Inflation is rising at the fastest rate seen in 40 years, and it is making life more expensive for all Americans.
In January, inflation accelerated to a 7.5 percent annual rate, the Labor Department announced in a news release.
This means that the average household is spending an extra $250 each month, The Wall Street Journal reported.
“A lot of people are hurting because of high inflation. $250 a month — that’s a big burden,” Ryan Sweet, a senior economist at Moody’s Analytics who conducted an analysis of the inflation, told the Journal.
Inflation has been above 5 percent for the past nine months. But the new acceleration in January was the highest spike in consumer goods since 1982.
This is an economic disaster for President Joe Biden, which is especially dangerous for him as the 2022 midterms get closer and closer.
However, Biden seems to be blissfully unaware of the fact that Americans are suffering.
On Jan. 23, the president tweeted about how great the economy is, saying, “Our economic plans are working.”
Here’s the deal: America is the only leading economy in the world where the economy as a whole is stronger than before the pandemic.
Our economic plans are working.
— President Biden (@POTUS) January 23, 2022
But this is false optimism. Across the entire economy, prices are rising, hurting consumers.
Grocery prices are spiking yet again, CNN reported. Everyone can expect to pay more for meat, dairy, eggs and more.
Energy costs are up about 27 percent, with gas prices spiking 40 percent from last year, the Daily Mail reported. It is also costing more to heat homes, as the cost of piped natural gas went up almost 25 percent and electricity rose over 10 percent.
Hospital bills jumped 3.6 percent.
Used car prices are up 40.5 percent.
Every aspect of life is costing Americans more.
Even Democrats are starting to edge away from Biden as his policies hobble rather than heal the economy. Many have focused on his Build Back Better plan, which would cost about $1.7 trillion.
Democratic Sen. Joe Manchin took a shot at his own party in a Thursday statement on the increasing inflation and Biden’s bloated spending plan.
“As inflation and our $30 trillion in national debt continue a historic climb, only in Washington, DC do people seem to think that spending trillions more of taxpayers’ money will cure our problems, let alone inflation,” Manchin said.
Meanwhile, Republicans are lambasting Biden for the damaging inflation.
Florida Sen. Rick Scott said the new data “marks a sad anniversary for American families: one year of Joe Biden’s failed policies and reckless spending causing historic inflation and skyrocketing prices.
“President Biden has taken our economy and flushed it down the drain,” Scott said in a statement. “Worse, he doesn’t seem to be bothered by that at all.”
While the economy limps along, the Biden administration is limping alongside it.
Fortunately, the record inflation will only hurt Democrats in the upcoming midterms, which could perhaps give the economy a chance of revival.
This article appeared originally on The Western Journal.