According to the Labor Department earlier this week, inflation caused by massive Democrat spending bills on top of a supply chain crisis and a regulatory war on fossil fuels, is now in overdrive, as noted in a report from CNBC:
The consumer price index, a broad measure of everyday goods and services related to the cost of living, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked the fastest pace for inflation going back to November 1981.
Excluding volatile food and energy prices, so-called core CPI increased 5.9%, compared with the 5.7% estimate. Core inflation peaked at 6.5% in March and has been nudging down since.
On a monthly basis, headline CPI rose 1.3% and core CPI was up 0.7%, compared to respective estimates of 1.1% and 0.5%.
Taken together, the numbers seemed to counter the narrative that inflation may be peaking, as the gains were based across a variety of categories.
“CPI delivered another shock, and as painful as June’s higher number is, equally as bad is the broadening sources of inflation,” said Robert Frick, corporate economist at Navy Federal Credit Union.
“Though CPI’s spike is led by energy and food prices, which are largely global problems, prices continue to mount for domestic goods and services, from shelter to autos to apparel.”
Americans' real wages have fallen for 15 straight months, as Zero Hedge noted.
The inflation news is so bad that even some Democrats are now getting nervous, especially as Joe Biden's approval rating continues to tank.
Sen. Joe Manchin of West Virginia addressed the issue this week, echoing a familiar theme that he believes massive government spending is in large part responsible for runaway inflation, now at the highest levels in more than 40 years.
“Today’s inflation data illustrates the pain families across the country are feeling as costs continue to rise at a historic rate,” Manchin said in a statement posted to his Senate website.
“9.1% is cause for serious concern. Items like chicken, eggs and lunchmeat have increased to new highs, while energy costs rose more than 40% in June with those that can least afford it suffering the most.
“It is past time we put our country first and end this inflation crisis. For more than a year, leaders in Washington have ignored the serious concerns raised by myself and others about the rising cost of inflation,” he continued.
“While Washington seems to now understand this reality, it is time for us to work together to get unnecessary spending under control, produce more energy at home and take more active and serious steps to address this record inflation that now poses a clear and present danger to our economy,” Manchin added.
“No matter what spending aspirations some in Congress may have, it is clear to anyone who visits a grocery store or a gas station that we cannot add any more fuel to this inflation fire,” he said.
Meanwhile, Biden's dismal approval rating is a worsening problem.
In April, when he began polling in the upper 30s, Democratic strategists began to hit the panic button.
“It’s bad,” an anonymous Democratic strategist said, according to The Hill. “You have an energy crisis that’s paralyzing and inflation is at a 40-year high and we’re heading into a recession. The problem is simple. The American people have lost confidence in him.”
“Everyone needs to come to terms with the reality that we’re going to get slaughtered in November,” the strategist reportedly continued. “That’s a fact. His polling has gotten worse, not better. It’s indicative of the fact that people have lost confidence in his leadership. There’s nothing they’re going to be able to do.”