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Inflation Surges to 6.8 Percent the Highest in 39 Years

Will Donald Trump win the 2024 election?

Inflation, as measured by the Consumer Price Index, surged to 6.8 percent which is the highest rate in 39 years.

According to the Bureau of Labor Statistics, energy and food prices contributed to the inflation surge.

The Daily Mail reports:

The consumer price index rose 0.8 percent last month after surging 0.9 percent in October, the Labor Department said on Friday.

It pushed annual inflation to 6.8 percent in November, the highest increase since June 1982 and well above October’s 6.2 percent annual rate.

The New York Times made graphs from the Labor Department data.

Once considered transitory, inflation is now persistent and the Federal Reserve will be forced to act by reducing the money supply and reducing its purchase of bonds and then start to increase interest rates.

The rise in inflation is harming many American households as they struggle to deal with the increased cost of goods and services.

Inflation is also hammering President Biden’s approval rating with the public.

Biden blamed inflation on the supply chain crisis and said it will come down.

Biden owns inflation because his policies fueled it.

Coming out of the COVID-19 lockdowns, Biden and Democrats passed the $1.9 trillion American Rescue Plan that put money into the economy when demand was high and inventories were low.

Moreover, Biden did not learn from that lesson because he wants to pass his almost $2 trillion Build Back Better plan that will throw more money into the economy.

The bottom line is Biden is a disaster because his policies are harming Americans.

Tom Borelli

Dr. Tom Borelli is a Newsmax TV contributor and radio commentator addressing political issues from a conservative grassroots perspective. As a columnist, he has written for The Washington Times and authored articles for Newsmax Magazine, Newsmax Insider and previously was a co-host with his wife Deneen Borelli on the SiriusXM Patriot channel. Dr. Borelli appeared on numerous television programs, including the highly ranked Fox News Channel’s “The O’Reilly Factor,” “Hannity,” “The Kelly File," and "America’s News Headquarters." He has also appeared on Fox Business Network’s “Making Money with Charles Payne” and “After the Bell” as well as TheBlaze TV’s "The Glenn Beck Program" and "Dana!" Prior to working for public policy organizations, Dr. Borelli was a managing partner with the investment advisory firm of Action Fund Management, LLC and a portfolio manager for the Free Enterprise Action Fund (FEAF) where he used shareholder activism to challenge corporations that sought to profit from the growth of government. During his 25 years with the Altria Group, Inc., he built a foundation in public policy and issues management, drawing from diverse experiences ranging from basic research to corporate affairs. Dr. Borelli served as science fellow for the U.S. House of Representatives' Committee on Science, Space, and Technology during the 100th Congress. Dr. Borelli has also published scientific papers on interferon and human leukemia.

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