Inflation has reached its highest level in nearly 40 years, causing concern among consumers and posing a political liability for Biden as his socialist policies continue to devastate the nation. Most polls have Republicans re-taking the House in the upcoming election in response to how poor of a job Biden has done.
According to the Labor Department, the consumer price index increased 0.5 percent last month after rising 0.8 percent in November.
In December, inflation reached 7 percent, the highest rate since June 1982, and an increase from November’s 6.8 percent rate.
Labor shortages are sending wages higher, and supply chain turmoil isn’t abating as Omicron eliminates workers by the millions, prompting economists to predict high inflation for the rest of 2022.
We have food shortages and inflation here. Our government is sending over $300 million to the Taliban. Put that in your gas tank this morning.
— Robert J. O'Neill (@mchooyah) January 12, 2022
republicbrief.com/inflation-hits-40-year-high-as-prices-jump-by-7-in-a-year/
The share of small business owners reporting that inflation is the biggest problem facing their business grew in December to its largest since 1981, a survey released Tuesday showed.
Twenty-two percent of small business owners reported inflation as their biggest problem, according to the National Federation of Independent Business. At the start of 2021, just two percent said inflation was the biggest problem.
“Small businesses unfortunately saw a disappointing December jobs report, with staffing issues continuing to impact their ability to be fully productive,” said NFIB Chief Economist Bill Dunkelberg. “Inflation is at the highest level since the 1980’s and is having an overwhelming impact on owners’ ability to manage their businesses.”
Small business owners remain pessimistic about the future but slightly less so. Owners expecting better business conditions over the next six months increased three points to a net negative 35 percent. The indicator is down declined 23 points over the past six months.
Wages are going up, which could mean for stickier inflation than …