We saw Wednesday’s jump in the consumer price index to June at 1.3 percent and 9.1 percent respectively, marking a record annual growth of more than 40% over 40 years.
The reaction of the Biden team was to try to spin the number as already “out-of-date,” because gas prices had come down a little. The White House Press Secretary Karine Jean-Pierre followed this strategy, as did NEC Director Brian Deese. This high number was in stark contrast to Ron Klain, White House Chief Of Staff, who predicted last year that we’d be at 2.1 by 2022.
But now the producer price index is out, and it’s jumped to 11.3 percent, at 1.1 percent, higher than the 0.8 estimate.
Fox Business’ Stuart Varney spoke about how bad it was, with his guest, market watcher David Nicholas.
Year-over year wage growth has fallen by almost 4%
— David Nicholas (@DavidANicholas) July 14, 2022
Nicholas stated that this was a sign of things to come. In other words, the claims of the Biden team — that the CPI numbers were outdated — were bunk. This number indicates that the administration’s assessment is wrong, yet again. Nicholas pointed out that wage growth rose by half an percent month-over month but the CPI increased more than 1.1 percentage, which means the real wage increase was still lower. Also, he explained that wages were down by 4 percent annually. Biden lies about it constantly, saying that real wages have risen.
Joe Biden is president of the pay-cut.
Year-over-year real wage growth – your paycheck accounting for inflation – has been negative EVERY SINGLE MONTH since Biden passed his $1.9T “stimulus.”
By contrast, real wages were only negative one month during Trump’s entire 4-year term. pic.twitter.com/2a1aR5yiU8
— Tommy Pigott (@TommyPigott) July 11, 2022
Peter Schiff, economist, observed that these PPI costs will likely be passed onto consumers in the near future. “Meanwhile, weekly unemployment claims shot up again, hitting 244K, the highest level since Nov. of 2021,” he noted.
In June, the PPI jumped more than anticipated by 1.1% and 11.3% YoY. Businesses will be under greater pressure to pass their increased costs onto consumers, which means there is more pressure for them to do so. Despite this, weekly unemployment claims rose again to 244K. This is the highest number since Nov. 2021. #Recession+ High #inflation.
— Peter Schiff (@PeterSchiff) July 14, 2022
The First #economists #inflationThe effect was only temporary. It was then said to be peaking. They have yet to prove either of these statements true. #PPIIt is nearing its 1974 peak. pic.twitter.com/Eqh6XOFK9W
— Richard Bernstein Advisors (@RBAdvisors) July 14, 2022
Biden has been fond of trying to attack President Donald Trump by claiming that there were “long lines” for food during Trump’s term.
BIDEN – “Remember the long lines of cars waiting miles to receive a small box of food?
This is what’s going on today, as parents desperately wait for baby formula. pic.twitter.com/jabNGfz7mT
— RNC Research (@RNCResearch) June 14, 2022
During the pandemic, however, the economy was temporarily shut down. It was not his fault for economic policies. Meanwhile, there are long lines now at food banks around the country, according to the AP, and that’s all on Joe Biden due to his horrible policies.
The PPI shows that relief may not come soon, unfortunately.