Economy

Inflation Hits Highest Point Since 1982 Under Biden Administration

Written by Andrew Morris

New reports have come in this week by the Labor Department which stated a .8% goods and service cost increase in the consumer price index over the past month, extrapolating to a 6.8% yearly increase, topping rates since June of 1982.

Furthermore, energy prices have increased by a staggering rate of 33.3% over the past year, including a 58.1% gasoline price increase, forcing people from every walk of life to pay far more on energy than almost any other service.

This is not to discredit other rises elsewhere however, as used car and truck prices have peaked at an incredible 31.4% increase this year, making an already bloated market even more expensive.

The Labor Department also included statistics on food prices, stating they have topped records in at least the last 13 years, as they reached 6.1% this year.

Speaking of records, housing costs have continued to increase at a rate of 3.8% this year, the highest since the 2007 housing crisis more than 13 years ago.

In light of all this, analysts speculate a spike in inflation by more than 7% by year’s end, making it one of the worst years in recent history as the direct result of the Biden Administration.

Many leftist politicians attribute the high inflation as the direct result of Covid-19 Pandemic relief efforts, but people actually educated on the subject say otherwise.

“There’s no question no matter how you look at it, even if you take out the extremes caused by the pandemic, it’s still very high inflation,” said Randy Frederick, managing director of trading and derivatives at Charles Schwab. “This is still supply chain disruption, semiconductor-related inflation.”

Even banks are starting to see the blood in the water, as officials have stated their intent to slow their assistance of the Administration. 

As all this comes to light, President Biden is starting to take serious hits in his approval rating, sticking at a record low 41%. As we transition into the first semi-normal year since 2019, and the second year of Biden’s presidency, hopefully the current trend will subside and prices will return to normal, though the reality looks to be significantly gloomier.

Photo Cred: Patrick Semansky/AP