Today's Top Stories From the Breitbart News Desk
Most political debates never really get resolved. Even something as stupid and obviously false as the Russia Hoax somehow manages to hang around in the minds of its advocates or gets brushed into a memory hole to fester. More important questions of public debate just remain open questions until they are forgotten.
That's not the case with what we have come to call Bidenflation. There's no longer any doubt that inflation has become the hallmark of the first year of the Biden administration. On Friday, the Department of Labor reported that the Consumer Price Index has risen 6.8 percent over the past 12-months, the highest year-over-year inflation rate since 1982. Instead of fading as we move toward 2022, inflation has picked up pace and broadened into every category of consumer goods and services.
Inflation is running at multi-decade highs in many corners of the economy. Food inflation is particularly hot. Restaurant prices rose at the fastest pace since the mid-seventies. Fast food prices are up 7.9 percent, the biggest annual jump ever recorded. Used cars are up a mind-boggling 31 percent; and new cars up 11.1 percent, the most since 1975.
In a kind of gallows humor, Americans have begun cracking jokes about inflation. On Friday, we heard someone say they were going to buy a new car, hoping to flip it in a few weeks for a profit as a used car. But the truth is that inflation is hurting Americans by erasing their wage gains and diminishing their savings. Kids around the country will find fewer gifts under the Christmas tree because mom and dad just could not afford as much this year.
Bob Hope supposedly once said that inflation got so bad that the grocery store down the street from him started renting meat. That seems a bit less ridiculous in an era where meat prices are up 16 percent annually, steaks are up nearly 24 percent, and a rack of ribs is up 22 percent.
Now that inflation is undeniable, the Biden administration has taken to pointing out that inflation is hitting all around the globe. This is an almost childish attempt to deflect the blame. And inflation is much higher in the U.S. than in Europe, despite the fact that Europeans are suffering from many of the same supply chain problems that have afflicted the U.S. Sure, it's worse in Russia, Brazil, and Turkey, but that's hardly reassuring.
For our part, we'll admit that it has been fun to be right about inflation when so many of the good and the great were wrong. We just wish it weren't so damn expensive.
– Alex Marlow & John Carney
Breitbart News Network
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