Today’s report shows that inflation hit a 40-year high in June:
U.S. consumer prices surged 9.1% in June, the largest annual increase in more than four decades amid stubbornly high costs for gasoline, food and rent, cementing the case for another 75-basis-point interest rate hike by the Federal Reserve this month.
The larger-than-expected increase in the year-on-year consumer price index reported by the Labor Department on Wednesday also reflected higher prices for healthcare, motor vehicles, apparel as well as household furniture. The CPI increased by the most in nearly 17 years on a monthly basis.
Let’s just say that’s quite a bit higher that the Biden White House’s June of 2021 “transitory” claim and prediction of what the inflation rate would be in 2022:
There are going to be transitory impacts of restarting an economy that was shut down.
But a key point in the Fed forecast today: inflation projected down to 2.1% in 2022. https://t.co/CvREtIdXxR
— Ronald Klain (@WHCOS) June 16, 2021
“Projected to 2.1 percent in 2022.” OK, when exactly can we expect that to happen?
9.1%, ronnie boy. 9.1%. https://t.co/mCpufdmIqL
— kaitlin, by definition, a woman (@thefactualprep) July 13, 2022
“Transitory”! Yeah, this has aged wonderfully.
“Transitory,” huh? Looks like the adults back in charge only missed it by 7% in the wrong direction. https://t.co/rDyEC1fJZy
— Jeff Mooradian (@JeffMooradian) July 13, 2022
When exactly does the “Build Back Better” phase begin? Then again, Biden himself has admitted this is all part of the “incredible transition.”
Any updates for us today?
— Gurgun (@Gurgun1989) July 13, 2022
What was that inflation rate that came out today?https://t.co/sPnaxUQROP
— My2Cents (@phpmatt) July 13, 2022
And now? https://t.co/52iK5YQrHn
— Stephen L. Miller (@redsteeze) July 13, 2022
— Aldous Huxley's Ghost™ (@AF632) July 13, 2022
You only missed it by 7% in the wrong direction, but other than that really great work here… https://t.co/awmJr3E7l8
— Kevin Dalton (@KevinForBOS) July 13, 2022
Is the Biden White House either intentionally gaslighting at any given time or as dumb as rocks? “A little of both” is certainly a possible answer.
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