Staff Reports
Oh boy, hold onto your hats, folks, ’cause here we go again! The latest jab to the gut for hardworking Americans comes in the form of yet another slap in the face from the Biden administration’s beloved inflation. The latest edition of the Consumer Price Index (CPI) made it clear that the cost of living just keeps on climbing, much to the dismay of everyday Americans.
Latest Inflation Report Brings More Bad News for Americans Ahead of the Holidays ? https://t.co/UXwhPy8uHT
— Spencer Brown (@itsSpencerBrown) December 12, 2023
In November, the Consumer Price Index waltzed right on up by 0.1 percent, and for the grand finale of a 12-month period, it had the audacity to spike by 3.1 percent. Like, come on, can’t a person catch a break for once? But wait, it gets better – or worse, depending on how you look at it. The Core CPI, which conveniently leaves out the wild swings of food and energy prices, pranced up by 0.3 percent in November, adding insult to injury with an annual increase of 4.0 percent. It’s like asking for a plain old cheeseburger and getting a 5-course meal bill.
According to those folks over at the Bureau of Labor Statistics, the cost of having a roof over your head (shelter) decided to skyrocket by a staggering 6.5 percent over the last year. Meanwhile, the food index made a 2.9 percent leap, making that bag of groceries feel more like a sack of gold. It’s as if the everyday essentials are taking a page out of the villain’s playbook, diligently plotting the demise of the American wallet.
Now, let’s chat about the holiday season, shall we? House Ways and Means Committee Chairman Jason Smith (R-MO) put it perfectly when he said that thanks to President Biden’s personal inflation parade, parents everywhere will find themselves juggling more than just ornaments and garlands. The ever-rising prices mean families are bound to feel the sting when trying to put together that festive holiday meal or wrap up presents for the little ones. It’s like the Grinch stole Christmas and left behind nothing but hefty bills and empty wallets.
And let’s not even get started on the impact on hardworking Americans’ wages. Since the era of Biden began, real wages have taken a dive by 3.7 percent. That’s over 24 straight months where inflation has outpaced wage growth, making the last two years feel like a financial rollercoaster that only goes down. And if that wasn’t enough of a punch to the gut, the Federal Reserve has been raising interest rates like it’s going out of style, reaching levels not seen since people were still asking Jeeves their burning questions. Mortgage rates have ballooned to a more than two-decade high at a whopping 7.8 percent, and credit card debt has soared past the $1 trillion mark.
But hold onto your seats because it doesn’t end there. Instead of lending a helping hand, President Biden and his buddies seem content to sit back and watch the chaos unfold. They’ll throw sparkly confetti over the disaster and tell everyone that everything is just peachy keen. The mainstream media isn’t helping much either, with the Associated Press doing its best impression of an ostrich in the sand, claiming that inflation “ticked down” when, in reality, it’s been frolicking in the opposite direction.
So, what’s the next act in this calamity-filled circus? All eyes are now on the Federal Reserve, waiting to see whether they’ll give struggling Americans a bit of reprieve or just turn up the heat by cranking up those interest rates even higher. It’s like watching a yo-yo, wondering if it’ll soar into the sky or come crashing down in flames. All we can do now is hope for the best and brace ourselves for the worst. As the saying goes, when it rains, it pours – and, boy, are we in for a deluge.
