You know that the government's consumer price index leaped up to 7.9% in February, compared to a year ago. We have all heard that this is its highest level in 40 years. Frequently, the government likes to remove the effects of food and energy prices, because they can fluctuate greatly and because they affect the non-elites the most. That gasless, foodless inflation rate leaves an inflation rate of 6.4% for February compared to a year earlier. The Producer Price Index went up even more at 9.7% compared to a year ago. This promises price increases going forward.
Barron's has stripped out all the costs except those that are not necessary goods for everyone. Essential foods, housing, gasoline, and utilities constitute these necessary core items. The inflation rate for these critical items for February was 16%.
Since then, about one-tenth of the world's oil and about a quarter of the exported wheat has vanished, thanks to the Russian invasion of the Breadbasket of Europe, namely Ukraine.
It is not enough that less than wealthy Americans lost their jobs and small businesses in horrific waves of brutal Covid-19 mandates. Now the senseless over-spending of the Biden administration and the Democrat-controlled Senate and House of Representatives has drastically diluted the value of the dollar. The same Americans most hurt by the Chinese Communist Party generated and released Covid-19, the Democrat fear-driven response of mandates directed at small businesses, and the rising energy costs due to the irrational belief in catastrophic man-made global warming are being slammed to Earth.
The Democrats are brutally unfeeling and staggeringly irrational. About half of all Americans voted for them and gave them the power to do this this evil work. Many of them are now the greatest victims of the Democrat misuse of their rule.