Yesterday the US Q2 GDP was reported down for the 2nd quarter in a row. This placed the Biden Economy into a recession. But Biden and his gang attempted to redefine what a recession is in their effort to change the narrative about the horrible economy they have created.
Moments ago the government released its latest numbers on inflation. Inflation is another symptom of the horrible economy created by the Biden gang.
The AP reports:
An inflation gauge that is closely tracked by the Federal Reserve jumped 6.8% in June from a year ago, the biggest increase in four decades, and leaving Americans with no relief from surging costs.
Friday’s government figures underscored the persistence of the inflation that is eroding Americans’ purchasing power, dimming their confidence in the economy and threatening Democrats in Congress in the run-up to the November midterm elections.
On a month-to-month basis, prices rose 1% from May to June, faster than the 0.6% rise from April to May and the biggest such jump since 2005.
A separate government report Friday reinforced the fact that the economy remains gripped by inflation pressures. A measure of employees’ wages, excluding government workers, jumped 1.6% in the April-June quarter, matching a record high reached last fall. Higher wages can fuel inflation if companies pass their higher labor costs on to their customers, as they typically do.
The AP report goes on and its horrible news for Biden:
This week, Walmart said its profits would fall because its customers are spending more on pricier food and gas, leaving them less able to buy clothes and other discretionary items. Likewise, Best Buy downgraded its sales and profit forecasts because surging inflation has forced consumers to reduce their purchases of electronics appliances.
Procter & Gamble, which makes Tide detergent and Pampers, among many other consumer staples, said that its customers are also reining in their purchases after having spent more heavily in the spring.
Inflation has been rising so fast that despite the pay raises many workers have received, most consumers are falling behind the pace of cost-of-living expenses.
High inflation and interest rates are also hampering the U.S. economy, which shrank in the April-June quarter for a second straight quarter, intensifying fears that a recession is looming.
As we reported yesterday, the Biden gang must decide between curtailing inflation or saving the economy, they can’t do both.
Biden couldn’t do worse if he was trying to destroy the economy.