Runaway inflation has spiked to a brand-new thirty-year high as of August in the midst of global supply chain collapses and a corresponding spike in demand leading to spiraling prices. COVID19 lockdowns and restrictions are mostly to blame for what amounts to a truly self-inflicted economic crisis, but the reaction is worse than the cause. In a dizzyingly understated response, the Biden-Harris regime’s Federal Reserve Chairman Jerome Powell called the developing emergency “frustrating”. This reveals to the American people and to the world is that the Biden-Harris regime is in a complete state of disarray… at minimum.
According to CNBC “The core personal consumption expenditures price index, which excludes food and energy costs and is the Federal Reserve’s preferred measure of inflation, increased 0.3% for the month and was up 3.6% from a year ago. The monthly gain was slightly higher than the 0.2% Dow Jones estimate and the annual forecast of 3.5%.”
The numbers were disturbing:
- “PCE prices rose 0.4% for the month and 4.3% year over year, the highest since January 1991.”
- Energy prices have jumped 24.9%.
- Food prices have increased 2.8%
- Beef prices are up by 1.7% alone
- Overall goods have increased 5.5%
- Services have increased 3.6%
- Personal savings have dropped from 10.1% on average to 9.4%.
Forbes reported the leading causes of the inflation crisis are more complex than you might think. They’re tied to the COVID lockdowns sure but they explained, the ongoing chip shortage is also having a large impact on the tech and automotive sectors.
Inflation is Only “Transitory”
(Read As: The Biden-Harris Regime In Major Disarray Can’t Do Anything About It)
Most disturbing about the spiraling inflation which has many Americans circling the wagons, checking their food storage, and stockpiling emergency supplies of kinds having learned well from 2020’s shortages, is that the White House and the Democrat-Socialist Government is either blithely aware and intentionally doing nothing about it for their own ends or they’re just painfully ignorant and incompetent.
“Fed Chair Jerome Powell has said repeatedly that he is focused on getting back to full employment and that he won’t be swayed by temporary rises in inflation.
In fact, the Fed announced last August that it would tolerate higher inflation than its target rate for a modest period of time since inflation has been too low for the last 10 to 15 years. That said, the Fed doesn’t expect higher inflation to stick around once more people are back at work.
In testimony before Congress at the end of June, Powell acknowledged that inflation was up in recent months and blamed it on base effects, higher oil prices, consumers reopening their wallets, and supply chain issues.”
“As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal,” Powell said. It’s time to pay attention to our elders and anyone who grew up in or lived through a socialist takeover… they’ll hear Biden and Harris fiddling like Nero, and cup their ear saying ‘Wait… I know that song…’ We’re living in a rapidly falling state, ‘disarray’ is just the beginning.