The Consumer Price Index (CPI), a key inflation index, hit its highest rate in OVER 40-years high in March. The CPI increased 8.5% over the past 12 months, the 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.
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 March, the CPI increased by 1.2%. to an annual rate of 8.5%.
- March was the largest 12-month increase since the period ending December 1981.
- Inflation has risen dramatically since Biden took office.
- This massive level of inflation is not the result of a so-called “Putin price hike,” but the failed policies of President Biden and House Democrats.
- Due to a 40 year high level of inflation, some economists estimate that the probability of a recession in the next 12 months is as high as 70%.
- Real wages have decreased under Biden 9 out of the 13 months since his first full month in office.
- Real average hourly earnings decreased 2.7%, seasonally adjusted, from March 2021 to March 2022.
- Since Biden came into office, real wages have declined by over 3%.
- Earnings are not keeping up with inflation.
- Americans are paying more for just about everything because of inflation:
- Gas is UP 48.0%
- Used vehicles are UP 35.3%
- Hotels and motels are UP 29.0%
- Lodging away from home is UP 25.1%
- Airline fares are UP 23.6%
- Car and truck rentals are UP 23.4%
- Uncooked beef and veal are UP 20.4%
- Bacon is UP 18.2%
- Pork is UP 15.3%
- Fresh and frozen chicken is UP 15.1%
- Ham is UP 14.6%
- Butter is UP 14.0%
- Frozen fish and seafood is UP 13.9%
- Milk is UP 13.3%
- New vehicles are UP 12.5%
- Eggs are UP 11.2%
- Roasted coffee is UP 11.7%
- Baby food is UP 10.8%
- 2021 went down as the worst year for inflation since 1981.
IT’S SIMPLE: Instead of addressing the root cause of inflation, out-of-control government spending, Joe Biden and House Democrats continue to push their Far-Left Socialist agenda, which will only exacerbate America’s economic crisis.