ThinkCivics News
An educated citizenry is a vital requisite
for our survival as a free people.
Join ThinkCivics+
  • Culture & Society
  • Economy
  • Health
  • US News
  • Faith
  • Science & Tech
  • World News
No Result
View All Result
ThinkCivics News
  • Culture & Society
  • Economy
  • Health
  • US News
  • Faith
  • Science & Tech
  • World News
Join ThinkCivics+
No Result
View All Result
ThinkCivics News
Join TC+
Home Economy

Major Inflation Spike As Consumer Prices See Biggest Increase Since 2008 Financial Meltdown

The Political Insider by The Political Insider
July 15, 2021
in Economy
Reading Time: 4 mins read
0
0
Major Inflation Spike As Consumer Prices See Biggest Increase Since 2008 Financial Meltdown

Consumer prices in June jumped to their highest point since 2008, an escalation that could indicate inflation will soar higher and endure longer than the White House had been hoping for.

According to CNBC, consumer prices “zoom[ed] up” at a 5.4% annual rate in June based on new data from the Labor Department, surpassing expectations from experts who had been expecting a 5% gain.

Core inflation, stripping out food and energy, rose 4.5%, the highest jump since 1991.

Additionally, 48% of small businesses have raised prices, the largest percentage in 40 years.

What does that mean to the average American?

Because prices are rising at the highest pace in decades, real wages are going down. On an annual basis, real average hourly earnings decreased by 1.7%, and real average weekly earnings fell 1.4%.

CNBC: Rising prices “zooming up” more than expected pic.twitter.com/8Xq7Og6RQR

— RNC Research (@RNCResearch) July 13, 2021

Inflation Here To Stay?

The numbers are a nightmare for the Biden administration which seemingly had an infallible, ironclad economic recovery set up for them as the President entered office in January and businesses began re-opening following the pandemic.

They have been denying that inflation will be a long-term concern, with Politico indicating that the White House has been “saying prices will ease later this year, a view shared by Fed Chair Jerome Powell.”

“The White House was counting on fleeting inflation,” Axios reports to the contrary. “Now, it’s starting to look like it could last.”

Sarah House, a senior economist for Wells Fargo’s corporate and investment bank, tells CNBC that inflation looks stronger than the administration is willing to concede.

“What this really shows is inflation pressures remain more acute than appreciated and are going to be with us for a longer period,” House says.

“We are seeing areas where there’s going to be ongoing inflation pressure even after we get past some of those acute price hikes in a handful of sectors.”

The danger of groupthink: “There is a new fear circulating inside the West Wing of the White House: Maybe Larry Summers was right.” https://t.co/dodInIMDvJ

— Josh Kraushaar (@HotlineJosh) July 13, 2021

Huge Uncertainties

Even liberal Former Clinton Treasury Secretary Larry Summers has been warning that President Biden’s lavish-spending agenda was creating the risk of a spike in inflation.

In an interview with Politico, Summers explains that his concerns have only grown.

“These figures and labor market tightness and the behavior of housing markets and asset prices are all rising in a more concerning way than I worried about a few months ago,” he said.

“This raises my degree of concern about an economic overheating scenario.”

Summers though does contend that there are “huge uncertainties” going forward, which could sway results.

BREAKING: Democrats To Ram $3.5T Biden Agenda Through Senate Without Bipartisan Support As Inflation Skyrockets https://t.co/gSV1dNqxQb pic.twitter.com/zZt5qcYFIy

— The Daily Wire (@realDailyWire) July 14, 2021

Despite these inflation indicators, Democrats stand poised to ram through a partisan $3.5 trillion spending bill that will “enact the full array of President Joe Biden’s social welfare” agenda.

Unfortunately for American workers, if nothing changes rising prices are “here to stay for years” according to economists surveyed by The Wall Street Journal.

The different ways Biden’s hidden tax of rising prices is hitting your pocketbook. https://t.co/GqZBHtG5Wd

— RNC Research (@RNCResearch) July 13, 2021

The Republican National Committee has labeled inflation a “hidden tax” brought to you by the President with more almost certainly on the way.

“On Biden’s watch, the money in your pocket is worth less and less – that’s the Democrats’ hidden tax on all Americans,” Tommy Pigott, Rapid Response Director for the RNC states.

This article was originally published by the Political Insider. Read the original article.

The Political Insider

The Political Insider publishes the authentic conservative voices of political insiders and award-winning contributors who believe in personal responsibility, limited government, free markets, individual liberty, traditional American values, and a strong national defense. Each one is committed to combating the overwhelming liberal bias in today’s media to give you, the reader, the unedited facts on real issues.

thepoliticalinsider.com/
Tags: CelebrityDemocratEconomyhidden taxinflationJoe BidenLabor Departmentlarry summersLifepoliticspresidentRepublicanRNCsocial welfare

Related Posts

Karine Jean-Pierre Throws Hissy Fit at Jeff Bezos for Blasting Bidenomics

Karine Jean-Pierre Throws Hissy Fit at Jeff Bezos for Blasting Bidenomics

July 3, 2022
“It Is Very Serious”: War And Weather Threaten To Send Food Prices Even Higher

“It Is Very Serious”: War And Weather Threaten To Send Food Prices Even Higher

July 1, 2022

Report: Americans’ Retirement Accounts Have Lost Trillions – TRILLIONS – In 2022

June 26, 2022

Last year’s July 4th Tweet From The White House Doesn’t Age Well About Biden’s Policies

June 23, 2022
Load More
Next Post
Black Lives Matter Releases a Horrific Statement on Cuba and It’s Time for the Reckoning

Black Lives Matter Releases a Horrific Statement on Cuba and It's Time for the Reckoning

GOP Senators Demand Answers After 60% Of Phones Used By Mueller Probe Go Missing

GOP Senators Demand Answers After 60% Of Phones Used By Mueller Probe Go Missing

The COVID Aftermath and Lessons Learned

The COVID Aftermath and Lessons Learned

TODAY'S TOP STORIES

  • Viral video shows Portland man lashing out at liberal white woman over traffic incident

    Viral video shows Portland man lashing out at liberal white woman over traffic incident

    0 shares
    Share 0 Tweet 0
  • Watch As Angry Man Confronts Climate Activist For Blocking The Road

    0 shares
    Share 0 Tweet 0
  • DeSantis Fires Back After Gavin Newsom’s Pathetic Anti-Florida Ad Is Revealed

    0 shares
    Share 0 Tweet 0
  • Loudoun County Superintendent Accidentally Says the Quiet Part About “Indoctrination” Aloud

    0 shares
    Share 0 Tweet 0
  • Protesters block, attack truck and horse trailer, driver runs them over

    0 shares
    Share 0 Tweet 0

‘Zero Trust in Our Government’: Spouse of WNBA Player Jailed in Russia Blasts Biden Administration

by ThinkCivics Newswire
June 22, 2022
0
‘Zero Trust in Our Government’: Spouse of WNBA Player Jailed in Russia Blasts Biden Administration
National Security

Joe Biden's ineptitude knows no bounds. As Obama famously said, "Don't underestimate Joe's ability to f*ck things up." So it's...

Read more

State Dept ‘racial equity’ czar said white colleagues too ‘protective of US, lack ‘humility, empathy’

by ThinkCivics Newswire
June 21, 2022
0
State Dept ‘racial equity’ czar said white colleagues too ‘protective of US, lack ‘humility, empathy’
National Security

A 2020 podcast episode with Desirée Cormier Smith resurfaced after the U.S. State Department appointed her on Friday to serve...

Read more

More countries looking at nuclear weapons programs because of Russia

by Hot Air
June 21, 2022
0
More countries looking at nuclear weapons programs because of Russia
National Security

Over the past year, we have seen multiple nations including the United States conducting tests of their nuclear-capable weapons delivery...

Read more

22 Democrats who voted against extra security for SCOTUS justices approved it for themselves after Jan 6

by ThinkCivics Newswire
June 15, 2022
0
22 Democrats who voted against extra security for SCOTUS justices approved it for themselves after Jan 6
National Security

Ahead of the highly anticipated decision that could overturn Roe v Wade, the House passed a bill on Tuesday to...

Read more
Karine Jean-Pierre Throws Hissy Fit at Jeff Bezos for Blasting Bidenomics
Economy

Karine Jean-Pierre Throws Hissy Fit at Jeff Bezos for Blasting Bidenomics

by RedState
July 3, 2022
0

Welp, this one started out bad — and quickly swirled down the White House personal-attack toilet. Zillionaire Amazon founder and...

Read more
“It Is Very Serious”: War And Weather Threaten To Send Food Prices Even Higher
Economy

“It Is Very Serious”: War And Weather Threaten To Send Food Prices Even Higher

by Zero Hedge
July 1, 2022
0

US agriculture executives are warning that war and extreme weather have put global food supplies in danger as skyrocketing food...

Read more
Report: Americans’ Retirement Accounts Have Lost Trillions – TRILLIONS – In 2022
Economy

Report: Americans’ Retirement Accounts Have Lost Trillions – TRILLIONS – In 2022

by The Political Insider
June 26, 2022
0

As if day-to-day living expenses weren’t depressing enough, a quick peek at your 401(k) statements might prove to be too...

Read more
Last year’s July 4th Tweet From The White House Doesn’t Age Well About Biden’s Policies
Economy

Last year’s July 4th Tweet From The White House Doesn’t Age Well About Biden’s Policies

by ThinkCivics News Staff
June 23, 2022
0

Last year, the White House tweeted one of the most famous tweets of all time. Prices for gas and groceries...

Read more
Facebook Twitter RSS

Brilliantly

SAFE!

thinkcivics.com

Content & Links

Verified by Sur.ly

2022

Recent News

  • The 2024 GOP Ticket That Will Win in Key Swing States
  • Karine Jean-Pierre Throws Hissy Fit at Jeff Bezos for Blasting Bidenomics
  • DeSantis Fires Back After Gavin Newsom’s Pathetic Anti-Florida Ad Is Revealed

Category

  • Culture & Society
  • Economy
  • Editorials
  • Education
  • Elections
  • Energy
  • Environment
  • Faith
  • Health
  • Immigration
  • Military
  • National Security
  • Politics
  • Science & Tech
  • US News
  • Videos
  • World News

© 2022 ThinkCivics Media. All Rights Reserved.

  • Login
  • Sign Up
  • Cart
No Result
View All Result
  • Home
  • About
  • Store
  • Contact Us
  • Join
  • Contribute

© 2022 ThinkCivics Media. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.