No, it isn’t going away. No, it isn’t transitory. And, sorry, no, CNN, it isn’t good for you!
The chart shows the Biden inflation effect. Since this time last year inflation is up roughly 7%. The November pace on an annualized basis is close to 10. Half of Americans were born after 1980, so never in their lifetimes have they experienced this kind of sticker shock.
Adding another $4 trillion of government spending to this bonfire of inflation would be catastrophically stupid, so, of course, the Biden White House wants to move full speed ahead with BBB. This is a very scary gang.
By the way, even before these new numbers were released, A recent AP-NORC poll found that four of ten adults say inflation has already had a major impact on their finances. And as expected, lower income earners say they have been hit hardest.