Inflation Becoming a Major Concern As Prices Rise Across the Board

Editorial Staff - January 13, 2022

The Washington Post claiming that prices rose 7 percent compared to a year ago as inflation is now at a 40 year high. The Daily Wire adds insult to injury claiming that with inflation factored in, wages decreased by 2.4 percent from December 2020 to December 2021.

Erick Randolf of the Georgia Center for Opportunity: “The problem is that we’ve established a new floor for prices that likely won’t go down in the coming years. Those impacts are most acutely felt in the areas that hit the pocketbooks of the lower income the hardest, such as food, rent, and energy. Now, it’s more important than ever to avoid pumping more stimulus into the economy that will only worsen the problem” as Facebook chimed in on the current crisis.

From the Wall Street Journal: The Labor Department said Wednesday that the consumer-price index rose 0.5% in December, or 7% in the last year. That’s the highest annual rate since 1982, when Paul Volcker was trying to wring inflation out of the economy with Ronald Reagan’s political support.

The current inflation numbers have caught the Federal Reserve and Biden Administration entirely by surprise, and they’re still not sure what to do about it other than to blame someone else, but isn't that just the Biden way?