Joe Biden was just handed this devastating news that left Democrats sweating bullets
With the Midterm elections fast approaching, both Parties are grasping for any advantage they can find.
But there is one political albatross hovering over the Democrat Party.
And Joe Biden was just handed this devastating news that left Democrats sweating bullets.
The August inflation report just arrived.
And it’s worse than the experts predicted.
Prices rose at a faster rate in August than July, and inflation shows no sign of cooling down.
Compared with a month earlier, the Bureau of Labor Statistics’ Consumer Price Index rose one-tenth of a percentage point. On a year-over-year basis, the CPI was up 8.3 percent.
Both were higher than expected. Economists had expected CPI to rise 8.1 percent compared with a year ago. The month-over-month figure was expected to down one-tenth of a percentage point. In July, the Labor Department said CPI was up 8.5 percent compared with a year earlier and unchanged compared with June. Prices were up 9.1 percent in June compared with a year earlier and rose 1.3 percent compared with the prior month.
The secretive and unaccountable Federal Reserve is set to hold a meeting later this month where another round of interest rate hikes are on the table.
Over the summer, the Fed hiked interest rates .75 of a point, the largest rate increase since 1994.
Another round of massive interest rate hikes will serve as a major drag on the economy and push it into an even deeper recession.
Democrats thought gas prices falling over a dollar this summer would lead to inflation petering out.
But food prices are still through the roof and increasing each month.
And because of the inflation caused by Joe Biden’s socialist spending agenda, Americans received nearly a three percent pay cut over the course of the last year.
Average hourly pay in America **adjusted for inflation** is -2.8% in the past year.
Inflation has been eating up wage gains since April 2021 and shows little sign of significant easing. pic.twitter.com/7CsAi8ltQx
— Heather Long (@byHeatherLong) September 13, 2022
Every poll shows that the economy and inflation are the top issues for voters this November.
And as raging inflation devours the paychecks of Americans, Democrats could face severe consequences at the ballot box in the Midterm elections.