Annual inflation highest in 30 years as October increase outpaces expectations

Just days after President Joe Biden celebrated the latest job numbers and trumpeted the economy, he got another blow with the news that annual inflation has now hit a 30-year high after a bigger increase than expected in October.

The consumer price index (CPI) rose .9% last month and 6.2% over the last 12 months, which is the highest rate the U.S. has seen in 30 years.

Inflation continues to get worse; the CPI was expected to rise .5% after rising .4% in August, and 5.8% annually.

Although it may be pretty easy to get a job in the U.S. right now, consumers are dismayed to be paying more for food, gas and energy, and housing than they did last year and before the pandemic.

National debt spiking

Voters are generally blaming Biden for the increases, due to his spending policies that have added trillions to the national debt and flooded the economy with cash.

The pandemic caused some shortages as the supply chain tried to adjust to more demand in areas like lumber, home improvement items, and groceries.

Housing prices spiked as fewer new homes were built during COVID-19 outbreaks, and as people moved to homes that better suited their lifestyles during the pandemic.

But all the government spending also contributed to the problems, and now a supply chain crisis exists because of a worker shortage throughout the country.

Energy, meat leading spikes

Some of the biggest sectors driving inflation were energy prices at 4.8% and meat, which drove the bulk of a .9% increase in overall food prices.

Biden acknowledged the increases but as usual, didn’t really take steps to do much about them or offer any viable solutions to the problem.

He’s feeling pressure to scale back his plans to spend almost two trillion more on his “Build Back Better” Act amid the price increases, even though he has said the bill won’t really cost anything because it is “paid for” by tax increases and unspent funds in other areas.

“From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day,” chief skeptic of the bill Sen. Joe Manchin (D-WV) tweeted on Wednesday.

We can only hope that something manages to stop the spending soon, before we look more like Venezuela than the leading economic superpower of the free world.

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