Even as President Joe Biden was spewing deplorable falsehoods about his political opponents in Atlanta, the chickens of his administration’s economy were coming home to roost. Wednesday’s Bureau of Labor Statistics report on inflation, revealing last month’s 7% inflation rate, sets yet another 40-year record, harkening back to the bad old days of double-digit interest rates and Paul Volcker’s bitter medicine for the economy of the early 1980s.
With this week’s report, it is clear that the Biden economy is in an inflation crisis. It is a crisis that neither Biden nor his useless Twitter-addicted senior staff has any clue how to fix. But they have all kinds of ideas about how to make it even worse.