Bidenflation is so bad, even Wolf Blitzer noticed

OY! Check out these gas prices here in the Nation’s Capital. pic.twitter.com/hanW9rUsLQ

— Wolf Blitzer (@wolfblitzer) July 12, 2021

How dumb is Wolf Blitzer? He was the worst celebrity contestant on Jeopardy. His charity almost had to pay Jeopardy. Inflation is so bad under Biden that even the Wolf has noticed.

CNBC reported today, "Inflation climbed higher than expected in June as price index rises 5.4%."

The story said, "Consumer prices increased 5.4% in June from a year earlier, the biggest monthly gain since August 2008.

"Excluding food and energy, inflation increased 4.5%, the largest move since September 1991."

In August 2008, the nation was a month away from the stock market crash.

In September 1991, oil prices went through the roof after Iraq invaded and took over Kuwait. That led to the Gulf War, which would later lead to 9/11 and 20 years of futility and frustration in Afghanistan.

Sarah House, senior economist for Wells Fargo’s corporate and investment bank, told CNBC, "What this really shows is inflation pressures remain more acute than appreciated and are going to be with us for a longer period. We are seeing areas where there’s going to be ongoing inflation pressure even after we get past some of those acute price hikes in a handful of sectors."

Every baby boomer knows this is bad because we came of age in the 1970s when Carter was president and inflation ate through our paychecks.

40+ years later, it's ba-a-ack.

CNBC reported, "A separate report from the Labor Department’s Bureau of Labor Statistics noted that the big monthly hike in consumer prices translated into negative real wages for workers. Real average hourly earnings fell 0.5% for the month, as a 0.3% increase in average hourly earnings was more than negated by the CPI increase."

The New York Times (no links for the wicked) said, "Policymakers expect inflation will fade as the economy gets through a volatile pandemic reopening period, but how quickly that will happen is unclear. Prices have climbed faster than officials at the Fed had predicted earlier this year, certain measures of consumer inflation expectations have risen — something that could make inflation a self-fulfilling prophecy if it becomes more extreme — and some officials at the central bank are increasingly wary. At the same time, markets have become more sanguine about the outlook for inflation."

These are the same policymakers who brought inflation back.

Inflation can be curbed. Under President Donald John Trump, the USA was a net producer of oil and natural gas for the first time in 50 years. Unemployment fell to 3.5%.

Biden reversed that by opposing the Keystone XL pipeline and blocking drilling. Unemployment is now 5.9% and inflation 5.4% for a misery index of 11.3.

The Federal Reserve has kept the interest rates at ridiculous lows for decades. It is time to raise those interest rates to reduce inflation.

Finally, the USA needs to make its own computer chips. Red China's shortage of these chips has led to a shutdown of the auto industry, which has pushed prices higher as people turn to buying used cars, pushing those prices higher.

We ended the 20th century with a balanced federal budget and a national debt of just under $6 trillion.

Bush 43 and Obama took the lid off spending and Trump failed to put the lid back on. In this century, the federal government has overspent its revenue by an average of $1 trillion a year as war and welfare programs eat our seed corn. We have borrowed $22 trillion as a nation since January 20, 2001, and none of it seems to have gone toward infrastructure/

We will pay for those foolish policies through inflation. Don't laugh. Venezuela not long ago was the best educated and most prosperous country in Latin America. It elected a communist who shut down its oil industry (it has the world's largest oil reserves) and imported inflation. Now it is a mess.

It took centuries to build America. It will take only one fool as president to bring it down.

We must stop Biden's re-election now.