On Wednesday, President Biden finally admitted that inflation is at its highest level since 1990 because of his $1.9 trillion COVID “stimulus” bill.
“The irony is people have more money now because of the first major piece of legislation I passed. You all got checks for $1,400. You got checks for a whole range of things,” Biden said.
“If you’re a mom and you have kids under the age of 7, you get $300 a month and if it’s over 7 to 17, you’re getting $360 a month,” he said, although the second the second amount is actually $250 per month, the New York Post pointed out.
“It changes people’s lives. But what happens if there’s nothing to buy and you got more money to compete for getting [goods]? It creates a real problem,” Biden continued.
“On the one hand, we’re facing new disruptions to our supplies,” Biden said. “At the same time, we’re also experiencing higher demand for goods because wages are up as well as people have money in the bank. And because of the strength of our economic recovery, American families have been able to buy more products.”
Due to the U.S. inflation caused by Biden’s policies, “real average hourly earnings” decreased 0.5% from September 2021 to October 2021 as inflation surged 0.9% in October. Over the last year, “real average hourly earnings” have seen a decrease of 1.2%.
According to data from the Department of Labor released this week, the consumer-price index – which measures the prices consumers pay for goods and services – increased 6.2% from October 2020 to October 2021.
Similarly, the producer-price index – which measures wholesale prices – increased 8.6% from October 2020 to October 2021 – the highest increase on record.
