When you think of record breaking things, you usually think of good things, right? Fastest mile ever run. Best gymnastics score in Olympic history. Longest word ever spelled in a spelling bee. Notable things worth remembering that people feel proud of accomplishing.
But that’s not the record that Joe Biden managed to break recently. No, Joe, in typical Biden fashion, proceeded to screw the whole thing up.
What did Biden do? Biden managed to have the highest inflation rate in thirteen years. In other words, Biden’s economy has the biggest increase in prices since August 2008.
If you want more detail, Lucia Mutikani writes,
U.S. consumer prices rose by the most in 13 years in June amid supply constraints and a continued rebound in the costs of travel-related services from pandemic-depressed levels as the economic recovery gathered momentum.
The consumer price index increased 0.9 percent last month, the largest gain since June 2008, after advancing 0.6 percent in May, the Labor Department said on Tuesday.
In the 12 months through June, the CPI jumped 5.4 percent. That was the largest gain since August 2008 and followed a 5.0 percent increase in the 12 months through May. Excluding the volatile food and energy components, the CPI accelerated 0.9 percent after increasing 0.7 percent in May.
The so-called core CPI surged 4.5 percent on a year-on-year basis, the largest increase since November 1991, after rising 3.8 percent in May. Annual inflation rates have been boosted by the dropping of last spring’s weak readings from the CPI calculation. These so-called base effects are leveling off.
Hey, Biden is setting records. Should we celebrate? I mean, some liberals have suggested that inflation is a good thing because it can mean higher pay for some people. Never mind the fact that if everything costs more, that pay raise does not mean that they’re actually keeping more money in their pockets.
No, this is the kind of effect that we see from economies when liberals are in charge. You would be wise to consider how you can safe guard your investments and income from this inflationary surge. It could get worse.