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It seems like every few days a new piece of terrible economic news makes an appearance. As I recently shared, the year-over-year rise in inflation for May was 5%, one of the worst on record.
Now, things are getting worse, with production inflation seeing a 6.6% rise. That’s good for the worst jump in the nation’s recorded history.
JUST IN – United States producer price inflation jumps to 6.6% in May, the largest year-over-year increase in history.
— Disclose.tv 🚨 (@disclosetv) June 15, 2021
Guess who pays for inflation when it happens at the production level in regards to rises in raw materials? You guessed it, consumers pay the bill. All of this is getting passed on to you via everything from groceries and devices to energy costs. The futures on oil right now are over $100 a barrel going into next year. That means investors expect things to only get worse.
But hey, the Europeans love us again, and surely your local hardware store takes that as a currency, right?
Now, to be fair, some inflation was expected as demand rose following the pandemic. But to see these kinds of jumps is well past the point of any normal correction. All of this could have been managed in a way that didn’t hit normal Americans so hard and all at once. Instead, Joe Biden and his cohorts shoved through a massive COVID “relief” bill when the last relief bill hadn’t even been fully spent yet. When you inject cash into an economy at such a high rate, you are going to cause inflation.
The next move by Biden and his defenders will be to claim that this would have happened under any president. That’s just simply false. A Republican president would not have passed a $2 trillion relief bill when it was patently unnecessary, nor would they have extended enhanced unemployment benefits out until September of 2021 even as employers are begging for employees. This is on Joe Biden. He owns the results of his policies, and no amount of media misdirection will change that.
Meanwhile, the president continues to stumble around Europe as if everything is just fine back at home, flaunting his senility for the entire world to see. Things are not fine, though. Republicans have to become a full-blown opposition party. There should be no “compromise” on a $1 trillion+ infrastructure bill. Many consumers can not afford the inflation that we currently have, much less causing more of it with another unnecessary spending binge. Republicans should say no and look toward 2022.