The United States saw inflation of a whopping 7% in December year-on-year, according to the latest report of the Labor Department, which was released on Wednesday.
Thus, December became the second month in a row in which the US economy suffered its fastest-growing inflation on an annual basis since June 1982, when the figure stood at 7.1%.
In the last month of 2021, the Consumer Price Index (CPI) increased by 0.5%, compared with November. In November, the increase over October was 0.8%.
While abysmal, the latest inflation figures met the economists’ forecasts and so had a 0.4% spike on a monthly basis.
The Labor Department data also showed core prices still grew by 5.5% in December year-on-year, marking the highest annual spike since 1991.
Even though December saw energy prices decline slightly by 1.1%, they are still 29.3% above the levels from a year ago. The price of gasoline grew by a staggering 49.6% compared with last year.
Biden’s America: The highest inflation in almost 40 years and empty store shelves. pic.twitter.com/wk2VgFjdZD
— Rep. Barry Loudermilk (@RepLoudermilk) January 12, 2022
Inflation just hit another new high of 7% on the same day we will hit a new high on covid hospitalizations & cases. The border is near all time highs for illegal crossings, murder in many cities is at all time highs. Simple question: what has Joe Biden made better in a year?
— Clay Travis (@ClayTravis) January 12, 2022
Biden’s Shameless Excuses and Shy Admissions
In a rather shameless statement, Biden, the father of Biden-flation, sought to disparage the shocking inflation spike in December. Sleepy Joe claimed “we are making progress” since the growth of inflation is “slowing.”
Apart from mentioning some imaginary “meaningful reduction in headline inflation”, Biden cheekily blamed Biden-flation on global factors. He claimed it is a problem in every developed nation and the result of developed economies emerging from the “pandemic economic slump.”
At the same time, Empty Shelves Joe claimed “America is fortunate,” as he argued we have one of the world’s “fastest-growing economies.”
Later, he credited that partly to the “American Rescue Plan”, his $1.9 trillion COVID-19 relief package, which appears to be precisely one of the main causes of the skyrocketing inflation.
Today’s inflation numbers show a meaningful reduction in headline inflation over last month. We are making progress in slowing the rate of price increases. But there is still more work to do — I remain focused on lowering costs for families and maintaining strong economic growth.
— President Biden (@POTUS) January 12, 2022
Biden is Doing Exactly the Opposite of What’s Needed
Against this backdrop, former Reagan economic advisor Arthur B. Laffer lambasted Sleepy Joe Biden for doing “exactly the opposite” of what’s needed to stop consumer prices from skyrocketing further.
Back in 1980, Republican Ronald Reagan won the presidential election against Democrat Jimmy Carter, precisely on a ticket of taming inflation, which had reached a whopping 14%.
Reagan’s measures in that regard included reduction of non-defense spending of the US government, decreasing regulations, slashing taxes, and adopting stricter Fed policies to tighten the money supply.
Reagan’s top economic advisor, Laffer, now 81, the chief architect of the anti-inflation policy, told the Daily Mail in an interview that what Reagan did in the 1980s is “exactly the opposition” of Biden’s current doings.
Laffer said Reagan “cured inflation” by “healing the sick,” whereas Biden is now “creating inflation” by “infecting the healthy.”
The elderly economist noted the US economy under Empty Shelves Joe is going to have higher inflation, much bigger deficits, slower growth, declining economic participation, more poverty, and “weaker defenses.”
"It's highly unlikely that it's going to be long-term inflation that's going to get out of hand." — Joe Biden, July 2021pic.twitter.com/GUSYM9BuQH
— RNC Research (@RNCResearch) January 12, 2022
Inflation just hit a 40 YEAR HIGH📈
Biden’s failed economic policies and out-of-control spending have decimated our economy.
This is not "transitory" – it is just the beginning. pic.twitter.com/yI4fjyRPgz
— Congresswoman Beth Van Duyne (@RepBethVanDuyne) January 12, 2022
President Biden’s 33% approval rating is on the edger of catastrophic for Democrats in the 202 election.Young voters 24%, Independents 25%, Hispanics 28%.With 7% inflation,lies in his speeches, continued shortages,rising crime rates, continued illegal entries-25% approval is next
— Newt Gingrich (@newtgingrich) January 13, 2022