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Friday, December 10, 2021

It'd Be Cheaper to Have Been Wrong

                                                           
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.
 
  
Breitbart Business Digest
December 10, 2021
 

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

 
 

TOP STORY

 
Bidenflation for Breakfast: Milk, Cereal, Bacon, Eggs, Muffins, Juice, Apples, Bananas, and Coffee Prices Soar
Getting the day started got much more expensive in November thanks to soaring inflation. Prices of nearly all breakfast foods are up sharply compared with a year ago, data from the Department of Labor showed Friday. Overall, the food at home inflation index was up 6.4 percent compared with a year ago after half a percentage point in November. Here are some of the big price hikes that are straining family budgets at breakfast. [Click here for more]
 

IN OTHER STORIES...

Worst Inflation Since 1982 as Consumer Prices Soar 6.8 Percent
U.S. inflation hit the highest level since in nearly forty years in November, cementing high and rising inflation as the hallmark of the first year of Joe Biden's presidency. The Labor Department said the consumer-price index—which tracks what consumers pay for goods and services—rose in November by 6.8 percent from... [Click here for more]
 
Bidenflation: New Cars and Trucks See Biggest Price Hikes Since 1975, Used Car Prices Up 31%
The cost of driving in America is accelerating–and not just because gas prices are up 60 percent from last year. The prices of new cars and trucks jumped a seasonally adjusted 1.4 percent in October and another 1.2 percent in November, data from the Department of Labor's Consumer Price Index showed Friday. Compared with a year ago, prices are up... [Click here for more]
 
CNBC Poll: Inflation Surpasses Coronavirus as Number One National Concern
Inflation has surpassed the coronavirus as the number one concern for Americans, a Friday CNBC poll revealed. The Labor Department announced Friday that runaway inflation reached a 40 year high in November, and Americans have marked inflation as the top national concern, transplanting coronavirus, crime, and... [Click here for more]
 
Bidenflation: November Saw Biggest Jump Ever in Restaurant Prices, Fast Food Up Record 7.9%
The next trip to your favorite fast food joint may not produce a happy meal. Prices at fast-food restaurants jumped one percent in November compared with October, a big monthly jump that followed months of unusually high... [Click here for more]
 
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Known for his network of conservative Web sites that draws millions of readers everyday, Breitbart had one main goal: to make sure the "liberally biased" major news outlets in this country cover all aspects of a story fairly. Breitbart is convinced that too many national stories are slanted by the news media in an unfair way. Here, Breitbart talks about the key issues that Americans face, how he has aligned himself with the Tea Party, and how one needs to deal with the liberal news world head on.

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