Opinion
Inflation was “hotter than expected” in January, with prices rising 3.1% year-on-year, while core inflation – excluding food and energy costs – rose to 3.9% year-on-year. annual basis.
CNBC reported economic news by pointing out that prices rose more than experts had predicted, while reminding viewers that “inflation is not going away.”
The numbers, provided by the Bureau of Labor Statistics, indicate that underlying inflationary pressures remain strong.
Although the year-on-year headline inflation data showed a slight decline compared to December, for this month it marks an increase of 0.3%. Economists had forecast a monthly increase of 0.2% and an annual gain of 2.9%.
CNBC reporter Steve Liesman highlighted sharp increases in medical costs, vehicle costs and food prices, describing the report as “just a lousy month as far as inflation goes.”
“It’s been a very bad month as far as inflation goes,” says CNBC’s Steve Liesman, noting “big increases” in medical costs, vehicle costs and food prices.
“Real earnings also declined over the month.” pic.twitter.com/HVBJwv4ziN
— RNC Research (@RNCResearch) February 13, 2024
RELATED: Fitness guru Jillian Michaels mocks Bill Maher for downplaying inflation: ‘Go buy some fucking eggs!’
Hot inflation, cold real wages
Overall, prices have increased 17.9% since Biden took office, with electricity rising 28.6%, food prices rising 21% and rents rising 19%, 4%.
Just the necessities of life.
President Biden tried to focus your attention on a few fewer Oreos or Doritos in your boxes during the Super Bowl by placing the blame for inflation on businesses. Now you know why. The White House has consistently tried to tell the American people that the cost of things is not as high as they are led to believe.
Liesman’s report also addresses another aspect of the economy that the Biden administration has focused on: real wages.
“Real earnings also fell over the month,” he said.
Americans saw a 2.1% pay cut under Biden as real wages remain lower than when he took office and real average weekly earnings fell 0.3% last month due to a decline in the workweek average.
RELATED: MSNBC Host: Americans Should Get Used to Inflation, Lower Prices Are ‘Kind of a Bad Thing’
“Buy some fucking eggs!”
The White House released a statement in response to the “dismal” inflation report, moving the goalposts and highlighting the progress made from its peak – occurred during the Biden presidency.
“At a time when growth and employment remain strong, inflation is down two-thirds from its peak, but we know there is still work to be done to reduce costs,” they write.
Currently, however, polls show that two-thirds of Americans disapprove of Biden’s handling of the economy.
The inflation news makes comedian Bill Maher’s claim that America had defeated inflation under President Biden and “beat the pandemic economically” seem silly.
His comment prompted fitness guru Jillian Michaels to respond: “Buy some f***ing eggs!”
Jillian Michaels confronts left-wing propaganda about Bill Maher’s Bidenflation
Maher: “We won the pandemic economically”
Michaels: “Inflation is crazy.”
Maher: “Inflation is not madness”
Michaels: “Go buy a car. The houses are tripled here. Buy some fucking eggs.” pic.twitter.com/y8XBRV4PM6—Eric Abbenante (@EricAbbenante) February 12, 2024
The cost of eggs has increased 37.5% since President Biden took office. Chicken is up 27% since January 2021. A personal visit to the grocery store just yesterday showed that the cost of chicken for dinner is approaching that of decent steaks. It is noticeably tall.
This report suggests that inflation remains a challenge for the economy and could lead the Federal Reserve to continue raising interest rates to combat the problem.
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