Building Back Better apparently means your money is worth about 1% less than it was a month ago (and will be worth 1% less next month)

Have you heard? The economy may be tanking, but the rate of inflation is humming along quite nicely.

BREAKING: U.S. inflation was up 6.2% in October over a year ago. That’s the highest inflation in 31 years.

Inflation was up 0.9% in Oct. alone, a much higher increase than 0.4% in Sept. and 0.3% in August.

Prices are rising for food, energy, shelter, used cars and new cars.

— Heather Long (@byHeatherLong) November 10, 2021

Happy days are here again!

After adjusting for today’s new inflation numbers, average hourly wages fell 1.2% from Oct 2020 to Oct 2021. Change in real average hourly earnings combined with a decrease of 0.3% in average workweek resulted in a 1.6% decrease in real avg weekly earnings https://t.co/6ybYIwIHBm

— Catherine Rampell (@crampell) November 10, 2021

Note: these wage figures are not adjusted for any changes in composition of employment. For that we have to wait for a different BLS survey (Employment Cost Index), released quarterly

— Catherine Rampell (@crampell) November 10, 2021

There is only one thing that will stop this, and that's the Fed raising rates. They won't do that because it would pop an asset bubble. So they'll just keep inflating the bubble, making the rich get richer while the rest of us struggle to afford meat

— Preston Byrne (@prestonjbyrne) November 10, 2021

Who needs meat — or any food, really — when we can just Build Back Better?

This is terrifying. https://t.co/ke1gmQUEMw

— Kurt Coblaine (@BlaineCoke) November 10, 2021

So if we annualize that, it means you lose about 11.36% of your dollar over the course of a year.

If you have $10000 sitting in a bank on Jan 1st not gaining any interest, then by Dec 31st, you have the equivalent of $8863.84.

Not looking good..

— Mister Ben (@Ambassadoor5) November 10, 2021

But it’s looking pretty much exactly the way we expected it to look.

Today they told us they will fix this by printing and spending more of it. And though a lot of bewildered kids in Econ 101 are going to be raising their hands next week over this notion, the claim was delivered with a straight face https://t.co/sFze7jqtfU

— Walter Kirn (@walterkirn) November 10, 2021

Don't worry guys Pelosi will add another 100 mil to her investment portfolio by years end https://t.co/AhELnMj851

— Ahmed Al Assliken (@assliken) November 10, 2021

So it won’t be a total loss for everyone. That’s good news!