Joe Biden has shattered a record most presidents never hope to approach: November marked a 9.6% year over year inflation rate for whole sale prices, the highest recorded in U.S. history.
While the Biden White House and its affiliates in the media and pundit classes attempted to rebrand Joe Biden’s disastrous economy as “The Biden Boom” last week, today began with the news that wholesale price inflation has risen by 9.6% over the last year, making it the worst year in record since the Bureau of Labor Statistics (BLS) began keeping the record in 2010.
In the opening paragraph of its news release, BLS noted that prices continue to be up, and “On an unadjusted basis, the final demand index rose 9.6 percent for the 12 months ended in November, the largest advance since 12-month data were first calculated in November 2010.”
The data began being published during President Barack Obama’s first term, after his administration’s overseeing of the Great Recession of 2008 lead to another financial crisis in 2009.
BLS / December 14, 2021
At the same time, iron and steel prices surged over 10%, and CNBC reports that “a host of other costs including gasoline, fruits and vegetables and industrial chemicals also increased.”
The Federal Reserve, in response, will begin a two-day meeting today in which it will consider expanding its “aggressive approach” to fighting what it considers to be the lingering consequences of the COVID-19 pandemic.
Some believe the entity has a duty to become even more aggressive due to the Omicron variant.
In layman’s terms, it appears most Americans should brace for prices to remain high and continue to increase as the White House’s alleged economic recovery continues to fail to manifest. The problem may be exacerbated further as winter approaches.
Last month National File reported that in Pennsylvania alone, energy prices are expected to spike up to 50% this year, with virtually everyone served by Peco Energy, which covers Philadelphia and its suburbs, seeing increases ranging from 1% to 13.9% to 50.2%.