As we predicted on these pages, inflation is subsiding – as yesterday’s report on consumer prices shows. But a major reason for the slowdown in the CPI in July was that consumer demand is falling because a) the economy is slowing down and b) Americans can’t afford to buy things at the current high prices.
It’s comical to watch Biden take a victory lap over 8.5% consumer inflation, 10% producer inflation, and $4.29 a gallon of gasoline.
The still inescapable truth is that low-income and working-class American families are still being crushed by Biden-flation. Here’s how much everyday staples have increased in just the last year: