(Video Credit: CNN)
Inflation has officially become the latest crisis to hit the Biden administration as U.S. consumer prices rose at the fastest annual pace in more than 30 years, squeezing American families on food, gas, and energy just before the holidays hit.
A myriad of woes are afflicting Biden as the supply chain bogs down and shortages become prevalent in America. Many experts contend that the current inflation is not “transitory” as Biden asserts and have severe doubts about his claim that the Build Back Better agenda will alleviate inflation.
The consumer price index rose an astonishing 6.2% year over year in October, according to the Labor Department. That is the largest annual gain since November of 1990. Prices reportedly jumped 0.9% month over month.
Senator Joe Manchin (D-WV) is calling out Biden over inflation. He tweeted on Wednesday, “By all accounts, the threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse. From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.”
By all accounts, the threat posed by record inflation to the American people is not “transitory” and is instead getting worse. From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.
— Senator Joe Manchin (@Sen_JoeManchin) November 10, 2021
Manchin didn’t mention Biden’s Build Back Better agenda in his statement but he has raised alarm bells for months over inflation, questioning if a sweeping social spending package would negatively impact the economy.
“Throughout the last three months, I have been straightforward about my concerns that I will not support a reconciliation package that expands social programs and irresponsibly adds to our nearly $29 trillion in national debt that no one else seems to care about. Nor will I support a package that risks hurting American families suffering from historic inflation,” Manchin remarked at a press conference.
“Inflation is broadening out,” remarked Greg McBride, who is the chief financial analyst at Bankrate. “In addition to food, energy, and shelter continuing to post outsized monthly increases, new and used car prices are once again shifting into overdrive.”
Americans are being rocked by massive increases in energy costs just before the onset of winter due to policies put in place by the Biden administration. Energy price rose 4.8% in October which is an increase of 30% over last year. That was due to a jump in the cost of gas which rose 6.1%.
Food prices are climbing as well. They were up .9% in October. The cost of food is up 5.3% year over year. Many believe it is much, much higher than that.
— Conservative News (@BIZPACReview) November 10, 2021
Other items not including food and energy, jumped .6% month over month and 4.6% during the last year.
New and used car prices are skyrocketing. A new car’s price rose 1.4% in October, while a used car went up 2.5%. Over the last year, new vehicles have gone up 9.8% in cost and used cars have risen a stunning 26.4%.
The cost of housing rose .5% in October and is up 3.5% since this time last year.
“We’re seeing early signs of an inflationary surge that’s likely to persist, with companies responding to rising input costs with cost increases of their own, which in turn causes higher input costs for others,” Brad Armstrong, who is a partner at Lovell Minnick Partners, noted to Fox News. “It’s a cycle that repeats itself.”
Biden urged Congress to pass his massive spending bill on Wednesday. “Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me,” he asserted.
“Seventeen Nobel Prize winners in economics have said that my plan will ‘ease inflationary pressures.’ And my plan does this without raising taxes on those making less than $400,000 or adding to the federal debt,” the president disingenuously claimed in a statement.
Americans are not happy over Biden’s inflation crisis:
Inflation reached a 30 year high in October.
Just in time for the holidays.
Joe Biden’s America.
— Rep. Jim Jordan (@Jim_Jordan) November 10, 2021
China gets automobile chips.
Russia gets a pipeline.
The Taliban gets US military equipment.
Americans get mandates, lockdowns, and inflation.
Are you paying attention?
— ACTforAmerica (@ACTforAmerica) November 9, 2021
If you got a 1% pay raise this year, but inflation went up by 7%, guess what?
You didn't get a pay raise.
— ERIK FINMAN (@erikfinman) November 10, 2021
Inflation is now at 6.2%, which represents a huge tax increase on the working class. Joe Biden is a much worse version of Jimmy Carter & the idea that the government spending trillions more is going to make inflation lower, which is what they are arguing, is absolute insanity.
— Clay Travis (@ClayTravis) November 10, 2021
These inflation numbers are a crime against humanity.
— Andrew Pollack (@AndrewPollackFL) November 10, 2021
Inflation is at a thirty-year high.
Biden: PASS TRILLIONS IN MORE SPENDING ARGLE BARGLE
— Ben Shapiro (@benshapiro) November 10, 2021
Inflation is at a 30-year high.
Thanks, Joe Biden.
— Sen. Marsha Blackburn (@MarshaBlackburn) November 10, 2021
CPI (Consumer Price Index) is actually worse than the expected: CPI Y/Y 6.6% vs. EST 5.8%
Team Biden will respond by saying that we need to pass trillions more in spending, which any sophomore will say only fuels inflation higher. There is no spin or speech that will fix this.
— Joe Concha (@JoeConchaTV) November 10, 2021
🚨Illegal border crossings are at an all-time high.
🚨Inflation is the highest in 31 years.
Joe Biden is responsible for crisis after crisis and the American people are paying the price.
— Ted Cruz (@tedcruz) November 10, 2021
Inflation should be the WH's #1 priority right now.
Instead, they're focused on telling businesses to ignore a federal court's block on their unconstitutional vax mandate.
— Rep. Ralph Norman (@RepRalphNorman) November 9, 2021
BREAKING: The official inflation numbers for October just came in at 6.2%.
The economists and politicians were completely wrong on inflation.
It was never transitory.
— Pomp 🌪 (@APompliano) November 10, 2021
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