(PresidentialWire.com)- President Joe Biden’s handling of the national economy is so bad that the Labor Department can’t cover it up. On Friday, new data was released by the federal government showing how prices for American consumers increased by 6.8% in November compared to the same month last year.
People are now enduring the worst annual inflation rate since 1982, and have experienced rising prices for six straight months. The new Labor Department data also shows that prices increased by a further 0.8% between October and November.
The impact of inflation has hit working-class and lower-income households the worst, with the prices of everyday necessities skyrocketing. It means that even though some employees have experienced an increase in wages – driven primarily by the fact that businesses are desperate to attract people back to work after Biden’s relentless – those wage increased have been totally wiped out by the fact that people are paying more than ever for fuel, food, and household goods.
That’s probably why President Joe Biden’s approval ratings just keep plummeting…
Don’t forget the damage being done to employers being forced to pay more for staff, too. Higher wages hurt businesses and mean that, with rising prices, it’s harder than ever for employers to stay in business.
If this trend doesn’t change, countless small and medium-sized businesses could close over the coming weeks and months.
Thankfully, however, some have indicated that November may be the “worst of it” when it comes to inflation.
Moody’s Analytics chief economist Mark Zandi claimed that going forward there will be “steady improvement” in prices as supply chains begin to repair themselves. But, that is yet to be seen.
Zandi also said that inflation could improve significantly by this time next year and inflation will drop back to roughly 3%, which is much closer to the Federal Reserve’s target of 2%.
But can America survive another year of this?