This morning we learned that the inflation that Team Biden tried to convince everybody would be “transitory” is anything but as the June rate soared to a 40-year high:

The Biden presidency is going great:

The latest consumer inflation number released Wednesday showed price hikes accelerated 1.3 percent in June (compared to a one percent increase in May) to reach a whopping 9.1 percent in the last 12 months, according to the Bureau of Labor Statistics.

As BLS explains in their release for Wednesday’s data, the price of most goods and services continues to spike out of control as the Fed tries to spike interest rates in order to slow the increases — so far to no avail:

The increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors. The energy index rose 7.5 percent over the month and contributed nearly half of the all items increase, with the gasoline index rising 11.2 percent and the other major component indexes also rising. The food index rose 1.0 percent in June, as did the food at home index.

Right on cue, New York Times economist Paul Krugman was serving up some spin:

It’s almost as if Ron Klain hacked Krugman’s account and is doing an online impression of the Nobel laureate:

The Biden White House will certainly appreciate Krugman’s help with the spin, which is basically “nothing to see here!”

This foundering administration will be sending Krugman a thank-you note very soon.

Remember when Krugman predicted the markets would likely never recover after Trump was elected? He only missed that by one president.

Being so consistently wrong must be a requirement to maintain employment as a New York Times economist.

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Related:

Katie Pavlich reminds the White House of its spin on the economy from *Monday* as inflation hits 9.1%