Last month we reported the inflation had reached the highest level in 30 years.
But that was last month. Now we have the highest inflation in 40 years!
On Friday (12/10) the government reported that consumer prices have risen 6.8 percent over the last 12 months.
Few have wasted time dubbing this the Biden Inflation.
Many close inflation critics believe the Bureau of Labor Statistics Consumer Price Index actually understates the real pace of rising consumer prices.
For the month of November alone consumer prices rose 0.8 percent which compounds to within a whisker of double-digit inflation at 0.096 percent. November was the fifth straight month of inflation registering more than 5 percent.
Inflation this hot doesn’t happen by accident. It requires criminally reckless money printing and crazed deficit spending. At the same time the news broke of the frightening inflation numbers, the Wall Street Journal reported this:
“The Senate overcame the biggest hurdle to raising the debt ceiling Thursday, with more than a dozen Republicans joining Democrats to help clear legislation crafted to avert a government default.”
“The U.S. federal budget deficit is expected to widen to $195 billion in November from $145 billion one year earlier.”
Few are prepared for rampaging inflation and a currency crisis. The Committee to Unleash Prosperity points out that half of Americans were born after 1980, which means that they have no experience with this kind of dollar destruction. But there should be one question on everyone’s lips:
This is an ideal time for you to review the steps you have taken to prepare for rising inflation.