Staff Reports
In a shocking turn of events that continues to defy all reason, the fantastical claims coming out of President Biden’s administration about inflation being “down” and prices “falling” have once again been proven to be completely detached from reality. The latest Consumer Price Index (CPI) report for January 2024 reveals that not only is inflation still on the rise, but it’s actually picking up speed at a faster rate than what the so-called “experts” predicted. This is just another painful reminder of the catastrophic impact of Biden’s disastrous economic policies.
Oh Look, Another Inflation Report Destroying Biden's Claim That It's 'Falling' https://t.co/apcCXM9swt
— Laconia17 ??????????????? (@Laconia171) February 13, 2024
According to the Bureau of Labor Statistics (BLS), the CPI for all items surged by 0.3 percent in January, resulting in a staggering 3.1 percent increase from last year. And if that wasn’t bad enough, since Biden assumed office in January 2021, prices have skyrocketed by a mind-boggling 17.9 percent. That’s right, nearly two years of Biden’s economic mismanagement have led to nearly 18 percent overall increase in prices. Thanks, Biden.
The chief culprit behind January’s inflation spike? Surprise, surprise – it’s none other than the ever-growing cost of shelter, accounting for more than two-thirds of the month’s inflation. And here’s the real kicker – when you strip away the more volatile food and energy indexes to get to the core CPI inflation, the numbers are even more horrifying. Core CPI inflation shot up by a whopping 0.4 percent in January, resulting in a 3.9 percent increase over the last 12 months. This is well beyond the Federal Reserve’s target rate of 2.0 percent inflation. Yet, despite this economic dumpster fire, the Federal Open Market Committee (FOMC) is still toying with the idea of decreasing interest rates. You couldn’t make this stuff up if you tried.
Job Creators Network CEO Alfredo Ortiz didn’t mince his words when he said that the January CPI report is a glaring indication that inflation remains “historically high” and is definitely not something to celebrate. He pointed out that everyday Americans are feeling the pain of rising prices everywhere they turn – from groceries to car payments to home and auto insurance. This is an undeniable crisis, and it’s a direct consequence of the Democrats’ ruinous policies, such as their reckless spending and their aversion to affordable energy solutions.
Treasury Secretary Janet Yellen’s bleak outlook on the situation only adds insult to injury for hardworking Americans who have been suffering from stagnant wages and an ever-increasing cost of living. The Biden administration’s feeble attempts to downplay the severity of the situation as “transitory” has fallen flat on its face. White House Press Secretary Karine Jean-Pierre’s claim about prices falling is an insult to the intelligence of the American people, especially when the cold, hard numbers clearly indicate otherwise.
The only solution to this economic nightmare is to stand behind candidates who champion free enterprise, domestic energy production, deregulation, tax cuts, and the American dream. It’s time to put an end to the delusional policies that have brought our economy to its knees and embrace a future that is built on common sense and prosperity.
