In November 2021, consumer prices in the United States rose unprecedentedly, marking a 40-year record of inflation. According to the Labor Department, the consumer price index has increased by 6.8 percent in November, compared to 2020 of the same year.
US inflation is impacting goods in every sector
The latest wave of inflation is impacting food items, used cars, and renting places, thus increasing the suffering of Americans.
Despite seeing the massive inflation, Biden noted the report does not account for the latest price declines. The president also mentioned the current numbers reflect the consequences of the pandemic on the markets, adding inflation in the US is very slow.
Expecting Horrible Inflation numbers in USA tonight…
Will set the stage for Fed to increase the pace of tapering..
Expecting anything else is wishful thinking.
— Maverick (@CyclesNavigator) December 10, 2021
Republican Senate Leader Mitch McConnell stated Democrats are responsible for the rising inflation, which is also backed by data. As per the latest CDI report, gasoline and used car prices rose by almost 6.1 percent and 2.5 percent, respectively.
Last month, Biden took notice of the chronic inflation, which was the highest in October since 1990. However, the latest report worsened the situation for Democrats.
Reportedly, a number of factors are responsible for the price hike, which includes a shortage of workers, the supply chain crisis, and rising demands, amid the holiday season.
Tucker Carlson censured the president for rising inflation
While some economists are assertive in putting the burden of inflation on Biden, others ignored such calls. One of the top economists at Berenberg Capital Markets, Mickey Levy, stated the low-interest rate by the Biden administration and weak pandemic legislation inflamed the crisis.
Levy also said Biden knew the political consequences of rising inflation, so he is trying to divert voters’ attention by blaming other factors.
Criticizing Democrats’ bid of rising inflation, Fox News contributor Tucker Carlson wrote in his opinionated piece that most lawmakers themselves are not aware of what they do.
Here’s the updated wage growth vs inflation graph. It is getting worse, not better. Good thing to show people who ask why Americans don’t feel the economy is improving. For most, it’s not. pic.twitter.com/M6czZon3TL
— Andy Puzder (@AndyPuzder) December 10, 2021
Carlson noted people are unable to buy the things they could in the past, which means Americans are getting poor, due to rising inflation. Accusing Democrats of hiding the true data, Carlson added people believe lawmakers are smart; however, they report inaccurate data in actuality.
Tucker Carlson also caught the loophole in Biden’s economic policy, adding when the administration prints too much currency, they end up bringing more money to the market. Ultimately, these sorts of practices devalue the currency present in the national circuit.
Democrats have often blamed the persisting supply chain crisis and pandemic-related measures for rising inflation, trying to get away from the crisis created by their own inefficiency.
However, inflation rates and Biden’s popularity dip have been directly proportional, which increases Democrats’ worries. On the other hand, some liberals said rising inflation is the primary driver of Democrats losing off-year elections, which poses a threat to their bid in the 2022 midterm elections.
In contrast to the rising inflation, the pay raises at most places are minimal, which is increasing worries of workers.