Bidenflation is eating away at American families’ buying power faster than wages are rising, according to the latest Labor Department figures.
CNBC reports:
The Labor Department reported Friday that average hourly earnings increased 0.4% in October, about in line with estimates. That was the good news.
However, the department reported Wednesday that top-line inflation for the month increased 0.9%, far more than what had been expected. That was the bad news – very bad news, in fact.
October’s bad news is going to get worse in the coming months.
Lawrence Person reported on Wednesday that prices for “unprocessed goods are up 56% from a year ago” and that “at the current rate of increase, regular unleaded gasoline will hit $6/gal (National Average) by Easter.”
$120 to fill a 20-gallon tank is more than a day’s take-home pay for those who can least afford it. Bidenflation is going to give us #FightFor150 instead of #FightFor15.
What we need right now is for the Federal Reserve to get serious about fighting inflation. That means ratcheting up interest rates and bringing to an immediate halt its inflationary practice of buying up $40 billion in bonds each and every month.