CNN recently aired a segment regarding the record-high levels of inflation impacting the country under the Biden administration, with the segment host prefacing the segment with, “Breaking moments ago, brand new numbers on inflation and they are a wow.”
The network’s Chief Business Correspondent Christine Romans chimed in after being introduced, remarking on the troubling levels of inflation the country is experiencing.
“Overall inflation – consumer prices – what we all pay for things, up 7% over the past year in December. December versus December last year. That is the fastest rate of consumer inflation since 1982 when Ronald Reagan was president, and ‘Ebony and Ivory’ was the top song on the Billboard charts.
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I mean, think about how long ago that was. From month-to-month, from November to December, that inflation rose 0.5% – that’s a big one-month Jump. We’ve been seeing this month after month. Core inflation – when you strip out volatile food and energy – that rose 5.5% on an annual basis that is the fastest inflation since 1991 and the core rate of 0.6%.”
Romans added that while the wages of Americans have been steadily rising, the overall inflation has effectively nullified that very wage growth – highlighting that lower-income Americans are bearing the brunt of rising costs of generally every perceivable good.
While the reality of inflation is finally setting in for the likes of CNN pundits, Republicans have been citing concerns of inflation under the Biden administration mere months after he’d taken office.
Back in June of 2021, Republican Rep. Jim Banks was sounding the proverbial alarm about Biden’s spending aspirations and policy prescriptions, noting that everything done in Washington can either result in more taxes or lowering the purchasing power of the dollar.
“When people think about how government policies may affect their personal finances, they think of taxes—or, how much the government takes out of your paycheck. We want them to think of inflation, too, because government policies affect how far your paycheck will go.”
This piece was written by Gregory Hoyt on January 12, 2022. It originally appeared in RedVoiceMedia.com and is used by permission.
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