPI Report follows the worst jobs report of Biden’s presidency:
- The December jobs report was the worst of Joe Biden’s presidency with only 199,000 jobs being added.
- The labor force participation rates decreased for the following demographics:
- African American men 20 and older
- Asian Americans
- Hispanic or Latino Americans
- The number of persons not in the labor force who currently want a job was little changed at 5.7 million in December.
IT’S SIMPLE: Instead of addressing the root cause of inflation out-of-control government spending, President Biden continues to push his Far-Left Socialist reconciliation package, which will only exacerbate America’s economic crisis.