How about that Biden Boom, you guys?!
The consumer price index (CPI) rose 6.8% from November 2020 to November 2021, the fastest increase since June 1982.
That is also six months straight of inflation over 5%.
The administration will likely concentrate on the 0.5% (excluding food and energy) rise from October to November because holy moly. 6.8%! ORANGE MAN BAD. WHITE SUPREMACY. Or something.
Even if you take out food and energy inflation rose 4.9% in the past 12 months, which is higher than the 4.6% rise in October. That increase was the highest since 1991!
Everything skyrocketed in the past 12 months. EVERYTHING. The increases in food and energy are “the fastest 12-month gains in at least 13 years.”
Biden has long downplayed inflation, using it in November to boost the need for his trillion-dollar Build Back Better bill: “Fortunately, in the weeks since the data for tomorrow’s inflation report was collected, energy prices have dropped. The information being released tomorrow on energy in November does not reflect today’s reality, and it does not reflect the expected price decreases in the weeks and months ahead, such as in the auto market.”
Okay, bro. If you say so. Cannot wait to hear you brush aside this report.
You cannot use wage increases to ignore inflation.
You cannot use any jobs report to ignore inflation.
My friend Rudy Havenstein on Twitter is a genius. I don’t know who runs the account, but it is worth a follow whether you’re a finance geek or not.
Rudy is a straight arrow and the most intelligent finance mind on the interwebs. He’s been calling out the Fed and warning about massive inflation for months. He is on a roll RTing his old tweets. (Note the dates on the tweets)
The brilliant Scott Lincicome is right on the money.
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