The rate of inflation has reached the highest level in nearly 13 years as President Biden has unleashed the money printers to pay people to stay unemployed, therefore increasing the overall money supply while overall decreasing production – two pathways that raise prices.
Bloomberg News reported that the Labor Department announced Wednesday, “The consumer price index increased 0.8% from the prior month, reflecting gains in nearly every major category and a sign burgeoning demand is giving companies latitude to pass on higher costs.”
The inflation rate doubled the highest projection in a Bloomberg survey of economists. So, yet again, Biden has lived up to the legends of his ability to cause an economy to only underperform. As previously reported after Biden managed to increase the unemployment rate while adding 750,000 jobs less than projected, “The economy under President Biden has defied expectations as economists are consistently surprised at how poorly the Biden economy is able to perform.”
— Bloomberg Markets (@markets) May 12, 2021
After the announcement the Washington Post tried to manipulate the numbers by removing the effects of gasoline and food prices on inflation, posting a graph titled “Inflation looks even tamer after removing the effects of volatile gasoline and food prices.”
Author Matt Palumbo replied to the graph on Twitter, writing, “Wow, if you exclude all the items whose prices are rising, inflation isn’t that big a deal after all!”
Wow, if you exclude all the items whose prices are rising, inflation isn't that big a deal after all! pic.twitter.com/IUrpnRsPu2
— Matt Palumbo (@MattPalumbo12) May 12, 2021
Additionally, when using the criteria the Washington Post used in their graph, the increase in inflation rate ends up being the highest since 1982 – which can only be described as “even tamer” when manipulating the definition of “tame” as much as the Washington Post manipulated numbers for their graph.