https://www.wsj.com/articles/the-inflation-surge-continues-consumer-prices-rise-cpi-president-biden-joe-manchin-11636496052?mod=opinion_lead_pos1
“Congress ignores inflation because it doesn’t want to admit that its policies are the leading cause. Kill the bill and rescue the American middle class.”
For something we’re told is “transitory,” inflation sure is persistent. The latest evidence arrived with a jolt Wednesday when the Labor Department reported that consumer prices jumped 0.9% in October, or 6.2% from a year ago and the fifth straight month higher than 5%.
That’s also the fastest rate since 1990, despite reassurances since March from the White House, Federal Reserve and Keynesian economists that inflation would soon vanish. It follows Tuesday’s report that wholesale prices rose 0.6% in October, or 8.6% from a year earlier. Producer prices flow into consumer prices, assuming businesses believe they have enough market power.
That’s not all the bad news. In a separate report Wednesday, the Labor Department said average hourly earnings after inflation fell 0.5% in the month. Real wages are down 2.2% since January. American purchasing power has declined, and the average standard of living has fallen, despite unheard of levels of government spending.
Or we should say because of that spending. It’s important to understand that the current burst of inflation isn’t an accident, like getting hit by a reckless driver. This is the result of reckless policy.