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Inflation Highest Since 1982 as Cost of Necessities Soars
Wages not keeping up with cost of living
The last time inflation was this high, “Eye of the Tiger” by Survivor was the number one song on Billboard. That as August 1982. Whitey Herzog’s St. Louis Cardinals (the original Greatest Show on Turf) was just a Glenn Brummer steal of home away from a trip to the World Series.
Earlier, I speculated that the government might fudge the numbers on CPI to help Biden. Last week, the Bureau of Labor Statistics posted a laughably fake jobs report that invented almost a million fictitious people and declared them gainfully employed (despite the fact that these imaginary people don’t exist.)
I guess the universal outrage over BLS’s lie made the government gun-shy about repeating the false narrative in this week’s inflation report. Here’s what ZeroHedge had to say:
Expectations for this morning's must-watch CPI were a continued non-transitory acceleration to +7.3% YoY (Core +5.9% YoY), but they underestimated as the headline printed a shocking +7.5% YoY - the highest since March 1982.
Since Biden took office, inflation, which had been flat, has taken off faster than the Omicron variant.
More from ZeroHedge:
Below the headline print, core consumer prices rose 6.0% YoY (hotter than the 5.9% expected and highest since Aug 1982) as food, energy, and used car prices were the biggest drivers. The energy index rose 27.0% over the last year, and the food index increased 7.0%.
But wages are rising, too. Isn’t that good news?
Finally, while politicians may proclaim wages are rising as a victory, the fact is that for 10 straight months, the cost of the shit you buy is outpacing the increases in incomes...
If you’re not a billionaire, you’ve gotten poorer every day of the Biden administration.