Staff Reports
Oh boy, buckle up folks! The U.S. Bureau of Labor Statistics just released the October Consumer Price Index, and it’s a doozy! Despite what the Biden administration and Democrats will try to tell you, inflation is not magically disappearing. Nope, it’s still here and it’s wreaking havoc on American families.
Why October's Inflation Report Is Anything But Good News
https://t.co/G0V5G4SzTn— Townhall.com (@townhallcom) November 14, 2023
According to the BLS, consumer inflation remained unchanged in October, but here’s the kicker: it’s still up a whopping 3.2 percent over the past year. That’s way above the Federal Reserve’s target inflation rate of 2.0 percent. And if you think that’s bad, hold onto your hats! Core CPI inflation, which excludes food and energy prices (because who needs those, right?), rose by 0.2 percent in October for a grand total of 4.0 percent over the past year. Yikes!
But wait, there’s more! Democrats will try to twist this data like a pretzel to make it seem like everything is hunky-dory. They’ll conveniently ignore the inflation reports from the last three years of Biden’s time in office. They’ll claim that things are going in the right direction and that Americans have nothing to complain about. Well, let me tell you, that’s a load of baloney.
Economist E.J. Antoni from the Heritage Foundation took a closer look at the October CPI report and boy, did he uncover some juicy details. Turns out, inflation has been piling up on Americans for years now. Despite what Biden says, it’s definitely not coming down. Sure, it might be growing at a slightly slower rate, but it’s still piling up on top of the already sky-high inflation rates. It’s like adding insult to injury!
And guess what? Just in time for the holiday season, prices are actually at least 17 percent higher than they were before Biden took office. I hope you’ve been saving up those pennies because you’ll need ’em. Oh, and remember when Biden promised higher wages? Yeah, about that. Turns out, real wages are still below where they were when he took office, all thanks to good ol’ inflation. Way to go, Biden!
But it gets even worse, my friends. The economic pressure caused by inflation has led to a five percent decline in actual earnings. Employers are cutting costs left and right, and unfortunately, that means cutting workers’ paychecks too. They’re reducing the number of hours workers are scheduled, and that leaves hardworking Americans with lower incomes. Talk about a punch to the gut!
And let’s not forget about the Federal Reserve’s role in all of this. They’ve been hiking up interest rates in a feeble attempt to combat inflation, but it’s not working. In fact, it’s only making matters worse. Thanks a lot, Federal Reserve!
So, brace yourselves, folks. Thanks to Biden’s brilliant economic plan (insert eye roll here), things are only going to get tougher. Get ready for more economic hardship, sky-high heating bills this winter, and the “most expensive Thanksgiving ever.” Doesn’t that just put a smile on your face? *sarcasm intended*
Remember, folks, it’s time for a reality check. Bidenomics is not the solution. It’s the problem. We need real solutions, not empty promises. Stay strong, America!
