The mainstream media can either no longer keep the extent of the oncoming Biden economic collapse out of the headlines, or they’ve consciously decided to stop protecting him.
On Wednesday, January 12th the headlines began breaking: from CNBC: “Inflation rises 7% over the past year, highest since 1982”, The Wallstreet Journal: “U.S. Inflation Hit 7% in December, Fastest Pace Since 1982”, The Washington Post, CNN and Bloomberg all joined in the refrain, raising warnings of an approaching disaster.
These dire banners bellied a new release from the US Department of Labor showing that indeed consumer prices have in fact risen an eye-watering 7% just over the course of one year from December 2020 to December 2021, a damning assessment of the nation’s economic health under Joe Biden. According to the Bureau of Labor Statistics, this represents the fastest increase in the Consumer Price Index since 1982.
CNBC reported the figures coldly,
“Excluding food and energy prices, so-called core CPI increased 5.5% year over year and 0.6% from the previous month. That compared with estimates of 5.4% and 0.5%. For core inflation, it was the largest annual growth since February 1991.
Shelter costs, which make up nearly one-third of the total rose 0.4% for the month and 4.1% for the year. That was the fastest pace since February 2007.
Used vehicle prices, which have been a major component of the inflation increase during the Covid pandemic due to supply chain constraints that have limited new vehicle production, rose another 3.5% in December, bringing the increase from a year ago to 37.3%.
Conversely, energy prices mostly declined for the month, falling 0.4% as fuel oil was down 2.4% and gasoline fell 0.5%. Still, the complex as a whole rose 29.3% in the 12-month period, including a gain of 49.6% for gasoline”
Are They Setting Up Biden, Or Fed Chair Powell To Take The Fall For The Coming Collapse?
One day before the CPI release Federal Reserve Chairman Jerome Powell sat before the Senate for his re-confirmation hearing that was utterly dominated by discussion of the massive inflation that has plagued the nation.
“We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing, and transportation,” Powell said.
In particular, many of the far-leftists on the Democrat-Socialist bench like Sen. Elizabeth Warren want Powell gone, and the Biden-Harris regime doesn’t have the political capital to spend keeping him. NBCNews reported, “I’m expecting her to not back down,” Bahnsen said, pointing out that targeting Powell could be a way for progressive lawmakers to define themselves in opposition to moderates in President Joe Biden’s administration who favored renominating Powell. “The political tea leaves have moved,” he said.
“As we move through this year, if things develop as expected, we’ll be normalizing policy, meaning we’re going to end our asset purchases in March, meaning we’ll be raising rates over the course of the year,” Powell told the Senate Banking Committee during his confirmation hearing on Tuesday. “At some point perhaps later this year we will start to allow the balance sheet to run off, and that’s just the road to normalizing policy.” If this should fail, then the writing is on the wall.
