Democrats, Biden worry as Bidenflation grows

This morning, Democrats got the bad news that inflation hit a new 40-year high. This isn't good news for consumers as this is the CPI-all items inflation rate. Undoubtedly, Democrats will tout the core rate because, as Ed Morrissey notes in this post, "There wasn’t great news on that front either, but it wasn’t as bad as overall CPI..."

Core inflation subtracts out the inflation caused by groceries and gas. Core inflation might be a helpful tool to economists but families don't get to subtract the money they spend on gas and groceries. CPI- all items is what families care about.

  • Headline CPI in March rose by 8.5% from a year ago, the fastest annual gain since December 1981 and one-tenth of a percentage point above the estimate.
  • Surging food, energy and shelter costs helped account for the gain.
  • Real worker earnings fell by another 0.8% during the month as the cost of living outpaced otherwise strong pay gains.
Real worker earnings falling is a fancy way of saying that families' buying power is shrinking. Democrats can use the "Putin price hike" line all they want but it won't work. The thing families want most is getting inflation fixed. Thus far, Democrats have failed at this. That, in turn, is why polls consistently show Republicans with a lead on who would handle inflation better.

Prices that consumers pay on everyday items surged in March to their highest levels since the early days of the Reagan administration, according to Labor Department data released Tuesday.

The consumer price index, which measures a wide-ranging basket of goods and services, jumped 8.5% from a year ago on an unadjusted basis, above even the already elevated Dow Jones estimate for 8.4%.

The data reflected price increases not seen in the U.S. since the stagflation days of the late 1970s and early ’80s. March’s headline reading in fact was the highest since December 1981. Core inflation was the hottest since August 1982.

Democrats are trying a new tactic: Thankfully, Rick Santelli gives us the information straight:

The bad news is that the Biden administration and other Democrats aren't interested in fixing inflation. Either that or they aren't capable of fixing inflation. The bad news is that the news is legitimately bad news.

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